Velocity Escape Card
Balance Transfer0% p.a. on balance transfers for the first 12 months — A one-off credit plan establishment fee of 1% applies to any balances transferred. If you pay your Balance Transfer over time, an interest-free period will not apply to your purchases. T&Cs apply.
- Last updated on 27 May 2020
Balance Transfer Rate
for 12 months then 20.74%
Max Free Days
- Balance Transfers Available
- No Annual Fee
- Free supplementary cards
- Purchase protection insurance
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
Balance Transfer Rate
Balance Transfer Rate
for 12 months then 20.74%
of the approved credit limit
Balance Transfer Fee
Foreign Exchange Fee
3% on Amex
Estimated ATM Cost
Velocity Frequent Flyer
Gift Card, Domestic Flights, International Flights
|1.75 points for $1 spent||AMEX||uncapped||all eligible purchases with Virgin Australia in Australia|
|0.75 points for $1 spent||AMEX||uncapped||all eligible purchases|
|0.5 points for $1 spent||AMEX||uncapped||government bodies|
- FREE SUPPLEMENTARY CARDS Supplementary cardholder must be over 18 years of age
- PURCHASE PROTECTION INSURANCE Covers up to $2,500 per item and $10,000 per year with a $50 excess within 90 days of purchase
- Balance Transfer 0% p.a. on balance transfers for the first 12 months — A one-off credit plan establishment fee of 1% applies to any balances transferred. If you pay your Balance Transfer over time, an interest-free period will not apply to your purchases. T&Cs apply.Offer is not available for Card Members who currently hold or who have previously held any other Card product offered by American Express in the preceding 60 day period
Cash Advance not available
Compare and review credit cards with similar features
American Express, commonly known as AMEX, is a multinational financial services corporation headquartered in New York.
AMEX is the world’s largest credit card issuer by purchase volume. Alongside AMEX credit cards, the company provides personal financial products such as travellers’ cheques, as well as business and corporate financial services.
American Express has a corporate office in Sydney and various currency exchanges around Australia, but no dedicated customer service branches. ATM access is available through AMEX’s network of partner ATMs.
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 0.75 Velocity points 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.
- Earns Velocity points
- Four free additional cardholders
- 0% balance transfer offer
- 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 0.75 Velocity points 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.
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.
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
The credit card market changes all the time, so the credit card with the highest annual percentage rate is also liable to change.
Keep in mind 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 APR's 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.
CVV stands for ‘card verification value’, and is also sometimes referred to as a CVC or card verification code.
A CVV code is usually needed when the card is used online or over the phone as an anti-fraud measure. Without the cardholder being physically present to sign or verify the purchase, the CVV provides an extra layer of protection.
If you’re using Mastercard or Visa, the CVV is the three digits located on the back of the card. If you’re using an American Express, the CVV is usually four digits and is on the front of the card.
The numbers on your credit card actually follow a universal standard which is used to identify specific functions. Each credit card has a different amount of numbers. Visa and Mastercard have 16, American Express has 15 and Diner’s Club has 14.
The first number on a credit card always identifies what type of credit card it is. Visa cards start with a 4, whereas Mastercard starts with a 5 and American Express with a 3. The remainder of the digits represent the account number, including the last number which is used to verify that your credit card is actually valid.
Credit cards also have additional verification numbers, which are mainly used when the card isn’t present for phone and online purchases. These are the three-digit numbers on the back of Visa and MasterCard or the four-digit numbers on the front of an American Express card.