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Terms and conditions apply

Bonus points: 60,000
Purchase rate: 23.99% p.a.
Reward points per $ spent: 1.25
Annual fee: $440 p.a.

Our verdict

Offers 60,000 bonus Velocity Points, annual Virgin Australia Lounge Access and up to 100 Velocity Frequent Flyer Status Credits per year, with a $440 annual fee.

The American Express Velocity Platinum Credit Card is ideal for those looking to earn more Velocity Points. Currently, you can earn 60,000 bonus Velocity Points when you apply online as a new American Express Card Member by 21 January 2025, are approved and spend $3,000 on eligible purchases within the first 3 months (other terms and conditions apply). You'll also earn 50 Velocity Status Credits when you spend $25,000 on eligible purchases each membership year, plus another 50 credits when you spend a further $25,000 in the same year. Additionally, you'll receive Virgin Australia Lounge Access every time you fly domestically with Virgin at selected domestic airports, and 2 complimentary Virgin Australia Guest Lounge Passes per year for guests you are flying with.

The Amex Velocity Platinum Card has a relatively high $440 annual fee. But if you take advantage of the bonus points offer and other benefits, like the complimentary return domestic Virgin Australia flight between selected cities (which is available after the first card spend each anniversary year of receiving your card) then you may feel the fee is worth it. The complimentary insurance covers (terms, conditions and exclusions apply, such as maximum age limits, pre-existing medical conditions and cover limits) and uncapped earn rates also add value if you use them. Just keep in mind that the 23.99% p.a. interest rate for purchases is higher than you'd get a on a low rate card with fewer features and benefits.

Pros

60,000 bonus Velocity Points offer
Up to 100 Velocity Status Credits per year when you spend at least $25,000 on eligible purchases each membership year, plus another 50 credits when you spend a further $25,000 in the same year.
Virgin Australia Lounge Access & Virgin Australia Guest Lounge Passes at selected domestic airports
Up to 2.25 points per $1 spent
Complimentary Virgin Australia return economy domestic flight per year - between selected cities per year (after first card spend each anniversary year).

Cons

Relatively high $440 annual fee
3% foreign transaction fee
The 23.99% p.a. interest rate for purchases is high among other credit cards in Australia

The American Express Velocity Platinum Card has a high Velocity Point earn rate, earning you between 1.25 and 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 $440 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.

Details

Product details

Product Name	American Express Velocity Platinum Card
Purchase rate p.a.	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	Annual fee $440
Minimum monthly repayment	2.5% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	Foreign currency conversion fee 3%
Additional cardholder fee	$0
Number of additional cardholders	4

How 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.

Eligibility criteria

New cardholder. To be eligible for the 60,000 bonus Velocity Points offer, you must not hold or have previously held an American Express card in the last 18 months. Other terms and conditions apply.
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.

Credit history. Applicants are required to have a good credit score, with no history of bad debt or payment default. If you don't know your credit score or what's on your file, you can get a free copy of your credit report through Finder.
Age. You must be at least 18 years of age.

Required documents

Personal details. You'll need to provide personal details such as your full name and address, plus details of your income, expenses and debts.
Identification. You'll need to provide proof of identity such as your driver's licence or birth certificate.

Card benefits*

60,000 bonus Velocity Points. You'll earn 60,000 bonus Velocity Points when you apply for the American Express Velocity Platinum Card online by 21 January 2025 and spend $3,000 on eligible purchases within the first 3 months from approval as a new Amex card member (terms and conditions apply). The bonus points will be awarded to your account within 8-10 weeks of meeting the spend requirement.
Up to 100 Velocity Status Credits. This card offers 50 Velocity Frequent Flyer Status Credits when you spend $25,000 on eligible purchases within your membership year, and an additional 50 Status Credits when you spend another $25,000 within the same year (up to a total of 100 Status Credits). Higher status unlocks benefits including more points, lounge access, extra baggage and priority check-in. The Status Credits will be added to your Velocity account up to 2 weeks after you meet the spend requirement.

Virgin Australia Lounge Access. This card provides access to Virgin Australia domestic lounges for 12 months at select domestic airports. You will need to enrol in this benefit and then re-activate it each year by making an eligible transaction on your card. You'll need to re-activate each year on the anniversary of the benefit enrolment. Please allow up to 7 days for the benefit to be applied to the Primary Card Member's Velocity membership.
Virgin Australia Guest Lounge Access. You can redeem 2 single-entry guest passes each membership year for friends or family who are traveling with you. These passes will be activated on the Primary Card Member's Velocity Frequent Flyer membership account on or after each membership anniversary.
Velocity Points. This card earns a high rate of 1.25 Velocity Points per $1 on everyday purchases and 0.5 points per $1 for transactions with government bodies in Australia. It also offers 2.25 Velocity Points per $1 spent on selected Virgin Australia purchases. Velocity Points don't expire as long as you earn or redeem points at least once every 24 months.
Complimentary domestic return flight. After your first card spend each membership year, you can get a complimentary domestic return flight between select cities with Virgin Australia.
Complimentary travel insurance. If you pay for eligible travel on your card, you can take advantage of complimentary domestic and international travel insurance for your trip. Terms, conditions and exclusions apply (such as maximum age limits, pre-existing medical conditions and cover limits).
Retail insurances. This card offers complimentary Card Refund Cover if you've been refused a refund on an unused eligible item within 90 days of purchase and Card Purchase Cover for eligible items if they are accidentally broken or stolen within 90 days of purchase. Terms, conditions and exclusions apply.
Mobile payment technology. Whether you have an Android, Apple or Samsung device, you can save time at the cash register and pay with the convenience of your smartphone with Google Pay, Apple Pay or Samsung Pay.

Rates & fees

Annual fee. This card charges a $440 annual fee.
Purchase interest rate. Purchases attract a 23.99% p.a. interest rate.

Interest-free days. You'll get up to 55 days interest-free on purchases if you pay your closing balance in full by the due date on each monthly statement.
A maximum of 4 additional cards. You can request an additional card for a partner or family member at no extra cost. This allows you to share your account and maximise rewards. Note that you will still be responsible for keeping the account in good standing.
International transaction fee. A 3% fee applies for transactions made overseas or online in a foreign currency. So make sure you consider that when you're travelling or shopping online.

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Amy Finder

Editor

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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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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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leigh

April 04, 2024

Is this Credit Card a good start for someone looking to travel point cards for the first time?

Sarah Megginson Finder

September 13, 2024

Hi Leigh,

This could be a good option to earn points for the first time! A couple of things to keep in mind: Amex cards are not accepted everywhere, and they often attract high fees of 2% or more, which can add up. You also want to make sure you can pay the full balance due each month, otherwise you’ll pay interest, and the interest with this Amex card is 23.99%.

You can review a few other options for Visa and Mastercard Qantas cards, which may attract lower fees and have lower interest rates, which might be a more suitable place to start.

Best of luck!

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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.

American Express Velocity Platinum Card

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Cons

How to apply

Eligibility criteria

Required documents

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