Velocity Escape Card

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Pros:
  • No Annual Fee
Cons:

    Basic

    Card Level
    Card Level
    Standard
    Interest Free Days
    Interest Free Days
    55
    Maximum credit limit
    Maximum credit limit
    $25,000
    Minimum credit limit
    Minimum credit limit
    $2,000
    Minimum repayment dollars
    Minimum repayment dollars
    $30
    Minimum repayment percent
    Minimum repayment percent
    2.5
    Number free supplementary
    Number free supplementary
    4
    Annual Fee
    Annual Fee
    Late Payment Fee
    Late Payment Fee
    $30
    Over limit fee
    Over limit fee
    $15
    Duplicate statement fee
    Duplicate statement fee
    $10
    Supplementary card annual fee
    Supplementary card annual fee
    $0
    Apple Pay available
    Apple Pay available
    Google Pay available
    Google Pay available
    Samsung Pay available
    Samsung Pay available
    Card Level
    Card Level
    Standard
    Interest Free Days
    Interest Free Days
    55
    Maximum credit limit
    Maximum credit limit
    $25,000
    Minimum credit limit
    Minimum credit limit
    $2,000
    Minimum repayment dollars
    Minimum repayment dollars
    $30
    Minimum repayment percent
    Minimum repayment percent
    2.5
    Number free supplementary
    Number free supplementary
    4
    Annual Fee
    Annual Fee
    Late Payment Fee
    Late Payment Fee
    $30
    Over limit fee
    Over limit fee
    $15
    Duplicate statement fee
    Duplicate statement fee
    $10
    Supplementary card annual fee
    Supplementary card annual fee
    $0
    Apple Pay available
    Apple Pay available
    Google Pay available
    Google Pay available
    Samsung Pay available
    Samsung Pay available

    Rates

    Purchase Rate
    Purchase Rate
    20.74%
    Cash advance rate
    Cash advance rate
    Purchase Rate
    Purchase Rate
    20.74%
    Cash advance rate
    Cash advance rate

    Balance Transfer

    Balance Transfer Rate
    Balance Transfer Rate
    0%
    for 12 months then 20.74%
    Transfer Limit
    Transfer Limit
    70%
    of the chosen credit limit
    Balance Transfer Fee
    Balance Transfer Fee
    $50
    Balance Transfer Rate
    Balance Transfer Rate
    0%
    for 12 months then 20.74%
    Transfer Limit
    Transfer Limit
    70%
    of the chosen credit limit
    Balance Transfer Fee
    Balance Transfer Fee
    $50

    Overseas spending

    Foreign Exchange Fee
    Foreign Exchange Fee
    3% on AMEX
    Overseas charges
    Overseas charges
    Estimated ATM Cost
    Estimated ATM Cost
    Foreign Exchange Fee
    Foreign Exchange Fee
    3% on AMEX
    Overseas charges
    Overseas charges
    Estimated ATM Cost
    Estimated ATM Cost

    Rewards

    Program name
    Program name
    Velocity Frequent Flyer
    Rewards Available
    Rewards Available
    Gift Card, Domestic Flights, International Flights
    Program name
    Program name
    Velocity Frequent Flyer
    Rewards Available
    Rewards Available
    Gift Card, Domestic Flights, International Flights

    Eligibility

    Minimum age
    Minimum age
    18
    Minimum income
    Minimum income
    $40,000
    Eligibility conditions
    Eligibility conditions
    Minimum age
    Minimum age
    18
    Minimum income
    Minimum income
    $40,000
    Eligibility conditions
    Eligibility conditions

    Earn Rates

    RateCard TypeEarnsCondition
    1 point for $1 spentAMEXuncappedall eligible purchases
    0.5 points for $1 spentAMEXuncappedgovernment bodies

    Perks

    • Purchase ProtectionCovers up to $2,500 per item and $10,000 per year with a $50 excess within 90 days of purchase
    • Free Supplementary CardsSupplementary cardholder must be over 18 years of age
    Other Restrictions
    Cash Advance not available

    Features

    The American Express Velocity Escape Card has no annual fee, as well as high interest rates and a moderate number of interest-free days. This card has a high late or missed payment fee, but offers up to four additional card holders (age 16 or older) at no additional cost.

    This card has associated rewards scheme, which gives card holders the benefits of Velocity Frequent Flyer. The American Express Velocity Escape Card earns 1 Velocity point for every $1 you spend, excluding at Australian government bodies. At these government bodies, you’ll earn 0.5 points per $1 spent. There is no cap on the number of points you can earn, nor does your earn rate decrease after meeting a certain threshold. Velocity points can be redeemed for a range of benefits including flights, accommodation, car hire and gift cards.

    Pros
    • Earns Velocity points
    • Four free additional cardholders
    • 0% balance transfer offer
    Cons
    • High interest rates
    • No complimentary insurance
    • High late payment fee

    Who is it good for?

    The American Express Velocity Escape Card is best for potential card holders who are confident about paying their bill in full each month. This card charges high interest rates with only a moderate interest-free period, which means that those who tend not to pay each bill in its entirety may find themselves paying interest that’s higher than they anticipated.

    This card is also a beneficial option for customers in search of travel rewards. The American Express Velocity Escape Card earns 1 Velocity point per $1 spent, and these points can be redeemed for a variety of travel-related benefits.

    The American Express Velocity Escape Card is not particularly suited to those who would prefer voucher or cash back rewards over travel benefits. Because the card earns Velocity points rather than general rewards points, card holders are limited to Velocity benefits when redeeming their earnings.

    What RateCity says

    The American Express Velocity Escape Card offers a very reasonable reward scheme for a card without an annual fee. The combination of no fee and Velocity points make this card a sensible choice for card holders who wish to minimise fees and maximise rewards.

    However, some potential card holders may benefit from looking elsewhere, particularly those who are not frequent travellers. Card holders who want rewards but don’t travel often may be better suited to a card with a more general reward scheme with more redemption options.

    Budget card holders should also consider shopping the market for a card with lower interest rates. The American Express Velocity Escape Card has both high interest rates and a high late payment fee, which may become problematic for those who struggle to pay their bill on-time and in full.

    Applying/eligibility

    To be eligible for the American Express Velocity Escape Card, you must be at least 18 years old and be an Australian citizen or permanent resident. You may also be eligible if you hold a current business long stay visa. You must have a personal or household income of at least $40,000 and have no history of bad debt. Applicants can apply online in less than 10 minutes through a secure portal. 

    About American Express

    American Express, also called AMEX, is an American financial services company. American Express was founded in Buffalo, New York in 1850 and is currently headquartered in New York City. AMEX began as an express mail business but has grown to offer a range of financial services. Their financial offering includes personal and business credit cards and travel services, as well as business, travel and life insurance. Customers can contact American Express 24/7 for any customer service enquiries.

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