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Velocity Escape Card

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Pros and Cons

Pros:
  • No Annual Fee
Cons:

    Basic

    Electronic Wallet Service

    Important Rates

    Rates

    Balance Transfer

    Overseas spending

    Rewards

    Eligibility

    Earn Rates

    RateCard TypeEarnsCondition
    1.75 points for $1 spentAMEXuncappedall eligible purchases with Virgin Australia in Australia
    0.75 points for $1 spentAMEXuncappedall eligible purchases
    0.5 points for $1 spentAMEXuncappedgovernment bodies
    • Free Supplementary Cards Supplementary cardholder must be over 18 years of age
    • Purchase Protection Covers up to $2,500 per item and $10,000 per year with a $50 excess within 90 days of purchase

    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.

    FAQs

    The credit card market changes all the time, so the credit card with the highest annual percentage rate is also liable to change.

    One thing to remember is that credit card interest rates are expressed as a yearly rate, or annual percentage rate (APR). A low APR is generally good but also consider:

    • There can be different APRs for each feature of the card (e.g. purchases may have an APR of 14 per cent, while cash advances on same card could have an APR of 17 per cent
    • Credit cards with a variable rate can change throughout the year, affecting your APR, so check the full details
    • If you pay your balance in full every month, having the lowest APR is not as important as the other fees associated with the card. However, if you carry a balance from month to month, then you want the lowest APR possible
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