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American Express Velocity Platinum Card

Purchase rate
20.74% p.a.
Balance transfer rate
No current offer
Annual fees
$375
Interest free days on purchases
55
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Mozo editorial review American Express Velocity Platinum Card

Last updated: 14 October 2020.

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What's hot
  • 50,000 bonus Velocity Points on offer (conditions apply)
  • 1.25 Velocity points per $1 on regular spends
  • 2019 Mozo Experts Choice Award winner
What's not
  • $375 annual card fee
  • 3% foreign exchange margin
Mozo snapshot

There’s a lot going for the Velocity Platinum card from 2019 Mozo Experts Choice Credit Card Provider of the Year American Express. If you're a new card member, you could score 50,000 bonus Velocity Points when you apply online, are approved, and spend $3,000 on your new card in the first 3 months. You'll also be able to earn a free return domestic flight every year after your first annual spend and you can now bag 100 Velocity Frequent Flyer Status Credits, when you spend a minimum of $50,000 in a year.



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Key features

Building up your Velocity Points balance is easy when you use the tier based system attached to AMEX’s Velocity Platinum Card to your advantage.

You can earn 1.25 Velocity Points per $1 spent. This excludes spends at government bodies, where you'll only earn 0.5 points per $1 spent. And when you're spending with Virgin Australia, you can also bag an extra point per $1 spent.

You can score 50,000 bonus Velocity Points when you apply online, are approved, and spend $3,000 on your new card in the first 3 months. Just keep in mind, this offer is only available for new card members.

You can also bag 100 Velocity Frequent Flyer Status Credits, when you spend a minimum of $50,000 within a year of being a member.

The best part is points never expire and there’s no cap on the amount you can earn.

Benefits of the AMEX Velocity Platinum Card that we haven’t mentioned yet include free travel insurance, purchase protection and up to four complimentary lounge entries per year.




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Who is it good for

Rewards card lovers ready take advantage of the perks that the AMEX Velocity Platinum Card has to offer, while at the same time prepared to pay their bills in full and by the due date to avoid the hefty 20.74% purchase rate.

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Any catches

As well as having to fork out $375 for an annual card fee, you'll have to earn at least $65,000 a year and have a good credit rating to be eligible for the card (among some other requirements). Plus, remember that the bonus point offer is only available to new Card Members.


Rewards program details

Rates and fees information correct as at 24 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
What your points get you

Fly Sydney to London return

-

Fly Sydney to Melbourne one-way

-

$100 Giftcard

19,500 points

$100 Cash

-

Points earning

1.25 points per dollar on Amex, uncapped

Rewards scheme

Points automatically transferred to your Velocity account

Redeem Velocity Points with Virgin, Air New Zealand, Etihad Airways, Singapore Airlines and other partners - currently unavailable.

Earn 0.5 Velocity Points per $1 spent at government bodies, earn 2.25 Velocity Points per $1 spend on selected Virgin Australia products and services.

Complimentary Virgin Australia return domestic flight every year after first spend (not eligible for Velocity Points and/or Status Credits earn). Two single entry passes each year to selected Virgin Australia lounges. Two single entry lounge passes to American Express lounges in Australia annually.

Special offers

Receive 50,000 bonus Velocity Points when you apply online, are approved and spend $3,000 on your new Card within the first 3 months. New Card Members only.

Value of rewards points

Spend $15,600 (AmEx)

Uncapped

Never

How do we calculate the rewards?

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 Australia Saver including baggage and Jetstar Starter 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, Malaysian, Etihad, Singapore, Cathay Pacific and Thai, 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.

Close

Rate and fee details

Rates
  • 20.74% p.a.

  • none

  • No current offer

  • no

  • none

  • 55

Fees
  • $375.00

  • none

  • none

  • none

  • $30.00

  • none

  • 3.00%

  • $10.00

  • $7.00

  • $0.00

Features
  • $30.00

  • 2.5

  • up to 4

  • none

Payment options

Apple Pay, Google Pay, Samsung Pay

Rewards privileges

Travel Insurance,
Purchase Protection,
Account alerts by SMS

Customer Reviews

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

Overall
6.6/10
Price
5.5/10
Features
6.8/10
Customer service
6.7/10
Convenience
5.8/10
Trust
7.0/10

Latest reviews of American Express Velocity Platinum Card

  • Overall 8/10
    Great for perks.

    Great card, great benefits, just a bit expensive but if all used it’s worth it.

    Read full review

    Great card, great benefits, just a bit expensive but if all used it’s worth it.

    Price
    7/10
    Features
    9/10
    Customer service
    8/10
    Convenience
    -1/10
    Trust
    7/10
    Less
    James, New South Wales reviewed 11 months ago
  • Overall 7/10
    Lots of points and great benefits

    I'm really happy with Amex because I'm able to quickly accumulate enough points to buy flights and gift cards. They often have promotions for new customers, so I'd recommend holding out for one of those. The card I have allows you to have one free domestic flight every year which is a great bonus.

    Read full review

    I'm really happy with Amex because I'm able to quickly accumulate enough points to buy flights and gift cards. They often have promotions for new customers, so I'd recommend holding out for one of those. The card I have allows you to have one free domestic flight every year which is a great bonus.

    Price
    5/10
    Features
    9/10
    Customer service
    6/10
    Convenience
    7/10
    Trust
    9/10
    Less
    Cass, Victoria reviewed over 4 years ago
  • Overall 7/10
    Very good service

    The issue is that not many places accept the card in Australia . But I travel a lot

    Read full review

    The issue is that not many places accept the card in Australia . But I travel a lot

    Price
    2/10
    Features
    7/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    10/10
    Less
    Harry, Queensland reviewed almost 5 years ago
  • Overall 10/10
    Excellent promo offer, fantastic so far

    Got this as part of the 100,000 Velocity points promotion. Exceptional value if you consider the points alone, throw in free domestic flights annually and lounge passes makes this card a no brainer.

    Read full review

    Got this as part of the 100,000 Velocity points promotion. Exceptional value if you consider the points alone, throw in free domestic flights annually and lounge passes makes this card a no brainer.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Max, New South Wales reviewed about 5 years ago
  • Overall 7/10
    Lots of perks, best customer service

    $349 annually, but came with 50,000 velocity points, free return domestic flight every year, free travel insurance, 2 passes into virgin lounges = used everything up so pretty happy. Also comes with lots of frequent free perks such as spend $30 at Woolworth and get $10 cash back etc. Received the best customer service ever, all my questions were answered directly and within 24 hours, excellent.

    Read full review

    $349 annually, but came with 50,000 velocity points, free return domestic flight every year, free travel insurance, 2 passes into virgin lounges = used everything up so pretty happy. Also comes with lots of frequent free perks such as spend $30 at Woolworth and get $10 cash back etc. Received the best customer service ever, all my questions were answered directly and within 24 hours, excellent.

    Price
    5/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    7/10
    Trust
    8/10
    Less
    Tracey, South Australia reviewed about 5 years ago
American Express

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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13.74% p.a.

0% p.a. for 20 months and then 21.49% p.a. (1.00% balance transfer fee)

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20.74% p.a.

0% p.a. for 22 months and then 20.99% p.a.

$129 $64 in the first year

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CUA

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Low Rate Credit Card

11.99% p.a.

0% p.a. for 20 months and then 21.74% p.a.

$49 $0 in the first year

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Qantas Money

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Qantas Premier Platinum

19.99% p.a.

0% p.a. for 18 months and then 21.99% p.a. (1.00% balance transfer fee)

$299 $199 in the first year

Qantas Frequent Flyer

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ME

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frank Credit Card

11.99% p.a.

No current offer

$0

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ANZ

ANZ

Low Rate

12.49% p.a.

0% p.a. for 25 months and then 20.24% p.a. (1.50% balance transfer fee)

$58 $0 in the first year

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NAB

Low Rate Card

12.99% p.a.

0% p.a. for 20 months and then 21.74% p.a. (2.00% balance transfer fee)

$59

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St.George

St.George

Vertigo

0% p.a. for 7 months then 13.99% p.a.

0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

$55 $0 in the first year

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Qantas Discovery Card

Qantas Frequent Flyer

$0

No current offer

0.75 points uncapped

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Altitude Platinum

Qantas Frequent Flyer

$200 $99 in the first year

60,000

0.5 points uncapped

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Qantas Premier Platinum

Qantas Frequent Flyer

$299 $199 in the first year

100,000

1 point up to $10,000/month, then
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Qantas Frequent Flyer

$160

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0.75 points up to $2,500/month, then
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$199 $99 in the first year

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1 point up to $10,000/month

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$99 $0 in the first year

No current offer

1 point uncapped

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0% p.a. for 20 months and then 21.74% p.a.

11.99% p.a.

$49 $0 in the first year

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Westpac

Westpac

Low Rate

0% p.a. for 20 months and then 21.49% p.a. (1.00% balance transfer fee)

13.74% p.a.

$59

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St.George

St.George

Vertigo

0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

0% p.a. for 7 months then 13.99% p.a.

$55 $0 in the first year

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ANZ

ANZ

First

0% p.a. for 18 months and then 20.24% p.a. (2.00% balance transfer fee)

20.24% p.a.

$30

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Qantas Money

Qantas Money

Qantas Premier Platinum

0% p.a. for 18 months and then 21.99% p.a. (1.00% balance transfer fee)

19.99% p.a.

$299 $199 in the first year

Qantas Frequent Flyer

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Platinum Credit Card

0% p.a. for 20 months and then 21.74% p.a.

19.99% p.a.

$149 $0 in the first year

CUA Platinum Rewards

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Clear Credit Card

0.90% p.a. for 15 months and then 22.24% p.a.

0.90% p.a. for 15 months then 14.99% p.a.

$99

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Bank of Melbourne

Bank of Melbourne

Vertigo

0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

0% p.a. for 7 months then 13.99% p.a.

$55 $0 in the first year

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Westpac

Westpac

Low Rate

13.74% p.a.

0% p.a. for 20 months and then 21.49% p.a. (1.00% balance transfer fee)

$59

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NAB

NAB

Low Rate Card

12.99% p.a.

0% p.a. for 20 months and then 21.74% p.a. (2.00% balance transfer fee)

$59

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CUA

CUA

Low Rate Credit Card

11.99% p.a.

0% p.a. for 20 months and then 21.74% p.a.

$49 $0 in the first year

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ANZ

ANZ

Low Rate

12.49% p.a.

0% p.a. for 25 months and then 20.24% p.a. (1.50% balance transfer fee)

$58 $0 in the first year

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St.George

St.George

Vertigo

0% p.a. for 7 months then 13.99% p.a.

0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

$55 $0 in the first year

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Citi

Citi

Clear Credit Card

0.90% p.a. for 15 months then 14.99% p.a.

0.90% p.a. for 15 months and then 22.24% p.a.

$99

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ME

ME

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11.99% p.a.

No current offer

$0

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NAB

NAB

StraightUp Card

0% p.a.

No current offer

$120 $10/month - waived if no spend & no balance owing

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Westpac

Westpac

Low Rate

13.74% p.a.

0% p.a. for 20 months and then 21.49% p.a. (1.00% balance transfer fee)

$59

Promoted

CUA

CUA

Low Rate Credit Card

11.99% p.a.

0% p.a. for 20 months and then 21.74% p.a.

$49 $0 in the first year

Promoted

Qantas Money

Qantas Money

Qantas Premier Platinum

19.99% p.a.

0% p.a. for 18 months and then 21.99% p.a. (1.00% balance transfer fee)

$299 $199 in the first year

Promoted

ME

ME

frank Credit Card

11.99% p.a.

No current offer

$0

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ANZ

ANZ

Low Rate

12.49% p.a.

0% p.a. for 25 months and then 20.24% p.a. (1.50% balance transfer fee)

$58 $0 in the first year

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NAB

NAB

Low Rate Card

12.99% p.a.

0% p.a. for 20 months and then 21.74% p.a. (2.00% balance transfer fee)

$59

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St.George

St.George

Vertigo

0% p.a. for 7 months then 13.99% p.a.

0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

$55 $0 in the first year

Promoted

Citi

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Clear Credit Card

0.90% p.a. for 15 months then 14.99% p.a.

0.90% p.a. for 15 months and then 22.24% p.a.

$99