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Bonus points: 100,000
Reward point per $ spent: 1
Annual fee: $249 p.a.
Interest-free on purchases: Up to 51 days

Our verdict

This Amex business card offers 100,000 bonus Velocity Points and Virgin Australia lounge passes, with a $249 annual fee.

The American Express Velocity Business Card offers up to 2 Velocity Points per $1 on eligible spending, cards for employees and no pre-set spending limit. If you’re a new Amex card member, you’ll also get 100,000 bonus Velocity Points when you apply by 06 February 2024 and spend $3,000 in the first 2 months from card approval. That’s enough for a one-way business class flight from Sydney to Los Angeles (95,500 Velocity Points, plus fees and taxes).

The benefits of gold status include additional baggage options, priority boarding, lounge access and an economy reward seat guarantee. When you pay for Virgin Australia flights with this card, you'll also get 1 additional Velocity Point per $1 spent and can travel in style thanks to the complimentary Virgin Australia lounge passes. Unlike some business cards though, it charges a $99 annual fee for each employee card, as well as a $249 p.a. annual fee for the account. So if you have a lot of employees, make sure you factor this cost into your comparison.

Pros

100,000 bonus Velocity Points offer
Up to 2 Velocity Points per $1 spent
2 complimentary single entry passes to the Virgin Australia lounge per year

Cons

$249 annual fee for the account
$99 annual fee for each employee card
3% foreign transaction fee

This is one of the few business cards that’s directly linked with Velocity Frequent Flyer, giving you a way to earn Velocity Points per $1 on eligible business spending, including ATO payments. As a charge card, there’s no interest rate and you get up to 51 days to pay for purchases in each statement period. It also offers automatic feeds for MYOB, Microsoft Excel and Quicken, as well as complimentary domestic and overseas travel insurance. Just make sure you weigh the value of points and perks against the card’s annual fee costs to decide if it’s right for your business.

Details

Product details

Product Name	American Express Velocity Business Card
Purchase rate p.a.	0%
Interest-free period	Up to 51 days on purchases
Card type	American Express

Eligibility

Available to temporary residents	No
Joint application	No

Rewards

Rewards program	Velocity Frequent Flyer
Bonus points	100,000
Rewards points per $ spent	1
Rewards points cap	Uncapped

Fees

Annual fee	$249
Foreign currency conversion fee	3%
Additional cardholder fee	$99
Number of additional cardholders	99

How to apply

You can apply for the American Express Velocity Business Card online in minutes and Amex will review your application in as little as 30 seconds. Before you get started, check that you meet the eligibility criteria and have the necessary information to complete the application.

Eligibility criteria

Business revenue. Your business must have an annual revenue of $75,000 or more.
New card member. To be eligible for the introductory offer, you must not hold or have previously held any card product issued by American Express Australia Limited in the proceeding 18-month period in order to receive the 100,000 bonus Velocity Points offer.

Residency. You must be an Australian citizen or permanent resident.
Credit history. You must have a good credit score with no history of bad debt or payment default.
Age. You must be at least 18 years old to apply.
ABN. Your business must have a valid ABN registered for GST.

Required documents

Personal details. This includes your full name, date of birth, contact details and residential address.
Business information. You'll need to include the name of your business and your registered ABN.
Finances. You'll need to provide proof of individual annual income and business revenue through recent bank statements and payslips.

Go to American Express's site More info

Card benefits

100,000 bonus Velocity Points. You'll get 100,000 bonus Velocity Points when you apply as a new card member by 06 February 2024 and spend $3,000 or more on eligible purchases in the first 2 months from card approval. The bonus points will be added to your account within 8-10 weeks of meeting the spend requirement.
Velocity Points per $1 spent. This card earns 1 Velocity Point per $1 spent on eligible purchases and 0.5 points per $1 on government transactions made with this card. You'll also earn 2 Velocity Points per $1 for eligible Virgin Australia purchases. Your Velocity Points are automatically transferred to your frequent flyer account each month and you can redeem them for flights with Virgin Australia and its partners, accommodation, products from the Velocity Store and much more.

Virgin Australia lounge passes. Travel in style with 2 complimentary single-entry Virgin Australia lounge passes, which you can use at selected domestic airports every year. The perks will vary between lounges, but you can usually look forward to complimentary snacks, buffet meals and a full-stocked bar as well as work stations, desktop computers and high-speed Wi-Fi.
Complimentary domestic and overseas travel insurance. When you use the card to pay for return business trips, you and your additional employee card members will be covered by complimentary travel insurance. Please see the card insurances terms and conditions for the eligibility requirements, inclusions and exclusions.
Travel inconvenience cover. This insurance covers you in the case of flight delays, missed connections or delayed luggage as long as you purchase your trip using your card.
Public transport accident cover. If you're travelling for business, American Express will waive up to $20,000 of outstanding charges on your card if you're in a serious accident.
Easy tracking of business expenditure. In your monthly statements American Express will outline your GST-payable amount (where available) for transactions. Plus, you can download and keep track of statements and transactions using Quicken, Microsoft Excel or MYOB for easy business reporting.
Card security. If your card is lost or stolen, you can usually get an emergency card replacement within 48 hours to virtually anywhere in the world. Online Fraud Protection Guarantee means your business won't be held responsible for unauthorised purchases made on your account.
Mobile contactless payments. Whether you use an iPhone, Android or Samsung device, you can use Apple Pay, Samsung Pay and Google Pay to make convenient contactless payments with your smartphone at the checkout.

Rates & fees

Annual fee. This card charges a $249 p.a. annual fee.
Additional cardholders. You can request additional cardholders for your account for a fee of $99 p.a. per card.

Interest-free days. You have up to 51 days to pay off your purchases in full which gives you time to get your finances in order as your statements are monthly.

Go to American Express's site More info

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American Express Velocity Business Card

Pros

Cons

How to apply

Eligibility criteria

Required documents

Card benefits

Rates & fees

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