American Express Velocity Platinum Credit Card
Apply by 26 June 2024

American Express Velocity Platinum Credit Card

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$375.00 p.a. ongoing

Highlights

  • Get 60,000 bonus Velocity Points upon applying by 26 June 2024, getting approved, and making $3,000 in eligible purchases with your new Card within the initial 3 months. Offer valid for new Amex Card Members exclusively.
  • Receive a complimentary Virgin Australia return Economy domestic flight between specified cities annually following your first Card spend each year.
  • Benefit from 2 complimentary Virgin Australia lounge passes each year at selected domestic airports.

Pros and cons

Pros

  • Receive 60,000 bonus Velocity Points when you meet the criteria.
  • Complimentary Virgin Australia return Economy domestic flight between selected cities each year after your first Card spend each anniversary year.
  • Enjoy 2 complimentary Virgin Australia lounge passes each anniversary year at selected domestic airports.
  • Receive 100 Velocity Frequent Flyer Status Credits, when you spend a minimum of $50,000 within your card membership year.
  • Complimentary domestic and international travel insurance.
  • Get the Amex Experiences App to access information on Platinum benefits, travel offers, events and recommended merchants.
  • Add up to 4 additional cardholders for free.

Cons

  • The interest rates applied to balances carried over is on the high end.
  • There is no balance transfer offer on this card.

About this credit card

Basics

Card usage

Apple Pay Enabled
Yes
Card Type
American Express
Gambling Transactions Allowed
No
Samsung Pay Enabled
Yes

Eligibility

Joint Application Accepted
N/A
Minimum Age
18 years
Minimum Credit Rating
Fair, Good, Very Good, Excellent
Minimum Income
$65,000.00
Temporary Residents Accepted
Yes

Additional cardholders

Additional Cardholders
4
Additional Card Fee Ongoing
$0.00

Credit limits

Minimum Credit Limit
$3,000.00
Maximum Credit Limit
N/A

Repayments

Interest Charged From
Purchase date
Interest Free Period
Up to 55 days on purchases
Minimum Repayment Percentage
2.5%

Balance transfers

Balance transfer offer

Balance Transfer Rate
N/A
Balance Transfer Period
N/A
Balance Transfer Fee Percentage
N/A

Balance transfer conditions

Balance Transfer From Personal Loan
No
Balance Transfer Limit Percentage
70%
Balance Transfer Revert Rate
N/A

Rates, fees, charges

Cash advances

Cash Advance Rate
N/A
Cash Advance Fee
N/A
Cash Advance Fee Percentage
N/A
Cash Advance Fee Threshold
N/A

Purchases

Purchase Rate Introductory Offer
N/A
Purchase Rate Introductory Period
N/A
Purchase Rate Ongoing
23.99% p.a.

Account fees

Annual Fee Initial Year
N/A
Annual Fee Ongoing
$375.00
Dishonour Fee
$6.00
Duplicate Statement Fee
$10.00
Foreign Exchange Fee Percentage
3%
Late Payment Fee
$30.00

Rewards

Rewards program basics

Rewards Program
Velocity Frequent Flyer
Rewards Program Annual Fee Initial Year
N/A
Rewards Points Expiry
N/A

Rewards points per $1 spent

Domestic Rewards Points Earn Rate
1.25
Government Rewards Points Earn Rate
0.50
Overseas Rewards Points Earn Rate
1.25

Additional perks

Insurance

Cardholder's Domestic Hotel Burglary Insurance
N/A
Cardholder's Extended Warranty Insurance
N/A
Cardholder's International Travel Insurance
Yes
Cardholder's Interstate Flight Inconvenience
Yes
Cardholder's Personal Item Theft Cover
Yes
Cardholder's Price Protection Insurance
N/A
Cardholder's Purchase Protection Insurance
Yes
Cardholder's Refund Protection
Yes
Cardholder's Transport Accident Insurance
Yes

Travel and lifestyle

Airport Lounge Access Included
Yes
Concierge Service Included
N/A
Complimentary Flight Voucher Included
N/A
Complimentary QFF Membership Included
N/A

Our review

Convenience

Customer service

Rates and fees

Rewards

Trust

The basics

  • Additional cardholders. Add up to 4 additional cards for family and friends at no extra charge. The main cardholder will be responsible for the management of the account, for example, making sure repayments are on time and managing credit.
  • Digital wallets. You can use this card with Apple Pay, Google Pay, and Samsung Pay.
  • Gambling transactions. This card cannot be used for gambling transactions. Amex automatically block any transaction classified as such.

Rewards and benefits

  • Complimentary travel insurance. This card comes with complimentary international travel insurance. Cover is active on trips that begin and end in Australia and was paid for using the card. More detailed conditions are described on the American Express website. Includes medical emergency expenses cover, transport accident cover, up to $10,000 cover for loss or damage to baggage, money, or documents, plus travel inconvenience cover up to $200 if your flight is delayed.
  • Concierge services. The American Express Velocity Platinum Credit Card comes with two passes for the Virgin Australia Lounge network each year. Additionally, you get two passes for The Centurion® Lounge at Sydney and Melbourne airports each year.
  • Free flight. Get a complimentary free domestic flight each year. Available on flights between selected cities in Australia.
  • Insurances. Items purchased with the card are covered by purchase protection, refund protection, and fraud protection guarantee.
  • Sign-up bonus. American Express offers 60,000 bonus Velocity Points when you apply by 26 June 2024, are approved, and spend $3,000 on eligible purchases on your new Card within the first 3 months. Available to new Amex Card Members only.

Rates and fees

  • Annual fee. The annual fee for this card is $375 p.a.
  • Balance transfers. There is no balance transfer offer available on this card at this time.
  • Foreign exchange fee. Purchases made in a foreign currency, for example, while travelling overseas or when shopping online, will attract a 3% fee. All fees will be charged in Australian dollars.
  • Interest-free period. The American Express Velocity Platinum Credit Card has up to 55 days interest-free on purchases. There is no interest-free period when you carry a balance over from the previous statement period.
  • Purchases. With no introductory offer on purchases currently available, all purchases made with the American Express Velocity Platinum Credit Card will attract an interest of 23.99% p.a.

account

Reviewed by Credit Card Compare Staff

User reviews

Convenience

Customer service

Rates and fees

Rewards

Trust

Perfect for domestic travel and online shopping

Reviewed by Tronsky14


I froth on this card

Reviewed by Zub Mombolor


Great experience!

Reviewed by Stephanie


Well worth the annual fee

Reviewed by Ameng


Small business supporter

Reviewed by Dominica


Great perks but high annual fee

Reviewed by Ryan


Free flight, insurance, referral bonus points

Reviewed by Ambarish


I mostly use Visa because AmEx is not accepted

Reviewed by Peter


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