American Express

American Express Velocity Platinum Card

Purchase rate

20.74% p.a.

Balance transfer rate

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

Annual fee

$375

Rewards program

Velocity Frequent Flyer

American Express Velocity Platinum Card

Purchase rate

20.74% p.a.

Balance transfer rate

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

Annual fee

$375

Rewards program

Velocity Frequent Flyer

Details

Details

Mozo Review American Express Velocity Platinum Card Review

Last updated: 15 November 2018.

What's hot:

50,000 bonus Velocity points when you spend $3,000 in 3 months
Free Virgin Australia return domestic flight every year after first spend
Uncapped points potential
2018 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. With the Velocity Frequent Flyer Premium Credit Card award winner, 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.

Rewards program details

What your points get you

Fly Sydney to London

119,600 points

Fly Sydney to Melbourne

7,800 points

$100 Giftcard

19,500 points

$100 Cash

Points earning

1.5 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.

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.

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.

Value of rewards points

Earn $100 gift card reward

Spend $13,000 (AmEx)

Earn Flight: Sydney-Melbourne reward

Spend $5,200 (AmEx)

Earn Flight: Sydney-London reward

Spend $79,733 (AmEx)

Are points capped?

Uncapped

Do points expire?

Never

How do we calculate these points?

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.

Rate and fee details

Rates

Purchase rate

20.74% p.a.
Intro purchase rate

none
Balance transfer rate

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

no
Cash advance rate

none
Interest free days

55

Fees

Annual card fee

$375.00
Introductory annual 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

Features

Minimum repayment amount

$30.00
Minimum repayment percent

2.5
Additional cardholders

up to 4
Other restrictions

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

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 customer rating

6.6/10

Based on 863 American Express credit card reviews

Price

5.5/10

Features

6.8/10

Customer service

6.8/10

Convenience

5.8/10

Trust

7.0/10

Latest reviews of American Express Velocity Platinum Card

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...

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 2 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 3 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...

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 3 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...

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 3 years ago
Overall

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...

Read 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 | Victoria

reviewed almost 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.

See American Express credit cards

Promoted

American Express

Qantas Discovery Card

Purchase rate

20.74% p.a.

Balance transfer rate

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

Annual fees

American Express Velocity Platinum Card

Mozo Review American Express Velocity Platinum Card Review

What's hot:

What's not:

Mozo snapshot:

Key features:

Who it's good for:

Any catches?

Rewards program details

What your points get you

Points earning

Rewards scheme

Special offers

Value of rewards points

How do we calculate the rewards?

Rate and fee details

Rates

Fees

Features

Payment options

Rewards privileges

Customer Reviews

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

Overall customer rating

Latest reviews of American Express Velocity Platinum Card

Lots of points and great benefits

Very good service

Excellent promo offer, fantastic so far

Lots of perks, best customer service

Good customer service if fraud is suspected

About American Express