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Velocity Platinum Card

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Basic

Electronic Wallet Service

Important Rates

Rates

Balance Transfer

Overseas spending

Rewards

Eligibility

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
  • 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 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

Features

The American Express Velocity Platinum Card is a travel credit card that allows cardholders to earn air miles for their Virgin Velocity Frequent Flyer membership. American Express offers a generous amount of points earned per dollar spent on eligible purchases. There is also a sign-up offer up for grabs for bonus points and Velocity Status Credits.

This credit card includes such perks as complimentary travel insurance, as well as a free domestic Virgin flight each year. Cardholders are also eligible for several free visits to both the Virgin Australia and American Express airport lounges each year.

This credit card has a predictably high interest rate, with a very high annual fee and a moderate number of interest-free days. There is a no-interest balance transfer offer in the first 12 months, and cardholders can also add up to four additional cardholders for free.

Pros
  • Earn Velocity Frequent Flyer points
  • Complimentary travel insurance
  • Free domestic flight each year
Cons
  • High interest rate
  • Very high annual fee
  • Foreign exchange fee

 

Who is it good for?

The American Express Velocity Platinum Card is clearly a credit card aimed at consumers who travel frequently and want to experience the VIP treatment. Providing both international and domestic travel insurance for free, this credit card incentivises customers to pay for their travel expenses on this card.

This card may benefit current Velocity Frequent Flyers, with a generous offer on rewards points earned per dollar spent. As with all rewards points credit cards, the more you spend the more points you earn, so this card is better suited to consumers who already put the majority of their expenses on a credit card.

With a high interest rate, very high annual fee and moderate income requirement, this credit card is less suitable to customers who may struggle to pay off their credit cards in full each month. 

What RateCity says

The American Express Velocity Platinum Card has a long list of complimentary perks and benefits, and is clearly designed for the customers who want to experience the VIP treatment. The inclusion of both domestic and international travel insurance for cardholders is a valuable perk, especially for those who are already travelling frequently. Throw in the complimentary airport lounge access and a free flight each year, and this card could be very appealing to frequent flyers.

This credit card also has all of the bells and whistles of a platinum credit card, with 24/7 service, fraud and purchase protection and free additional cardholders.

It’s easy to be distracted by everything this card offers for free, but consumers should also consider the high interest rate and very high annual fee. These perks do not exactly come free, and cardholders should weigh us the cost of this credit card before committing. 

Applying/eligibility

To be eligible for the American Express Velocity Platinum Card, you must be at least 18 years old and have no history of bad debt. You must also be an Australian citizen or permanent resident and meet a moderate minimum income requirement. You can apply online in six steps, and will need to provide information to verify your identity, and also details on your employment and income. Make sure to have recent payslips and bank statements on hand. 

About the lender

American Express is an international financial institution, providing products in credit cards, charge cards, traveller’s cheques, corporate banking and more. Commonly known as Amex, the company was established in 1850 in Buffalo, New York and today is headquartered in the Three World Financial Center in New York City. American Express serves customers worldwide and employs more than 56,000 people internationally. American Express has one office in Australia, located in Sydney.

FAQs

If you’ve recently used your credit card to pay for something over the phone or online, you would have been asked to provide a CVV number. 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 usually three digits and is 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.

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