American Express Velocity Escape Card

  • American Express
  • 20.74%

  • 0.99% for 6 months (1.00% handling fee)

  • $0

  • 44

American Express Velocity Escape Card Review

Review updated: 26 August 2014
Review published: 27 November 2012

What's hot:

  • Gold medal winner in Mozo's Experts Choice Awards 2014
  • 7500 bonus Velocity points
  • No annual fee

What's not:

  • 20.74% purchase rate
  • 1% credit establishment fee for balances transferred

Mozo snapshot:

The American Express Velocity Escape Card is all about giving you the rewards you want faster, so that you can escape sooner. According to our Experts Choice Awards the Velocity Escape Card is the best rewards card on the market for rewards value based on the average cardholder annual spend of $17,000. Points are automatically credited to your Velocity Frequent Flyer account so this credit card is most rewarding for frequent flyers of Virgin Australia and their partners like Singapore Airlines, Ethiad and Air New Zealand.

Key features:

This is one of the few rewards cards on the market with no annual fee, and if you apply by 31 October 2014 as long as you spend $300 in the first 3 months, the 7500 bonus Velocity Point sign up offer will have you on your way to your first free flight in no time.

The American Express Velocity Escape Card has a high 20.74% interest rate but if you pay off your card in full each month you'll get 44 interest free days. The balance transfer offer of 0.99% for six months also comes with a 1% credit establishment fee which is paid upfront. There is a 3% foreign currency margin for purchases made overseas with the card.

You'll get the usual American Express perks like refund and purchase protection and access to American Express travel assistance no matter where you are in the world.

As this card is linked to the Velocity Frequent Flyer program you'll earn most rewards points (2 points per dollar spent) when you use your card to purchase flights with Virgin Australia. All other purchases will earn 1 point per dollar spent. Points never expire so you can save them up for a big escape or use them for weekend escape essentials like car hire or hotels.

Who it's good for:

Anyone who wants to get great value for their rewards spend and wants to fly with Virgin or its partner airlines. It comes with a free supplementary card so the Velocity Escape card is particularly good for couples who want to combine their points earnings to get rewards fast.

Any catches?

You'll need to be earning over $40,000 to be eligible for the Velocity Escape card.

How are American Express credit cards rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
American Express credit card 7.0 Based on 102
American Express credit card reviews
5.6 6.8 7.1 6.1 7.3

Read American Express credit card reviews by the Mozo community

Latest reviews of American Express Velocity Escape Card

  • Customer service is terrible

    1. Overall customer rating
    2. (Reviewed about 1 year ago)

    I have been a member for a very long time however this doesn't seem to make any difference with American Express. They treat you like a number or worse if you fall accidentally behind in a payment, their rewards program is not good value & the cus...  Full review 

    I have been a member for a very long time however this doesn't seem to make any difference with American Express. They treat you like a number or worse if you fall accidentally behind in a payment, their rewards program is not good value & the customer service is terrible.


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    American Express credit card review by a Mozo reviewer from New South Wales

    1 person found this review helpful – do you? Yes flag

  • Meets my needs - good customer service

    1. Overall customer rating
    2. (Reviewed about 1 year ago)

    This credit card meets my needs - rewards system could be better but then again could be worse - customer service good.  Full review 

    This credit card meets my needs - rewards system could be better but then again could be worse - customer service good.


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    American Express credit card review by Romaine from Victoria

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  • A bit unreliable as to who accepts these cards

    1. Overall customer rating
    2. (Reviewed about 1 year ago)

    I just opened a credit card account with AMEX after spending about an hour on the phone working out confusing issues with the card. The first shop I tried to use it in told me that they don't accept these cards. This makes me a bit nervous when sh...  Full review 

    I just opened a credit card account with AMEX after spending about an hour on the phone working out confusing issues with the card. The first shop I tried to use it in told me that they don't accept these cards. This makes me a bit nervous when shopping. The next shop accepted it though, so I have to look at it as a bit of a hit and miss kind of card. They do offer a lot of options for you like SMS and email alerts for just about anything to do with the card, like reaching set limits and reminders, I think that's pretty good.


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    American Express credit card review by Gary from New South Wales

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  • Good rewards, no annual fee - bpay debt monthly!

    1. Overall customer rating
    2. (Reviewed over 1 year ago)

    Not the best credit card rates, but if you're frugal and pay off debt every month you will find that the benefits outweighs the cost (which is zero, coz not annual fee) Customer service not the best, which is surprising given that AE is so glob...  Full review 

    Not the best credit card rates, but if you're frugal and pay off debt every month you will find that the benefits outweighs the cost (which is zero, coz not annual fee) Customer service not the best, which is surprising given that AE is so globalised. Had problems with direct debit for which I've called a few times, with each time being promised that the issue is resolved, lo and behold I get another "faulty direct debit" text from AE. Not that they're rude or didn't speak English, but somehow the system failed the customer. Customer interface is not AE's strongest asset, their iPhone mobile app is subpar compared with the kaching app, their website, well...sucks, ease of access to info not so great. Velocity account linkage is not as seamless, even if this is a velocity AE card, was told to call the other party when I rang AE and then Virgin to ask about an issue. But velocity rewards are so good!


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    American Express credit card review by a Mozo reviewer from New South Wales

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Rewards scheme

  • Points automatically transferred to your Velocity account
  • Flights available with Virgin, Air New Zealand, Etihad Airways, Singapore Airlines and other partners.
  • Earn 2 Points per dollar when you use your card for purchases in Australia with Virgin Australia group of airlines.

Privileges

  • Purchase Protection
  • Account alerts by SMS

Special offers

  • Apply by 31 January 2015 and earn 7,500 bonus Velocity points when approved and spend $300 on your card within first 3 months.

Value of rewards points

  • Example reward
  • You'd need to spend
  • $100 gift card
  • $18,000
  • Flight: Sydney-Melbourne
  • $6,900
  • Flight: Sydney-London
  • $125,000
  • Points are capped?
  • Uncapped
  • Points expire?
  • Never

Details behind our 'value of rewards' calculations

  • Points earning 1 points per dollar on Amex, uncapped
  • $100 gift card 18000 points buys a Myer $100 Gift Card
  • Flight: Sydney-Melbourne 6900 points buys a Virgin Australia Syd-Mel flight
  • Flight: Sydney-London 125000 points buys a Velocity partner London flight

*how did we do it? find out...

Rates

Purchase rate
20.74%
Intro purchase rate
none
Balance transfer rate
0.99% for 6 months (1.00% handling fee)
Balance transfer revert to cash
no
Cash advance rate
none
Interest free days
44

Fees

Annual card fee
$0.00
Introductory fee
none
Annual fee spend threshold
none
Reward program fee
none
Late payment fee
$30.00
Cash advance fee
none
Foreign exchange margin
3.00%
Duplicate statement fee
$10.00
Transaction verification fee
$7.00
Additional card fee
$0.00

Other financial bits

Minimum repayment amount
$30.00
Minimum repayment percent
2.5

Features

Additional cardholders
unlimited
Other restrictions
none
Other benefits
none

About American Express

American Express is a global mega provider of credit cards, including gold cards, platinum cards, charge cards and more. With American Express, you can find a credit card to suit your lifestyle, tastes and aspirations. If you're a rewards points junkie, be sure to check out the hugely popular American Express rewards programs, including Qantas Frequent Flyer points and Qantas Club rewards.

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