American Express Velocity Escape Card

American Express

20.74%

0.99% for 6 months (1.00% handling fee)

$0

American Express Velocity Escape Card Review

Review updated: 1 July 2015

Review published: 27 November 2012

What's hot:

  • Gold medal winner in Mozo's Experts Choice Awards 2014

  • 7,500 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, Etihad 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 30 September 2015 as long as you spend $300 in the first 3 months, the 7,500 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
7.3

Based on 142
American Express credit cards reviews

6.3 7.1 7.1 6.8 7.4

Read American Express credit card reviews by the Mozo community

Latest reviews of American Express Velocity Escape Card

American Express

American Express Velocity Escape Card credit card review

Overall rating   3 / 10

Too hard to Internet check acc

Too complex.
Full review

Too complex.

    Price   3 / 10

    Features   3 / 10

    Customer service   4 / 10

    Convenience   3 / 10

    Trust   3 / 10

Less

Emma (QLD), reviewed 7 days ago

Was this review helpful? Yes

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American Express

American Express Velocity Escape Card credit card review

Overall rating   1 / 10

Customer service is terrible

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...
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.

    Price   2 / 10

    Features   3 / 10

    Customer service   1 / 10

    Convenience   4 / 10

    Trust   3 / 10

Less

Mozo reviewer (NSW), reviewed almost 2 years ago

1 person found this review helpful – do you? Yes

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American Express

American Express Velocity Escape Card credit card review

Overall rating   7 / 10

Meets my needs - good customer service

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.

    Price   10 / 10

    Features   5 / 10

    Customer service   9 / 10

    Convenience   7 / 10

    Trust   7 / 10

Less

Romaine (VIC), reviewed almost 2 years ago

Was this review helpful? Yes

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American Express

American Express Velocity Escape Card credit card review

Overall rating   2 / 10

A bit unreliable as to who accepts these cards

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...
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.

    Price   2 / 10

    Features   5 / 10

    Customer service   4 / 10

    Convenience   2 / 10

    Trust   2 / 10

Less

Gary (NSW), reviewed almost 2 years ago

Was this review helpful? Yes

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American Express

American Express Velocity Escape Card credit card review

Overall rating   8 / 10

Good rewards, no annual fee - bpay debt monthly!

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...
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!

    Price   5 / 10

    Features   8 / 10

    Customer service   6 / 10

    Convenience   1 / 10

    Trust   7 / 10

Less

Mozo reviewer (NSW), reviewed almost 2 years ago

Was this review helpful? Yes

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Revealing rewards

How do we do it?

To work out the "Rewards value minus fees" in our Rewards Revealer we:

  • calculate how many points you'd get each year,
  • figure out how many flights or gift cards or cashback credits you could get for those points,
  • work out what that's actually worth to you,
  • take off the annual fee you'd pay.

More details:

  • Our calculations are designed to help you compare the value of different rewards schemes. To do this, we've looked at earning a one-way Sydney-Melbourne flight excluding taxes and charges, a return Sydney-London flight excluding taxes and charges, a $100 shopping Gift Card and $100 cashback. Most cards will also offer other rewards, which may be worth more or less than the ones we've shown.
  • We have made no allowance for bonus points for using your card at specific merchants, introductory offers or special offers. We have not assigned any value to instant discounts, insurances, ticketing and concierge services or other such benefits.
  • Rewards value calculations do not take credit card interest into account. If you do not pay off your card each month you may be better off looking for a card based on interest rates than on the value of rewards.
  • In products that have more than one card, a different mix of spend between American Express / Visa / MasterCard will give different results. Mozo's Rewards Revealer lets you choose the mix based on the way you would use such a product, and gives you tailored results.
  • We assume flights purchased with airline points are 'classic' or 'reward' economy seats with restricted seat availability. 'Any seat' rewards will probably cost more.
  • To compare the value of flight rewards, we sample online retail flight prices once a quarter based on the average price on a Wednesday 3 months in advance but outside NSW school holidays. For domestic flights we take the lowest available fare from each flight on that day from Qantas Red e-deal, Virgin Blue Blue Saver including baggage and Jetstar Jetsaver including baggage. We calculate the average price excluding taxes and surcharges for each airline, and also the average across all airlines (which we use when rewards are travel agent vouchers). For international flights, we take the lowest available fares on that same Wednesday from each of Qantas, Emirates, Singapore, Virgin Atlantic and Malaysian, assuming a return flight 2 weeks later, calculate the average price before taxes and surcharges and use this as our assumed cost of a flight on any airline.
  • Shopping rewards are based on $100 gift cards from a major national department store.
  • We make every effort to ensure our calculations are correct and up to date but make no guarantees.

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
  • Refund Protection

Special offers

  • Apply by 30 September 2015 and earn 7,500 bonus Velocity points when approved and spend $300 on your card within first 3 months.

Value of rewards points

  • Need to spend $18,000 ()

  • Need to spend $6,900 ()

  • Need to spend $125,000 ()

  • Uncapped

  • Never

Details behind our 'value of rewards' calculations

  • 1 point per dollar on Amex, uncapped

  • 18000 points buys a Myer $100 Gift Card

  • 6900 points buys a Virgin Australia Syd-Mel flight

  • 125000 points buys a Velocity partner London flight

* How did we do it? Find out...

Rates

  • 20.74%

  • none

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

  • no

  • none

  • 44

Fees

  • $0.00

  • none

  • none

  • none

  • $30.00

  • none

  • 3.00%

  • $10.00

  • $7.00

  • $0.00

Other financial bits

  • $30.00

  • 2.5

Features

  • unlimited

  • none

  • 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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