This is one of the few rewards cards on the market with no annual fee, and 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.
You'll need to be earning over $40,000 to be eligible for the Velocity Escape card.