The American Express Velocity Platinum has one of the highest Velocity Point earn rates on the market, giving you up to 2.25 Velocity Points per $1 spent. It's also one of the only cards that gives you bonus Status Credits when you meet an annual spend requirement. But as the $375 annual fee is at the higher end of the scale for Velocity Frequent Flyer cards, make sure you’ll get enough value from the points and perks to justify the costs.
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American Express Velocity Platinum Card
Terms and conditions apply
- Bonus points
- 60,000
- Purchase rate
- 23.99% p.a.
- Reward points per $ spent
- 1.25
- Annual fee
- $375 p.a.
Our verdict
Offers 60,000 bonus Velocity Points and a complimentary return domestic flight each year, with a $375 annual fee.
Pros
-
60,000 bonus Velocity Points offer
-
Up to 2.25 points per $1 spent, uncapped
-
100 Velocity Status Credits when you spend at least $50,000 in your first year
-
Complimentary Virgin Australia return economy domestic flight per year
Cons
-
Relatively high $375 annual fee
-
3% foreign transaction fee
-
The 23.99% p.a. interest rate for purchases is high among other credit cards in Australia
Details
Product details
| Product Name | American Express Velocity Platinum Card |
| Purchase rate p.a. | 23.99% |
| Interest-free period | Up to 55 days on purchases |
| Min credit limit | $3,000 |
| Card type | American Express |
Eligibility
| Available to temporary residents | Yes - Conditions apply |
| Joint application | No |
Rewards
| Rewards program | Velocity Frequent Flyer |
| Bonus points | 60,000 |
| Rewards points per $ spent | 1.25 |
| Rewards points cap | Uncapped |
Fees
| Annual fee | $375 |
| Minimum monthly repayment | 2.5% of the closing balance or $30, whichever is greater |
| Late payment fee | $30 |
| Foreign currency conversion fee | 3% |
| Cash advance fee | 2% or $2.50, whichever is greater |
| Additional cardholder fee | $0 |
| Number of additional cardholders | 4 |
Congratulations, American Express!
American Express Velocity Platinum Credit Card received the highly commended award for 'Frequent Flyer Credit Card – Velocity' in the 2024 Product Awards.
Full list of 2024 winnersHow to apply
If you meet the eligibility requirements and have the key documents and details on hand, you can apply for the American Express Velocity Platinum card online in around 10 minutes.
Eligibility criteria
- New cardholder. To be eligible for the 60,000 bonus Velocity Points offer, you must not hold or have held an American Express credit card in the last 18 months.
- Residency. You must be an Australian citizen, permanent resident or hold a current long-term visa (12 months or more). Student visas are not eligible.
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Amy Finder
Editor
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Sarah Megginson Finder
May 30, 2024
hi Arjun,
Yes, you can spend the first $3000 on household expenses, including online shopping, to meet the eligibility requirements. Note that spending on online gambling usually does not qualify.
Once you apply for the card, you will need to allow time for your application to be processed then approved. You’ll access the free flight benefit after your first card spend, and then after your first card spend each year after the anniversary of your membership.
The flight has to be booked as a return with specific dates on both legs, you can’t book a one-way flight. Note that when you log into your Velocity account associated with your American Express Velocity Platinum credit card, if you have a valid free flight credit, it will progress to the booking page. If your flight has not yet been added to your account, an error will appear.
Hope this helps!
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Alex
May 01, 2024
May I know whether I am entitled for the 100k bonus points if I previous had an AMEX card but not AMEX velocity?
Mariam Gabaji Finder
May 13, 2024
Hi Alex, you might not qualify if you’ve held an AMEX card in the last 18-24 months. You can always call AMEX directly to see if they can help you out.
Anna Malicka
April 13, 2024
Complimentary travel insurance:
If I buy one way flight ticket to Europe and Im planning to spend 3-4months there, am I covered for the whole trip?
Sarah Megginson Finder
June 10, 2024
Hi Anna,
You are only eligible for the travel insurance benefits under Sections A – G of this Policy for return Trips i.e. trips that begin and end from Your Home or Work in Australia. It does not cover One-Way Trips where You have no plans/have not purchased tickets to return to Australia.
Hope this helps!
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Mat
March 05, 2024
What are considered “eligible purchases” for the first $3000 bonus?
Sarah Megginson Finder
March 06, 2024
Everyday spending such as groceries, petrol, transport costs, shopping, concert tickets and other similar expenses. Generally excluded (ineligible) spending includes things like cash advances, online gambling, refunds, fees and interest charges.
Kaby
February 09, 2024
Hello. Do I have to spend $3000 in the first 3 months every year or is that just the first spend to be eligible for the flights and then a minimum spend of $3000 per year?
Amy Bradney-George Finder
February 11, 2024
Hi Kaby,
If you spend $3,000 in the first 3 months from card approval, you will qualify for the current bonus points offer available to new cardholders. As this is an introductory bonus points offer, you only need to meet the spend requirement once (in the first 3 months). The complimentary return domestic flight with Virgin Australia is a separate, annual benefit. It’s made available after your first card spend in the first year, and then each year after the anniversary of your Card Membership and your first spend in that membership year. I hope this helps.
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Arjun
May 04, 2024
Hi Amy,
Two questions:
1. Can I spend the first $3000 on household expenses such as electrical appliances? And to meet that threshold, can I spend it on online shopping?
2. If I apply for the card today, and spend the first $3000 in the first day, when can I actually use the free return domestic flight? And what is the procedure to book it? I do a lot of traveling for work and some of it is upcoming soon, so this could well be worth.
Thanks for your help.
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