American Express

Velocity Platinum Card

Purchase Rate

Purchase Rate

20.74%

Balance Transfer Rate

Balance Transfer Rate

-

Annual Fee

Annual Fee

$375

Max Free Days

Max Free Days

55

Late Payment Fee

$30

Purchase Rate

Purchase Rate

20.74%

Balance Transfer Rate

Balance Transfer Rate

-

Annual Fee

Annual Fee

$375

Max Free Days

Max Free Days

55

Late Payment Fee

$30

Pros and Cons

Pros and Cons

  • Rewards Available through Velocity Frequent Flyer
  • Bonus 100,000 points subject to eligibility conditions
  • Ability to convert large purchases into instalment plans
  • Apple Pay, Google Pay and Samsung Pay available
  • Free domestic travel insurance
  • Free international travel insurance
  • Free supplementary cards
  • Purchase protection insurance
  • Airport lounge
  • No balance transfer
  • Does not offer any complimentary insurance covers
  • Late payment fee

American Express Features and Fees

American Express Features and Fees

Details

Card Level

Platinum

Card Type

AMEX

Interest Free Days

Interest Free Days

55

Minimum monthly repayment

2.5% or $30

Minimum credit limit

$3k

Maximum credit limit

$50k

Free supplementary cards

Number free supplementary

4

Instant Approval

Fees

Annual Fee

Annual Fee

$375

Annual Fee Spend Waiver

Supplementary card annual fee

$0

Late Payment Fee

$30

Over limit fee

$15

Duplicate statement fee

$10

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

20.74%

Cash advance rate

Cash advance fee

$0

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

-

Transfer Limit

Balance Transfer Fee

$0

Overseas spending

Foreign Exchange Fee

3% on Amex

Overseas charges

Overseas charges

Estimated ATM Cost

-

Rewards

Program name

Velocity Frequent Flyer

Rewards Available

Gift Card, Domestic Flights, International Flights

Eligibility

Minimum age

18

Minimum income

$65k

Eligibility conditions

Residency

Earn Rates

RateCard TypeEarnsCondition
2.25 points for $1 spentAMEXuncappedall eligible purchases with Virgin Australia in Australia
1.25 points for $1 spentAMEXuncappedall other eligible purchases
0.5 points for $1 spentAMEXuncappedgovernment bodies

Perks

  • FREE DOMESTIC TRAVEL INSURANCE Available when you use your card to pay for return domestic travel
  • FREE INTERNATIONAL TRAVEL INSURANCE Available when you use your Card to pay for return international travel
  • FREE SUPPLEMENTARY CARDS Up to 4 Free Additional Cards. Additional Card Members must be 18 years of age or over.
  • PURCHASE PROTECTION INSURANCE Covers up to $2,500 per item and $20,000 per year with a $50 excess within 90 days of purchase
  • AIRPORT LOUNGE Up to two Virgin Australia lounge passes each anniversary year at selected domestic airports and two entries per year into the American Express Lounge at Sydney or Melbourne International Airport
Specials
  • Bonus PointsBalance Transfer Receive 100,000 bonus Velocity Points
    Receive 100,000 bonus Velocity Points plus 75 bonus Status Credits and get $100 back* when you apply online by 8 December 2020, are approved and spend $3,000 on your new Card within the first 3 months. Offer available to new Card Members only

Other Benefits

Complimentary annual return domestic flight with Virgin Australia to select cities each year after your first Card spend each year. 0%pa on balance transfers for the first 12 months (one-off establishment fee of 1% applies). Complimentary domestic and international travel insurance. 2 complimentary Virgin Australia lounge passes each year.

Other Restrictions

Cash Advance not available

Pros and Cons

  • Rewards Available through Velocity Frequent Flyer
  • Bonus 100,000 points subject to eligibility conditions
  • Ability to convert large purchases into instalment plans
  • Apple Pay, Google Pay and Samsung Pay available
  • Free domestic travel insurance
  • Free international travel insurance
  • Free supplementary cards
  • Purchase protection insurance
  • Airport lounge
  • No balance transfer
  • Does not offer any complimentary insurance covers
  • Late payment fee

American Express Features and Fees

Details

Card Level

Platinum

Card Type

AMEX

Interest Free Days

Interest Free Days

55

Minimum monthly repayment

2.5% or $30

Minimum credit limit

$3k

Maximum credit limit

$50k

Free supplementary cards

Number free supplementary

4

Instant Approval

Fees

Annual Fee

Annual Fee

$375

Annual Fee Spend Waiver

Supplementary card annual fee

$0

Late Payment Fee

$30

Over limit fee

$15

Duplicate statement fee

$10

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

20.74%

Cash advance rate

Cash advance fee

$0

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

-

Transfer Limit

Balance Transfer Fee

$0

Overseas spending

Foreign Exchange Fee

3% on Amex

Overseas charges

Overseas charges

Estimated ATM Cost

-

Rewards

Program name

Velocity Frequent Flyer

Rewards Available

Gift Card, Domestic Flights, International Flights

Eligibility

Minimum age

18

Minimum income

$65k

Eligibility conditions

Residency

Earn Rates

RateCard TypeEarnsCondition
2.25 points for $1 spentAMEXuncappedall eligible purchases with Virgin Australia in Australia
1.25 points for $1 spentAMEXuncappedall other eligible purchases
0.5 points for $1 spentAMEXuncappedgovernment bodies

Perks

  • FREE DOMESTIC TRAVEL INSURANCE Available when you use your card to pay for return domestic travel
  • FREE INTERNATIONAL TRAVEL INSURANCE Available when you use your Card to pay for return international travel
  • FREE SUPPLEMENTARY CARDS Up to 4 Free Additional Cards. Additional Card Members must be 18 years of age or over.
  • PURCHASE PROTECTION INSURANCE Covers up to $2,500 per item and $20,000 per year with a $50 excess within 90 days of purchase
  • AIRPORT LOUNGE Up to two Virgin Australia lounge passes each anniversary year at selected domestic airports and two entries per year into the American Express Lounge at Sydney or Melbourne International Airport
Specials
  • Bonus PointsBalance Transfer Receive 100,000 bonus Velocity Points
    Receive 100,000 bonus Velocity Points plus 75 bonus Status Credits and get $100 back* when you apply online by 8 December 2020, are approved and spend $3,000 on your new Card within the first 3 months. Offer available to new Card Members only

Other Benefits

Complimentary annual return domestic flight with Virgin Australia to select cities each year after your first Card spend each year. 0%pa on balance transfers for the first 12 months (one-off establishment fee of 1% applies). Complimentary domestic and international travel insurance. 2 complimentary Virgin Australia lounge passes each year.

Other Restrictions

Cash Advance not available

FAQs

Current Annual Fees

These are the current annual fees on your existing credit card.

How do I apply for a credit card online?

Current Interest Rate

This is the current interest rate on your existing credit card.

Monthly repayment

This is how much you can afford to pay on a monthly basis off your credit card. You can enter any amount you wish; but to make the balance transfer worthwhile the default is $200.

How to increase the NAB credit card limit?

If you use your NAB credit card regularly, you could consider requesting a higher credit limit. The good news is that it's fairly easy to do so using either the NAB app or NAB internet banking. 

NAB app: 

Step 1: Download the latest version of the NAB app.

Step 2: Select the ‘My Cards’ menu. 

Step 3: Select the card you want to increase the credit limit for. 

Step 4: Select ‘Usage Controls’ and then click on ‘Change Credit Limit’.

NAB internet banking: 

Step 1: Log into your account. 

Step 2: Choose the ‘My Cards’ menu. 

Step 3: Choose the card for which you want to increase the limit. 

Step 4: Choose ‘Change My Credit Card Limit’.  

If you don’t have the NAB app or cannot access NAB internet banking, you can even visit your local branch or call their contact center. 

Once you’ve applied to increase your NAB credit card limit, you’re likely to be asked for your

  • current employment details  
  • total income, before and after-tax deductions  
  • assets, liabilities, and expenses information

NAB will then assess this information to determine if your current financial situation suits the increased credit limit request, and your application will either be accepted or denied.

However, this process will only work if you’re attempting to increase your personal NAB credit card limit. For a business credit card, you can contact the NAB Corporate & Business Servicing team or speak to your NAB relationship manager. 

Increase your credit card limit with Westpac

A credit card can be a useful tool to access extra cash when you need it. Sometimes you may wish to increase your credit card limit for greater financial flexibility. For example, to realize your immediate goals faster, such as planning for an international holiday or making a big purchase.

You can apply to increase your credit limit at any time, and most credit card providers have made it really easy to do so. You can use your online banking portal, the credit card provider’s mobile app, or even the telephone. 

Applying online to increase your credit limit with Westpac is the easiest option if you’ve already activated Westpac Live Online Banking. All you need to do is fill in the required information and then hit ‘submit’ to apply for an increase in your credit card limit.

Most banks will ask for details of your financial situation at the time of applying for a credit increase. This is done to ensure your new limit meets the lender’s criteria. 

You can apply for increasing your credit limit in any of the following ways:

  1. Visiting your nearest Westpac branch
  2. Calling Westpac on 1300 651 089
  3. Logging in on Westpac Live Online Banking

What does ANZ credit card insurance cover?

ANZ offers complimentary insurance on some of its credit cards, which can provide some protection against unforeseeable incidents, like the theft of your card. Depending on the type of credit card you own, you may be eligible for different insurances. For instance, most ANZ credit card customers may qualify for Purchase Protection Insurance and Extended Warranty Insurance. Customers who own premium credit cards may also be eligible for Guaranteed Pricing, Rental Vehicle Excess, International Travel, and so on.

Consider checking your ANZ credit card insurance features listed in the Insurance Policy Information booklet to know which items are covered. Also, while ANZ issued the credit card, they are not the insurer. For this reason, you may need to send your insurance claims - and get your ANZ credit card insurance refund - to the insurance provider.

Should I get a credit card?

Once you've compared credit card interest rates and deals and found the right card for you, the actual process of getting a credit card is quite straightforward. You can apply for a credit card online, over the phone or in person at a bank branch. 

How many numbers are on a credit 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.

What is CVV on a credit card?

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.

What is a balance transfer credit card?

A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card. 

What should you do when you lose your credit card?

Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.

Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.

Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.

Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.

Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.

How do you apply for a credit card?

You can apply for a credit card online, over the phone or in person at the bank. Once you’ve compared the current credit card offers, the application process is quick and easy. Before you get your application started, you’ll need to gather your personal information like proof of ID, payslips and bank statements, proof of employment and details of your income, assets and liabilities. To be eligible for a credit card, you’ll need to be an Australian citizen over 18 and earn a minimum of $15,000 each year. Once you’ve applied for a credit card, you should get a response fairly instantly. If your credit card application has been approved, you should receive a welcome pack with your new credit card within 10-15 days.

Can a pensioner get a credit card?

It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:

  • Annual income. Look for credit cards with minimum annual income requirements you can meet. 
  • Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee. 
  • Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.

How to get a credit card for the first time

A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.

If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.

Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.

When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.

How easy is it to get a credit card?

For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.

Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.

Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.

Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.

How is credit card interest charged?

Your credit card will be charged interest when you don’t pay off the balance on your credit card. Your card provider or bank charges you the individual interest rate that is associated with your card, which is usually between 10 and 20 per cent. 

The interest will be added onto your bill each month or billing period if you don’t pay off the balance, unless you are in an interest-free period.

You will be charged interest on anything that hasn’t been paid for inside the interest-free period. Usually you will receive a notice on your bill or statement saying you will be charged interest so you have some form of notice before you’re charged.

What should you do if your credit card is compromised?

Credit card fraud is a serious problem. If your credit card is compromised and you’re wondering what to do, here are a few precautionary steps to take.

Contact you credit provider – Get in touch will your credit card provider. If you feel your card has been compromised, you should be able to lock or block it.

Monitor your accounts – Keep an eye on your credit card accounts. Any unauthorised transactions could be a sign your credit card has been compromised.

Check your credit rating – It’s also important to check your credit rating, to ensure you’re not a victim of identity theft or some other financial mischief.

How do you use a credit card?

Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.

How do you use credit cards?

A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.