Connecting to better
American Express Velocity Platinum Card
Bonus Point
Interest Rates
100000
23.99
Reward Point
1.25
Annual fee
$440
Pros.
Earn 100,000 bonus Velocity Points when you meet the eligibility criteria.
Get up to 100 Velocity Status Credits per year when you spend $25,000 on eligible purchases, plus an additional 50 credits when you spend another $25,000 within the same membership year.
Enjoy Virgin Australia Lounge Access and Virgin Australia Guest Lounge Passes at select domestic airports.
Earn up to 2.25 Velocity Points per $1 spent on eligible transactions.
Receive a complimentary Virgin Australia return economy domestic flight between selected cities each year after your first card spend on your anniversary year.
Cons.
$440 annual fee, which is on the higher side compared to other credit cards.
3% foreign transaction fee applies to purchases made in a foreign currency.
High 23.99% p.a. interest rate on purchases, making it less competitive than low-rate credit card options in Australia.
The American Express Velocity Platinum Card offers a high Velocity Point earn rate, ranging from 1.25 to 2.25 Velocity Points per $1 spent. It’s also one of the few credit cards that reward you with bonus Status Credits when you meet the annual spending requirement. However, with a $440 annual fee, which is on the higher side for Velocity Frequent Flyer cards, it’s essential to ensure you’ll gain enough value from the points and benefits to make it worthwhile.
Details
Product Details
Product Name
American Express Velocity Platinum Card
Balance transfer rate p.a.
N/A
Balance transfer limit
N/A
Purchase rate p.a.
23.99
Interest-free days
Up to 55 days on purchases
Cash advance rate p.a.
N/A
Min credit limit
$3,000
Card type
American Express
Fees & Charges
Annual fee
$440
Minimum monthly repayment
N/A
Late payment fee
$30
Foreign currency conversion fee
Foreign currency conversion fee 3%
Cash advance fee
N/A
Overseas cash advance fee
N/A
Additional cardholder fee
$0
Number of additional cardholders
4
Eligibility
Available to temporary residents
Yes with conditions
Minimum income
N/A
Joint application
No
Rewards
Rewards program
1.25
Bonus points
100000
Rewards points per $ spent
1.25
Rewards points cap
Uncapped
How to Apply
To apply for the American Express Velocity Platinum card online, ensure you meet the eligibility criteria and have all necessary documents ready.
Eligibility Criteria
New cardholder: To qualify for the 100,000 bonus Velocity Points, you must not have held an American Express card in the past 18 months. Additional 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: A good credit score is required, with no history of bad debt or payment defaults.
Age: Applicants must be at least 18 years old.
Required Documents
Personal details: You’ll need to provide your full name, address, and details of your income, expenses, and debts.
Identification: Proof of identity is required, such as a driver’s licence or birth certificate.
Card benefits
To apply for the American Express Velocity Platinum card online, ensure you meet the eligibility criteria and have all necessary documents ready.
Eligibility Criteria
New cardholder: To qualify for the 100,000 bonus Velocity Points, you must not have held an American Express card in the past 18 months. Additional 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: A good credit score is required, with no history of bad debt or payment defaults.
Age: Applicants must be at least 18 years old.
Required Documents
Personal details: You’ll need to provide your full name, address, and details of your income, expenses, and debts.
Identification: Proof of identity is required, such as a driver’s licence or birth certificate.
Rates & fees
Annual Fee:
This card comes with a $440 annual fee.
Purchase Interest Rate:
Purchases are subject to a 23.99% p.a. interest rate.
Interest-Free Days:
You can enjoy up to 55 days interest-free on purchases if you pay your closing balance in full by the due date on each monthly statement.
Additional Cards:
You can request up to 4 additional cards for family members or a partner at no extra cost, allowing you to share the account and earn more rewards. However, you remain responsible for maintaining the account in good standing.
International Transaction Fee:
A 3% fee applies to transactions made overseas or online in foreign currencies, so be sure to consider this when traveling or shopping internationally.