American Express Velocity Platinum Card

20.74% p.a.

0% p.a. for 12 months and then 20.74% p.a. (1.00% balance transfer fee)

$375

American Express Velocity Platinum Card Review

Rates and fees information correct as at 23 July 2018.

Review published: 7 April 2017

What's hot:

  • 50,000 bonus Velocity points (Ts and Cs apply)

  • Free Virgin Australia return domestic flight every year after first spend

  • Uncapped points potential

  • 2017 Mozo Experts Choice 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 2017 Mozo Experts Choice Credit Card Provider of the Year American Express. First up, you’ll receive 50,000 bonus points when you spend $3,000 in the first three months and a free return domestic flight every year after your first annual spend. You can now also bag 100 Velocity Frequent Flyer Status Credits, when you spend a minimum of $50,000 in a year.

But the list doesn’t stop there, with American Express offering earn rates up to 2.5 points per dollar spent, not to mention a couple of complimentary Virgin Australia Lounge passes annually.

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.

Here's what you'll earn:

- 2.5 points per $1 spent: at Virgin Australia

- 1.5 points per $1 spent: on all other purchases

- 0.5 points per $1 spent: at government bodies

The 50,000 bonus points is available to new cardholders who spend $3,000 within 3 months of being approved. 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.

And if you want to cash in your points with an airline, you don’t just have Virgin to choose from but Air New Zealand, Etihad Airways, Singapore Airlines and others too. 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 complimentary lounge entry.

Who it's 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.

Remember that the bonus points are a Partner Exclusive, so you'll need to apply through Mozo to snag these points.

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.

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

Product Type Overall Rating Price Features Service Convenience Trust
7.3

Based on 255
American Express credit cards reviews

6.1 7.2 7.3 6.7 7.5

Read American Express credit card reviews by the Mozo community

Latest reviews of American Express Velocity Platinum Card

American Express

American Express Velocity Platinum Card credit card review

Overall rating   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...

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 (VIC), reviewed over 2 years ago

American Express

American Express Velocity Platinum Card credit card review

Overall rating   7 / 10

Very good service

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

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 (QLD), reviewed over 2 years ago

American Express

American Express Velocity Platinum Card credit card review

Overall rating   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.

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 (NSW), reviewed almost 3 years ago

American Express

American Express Velocity Platinum Card credit card review

Overall rating   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...

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 (SA), reviewed almost 3 years ago

American Express

American Express Velocity Platinum Card credit card review

Overall rating   5 / 10

Good customer service if fraud is suspected

I do not feel that my bank is any different to any other. They are all as bad as one another as far as interest rates and flexibility is concerned. My score would be much higher if the interest rates were not so high. Also there is little...

Full review

I do not feel that my bank is any different to any other. They are all as bad as one another as far as interest rates and flexibility is concerned. My score would be much higher if the interest rates were not so high. Also there is little flexibility as far as payments are concerned and certainly little recognition for on time payments and loyalty.

    Price   0 / 10

    Features   2 / 10

    Customer service   8 / 10

    Convenience   8 / 10

    Trust   8 / 10

Less

Julie (VIC), reviewed over 4 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

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 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.

Rewards scheme

  • Points automatically transferred to your Velocity account
  • Redeem Velocity points with Virgin, Air New Zealand, Etihad Airways, Singapore Airlines and other partners.
  • Earn 1 additional Velocity Point per $1 spent with Virgin Australia. Earn 0.5 Velocity Points per $1 spent at government bodies.
  • 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.

Privileges

  • Travel Insurance
  • Purchase Protection
  • Account alerts by SMS

Special offers

  • Receive 50,000 bonus Velocity Points when you apply online by, are approved and spend $3,000 on your new Card within the first 3 months. Receive 100 Velocity Frequent Flyer Status Credits, when you spend a minimum of $50,000 in the first year.

Value of rewards points

  • Need to spend $12,000 (AmEx)

  • Need to spend $5,200 (AmEx)

  • Need to spend $79,733 (AmEx)

  • Uncapped

  • Never

Details behind our 'value of rewards' calculations

  • 1.5 points per dollar on Amex, uncapped

  • 18000 points buys a Myer $100 Gift Card

  • 7800 points buys a Virgin Australia Sydney-Melbourne flight

  • 119600 points buys a Velocity partner Sydney-London flight

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

Rates

  • 20.74% p.a.

  • none

  • 0% p.a. for 12 months and then 20.74% p.a. (1.00% balance transfer fee)

  • no

  • none

  • 55

Fees

  • $375.00

  • none

  • none

  • none

  • $30.00

  • none

  • 3.00%

  • $10.00

  • $7.00

  • $0.00

Other financial bits

  • $30.00

  • 2.5

Features

  • unlimited

  • The maximum balance transfer that can be approved is $10,000 or 70% of approved credit limit, whichever is less.

  • 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.

**Saving based on the average difference in fees and charges over 3 years between the most competitive product Mozo can refer a consumer to and the average credit card product input by 6,863 consumers (average balance of $4,262 or balance transfer balance of $5,818, interest rate of 19.6% and annual fee of $36.50) who used the Mozo Credit Card Health Check tool between 1 January 2012 to July 2012.

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