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Bonus points: 100,000
Purchase rate: 23.99% p.a.
Reward points per $ spent: 1.25
Annual fee: $375 p.a.

Our verdict

Offers 100,000 bonus Velocity Points and a complimentary return domestic flight each year, with a $375 annual fee.

Finder Awards winner

The American Express Velocity Platinum is suited to people who want to earn more Velocity Points and status with a credit card. Right now, you can get 100,000 bonus Velocity Points when you apply online as a new Amex card member by 06 February 2024 and spend $3,000 in the first 3 months from card approval. That's enough points for a one-way business class flight between Sydney and Los Angeles (95,500 points plus fees and taxes when flying with United Airlines or Virgin Atlantic) or $500 worth of Coles Supermarkets digital gift cards (98,030 points for five $100 gift cards).

The complimentary return domestic Virgin Australia flight is another key feature, especially when weighed against the relatively high $375 annual fee. Depending on the flight you choose, this benefit could be worth more than the annual fee. The complimentary lounge access and travel insurance also add value if you use them. Just keep in mind that the 23.99% p.a. interest rate for purchases is high if you’re not eligible for interest-free days (which you can get if you pay your total balance by each statement’s due date).

Pros

100,000 bonus Velocity Points offer
Up to 2.25 points per $1 spent, uncapped
100 Velocity Status Credits when you spend at least $50,000 in your first year
Complimentary Virgin Australia return economy domestic flight per year

Cons

Relatively high $375 annual fee
3% foreign transaction fee
The 23.99% p.a. interest rate for purchases is high among other credit cards in Australia

The American Express Velocity Platinum has one of the highest Velocity Point earn rates on the market, giving you up to 2.25 Velocity Points per $1 spent. It's also one of the only cards that gives you bonus Status Credits when you meet an annual spend requirement. But as the $375 annual fee is at the higher end of the scale for Velocity Frequent Flyer cards, make sure you’ll get enough value from the points and perks to justify the costs.

Details

Product details

Product Name	American Express Velocity Platinum Card
Purchase rate p.a.	23.99%
Interest-free period	Up to 55 days on purchases
Min credit limit	$3,000
Card type	American Express

Eligibility

Available to temporary residents	Yes - Conditions apply
Joint application	No

Rewards

Rewards program	Velocity Frequent Flyer
Bonus points	100,000
Rewards points per $ spent	1.25
Rewards points cap	Uncapped

Fees

Annual fee	$375
Minimum monthly repayment	2.5% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	3%
Cash advance fee	2% or $2.50, whichever is greater
Additional cardholder fee	$0
Number of additional cardholders	4

How to apply

If you meet the eligibility requirements and have the key documents and details on hand, you can apply for the American Express Velocity Platinum card online in around 10 minutes.

Eligibility criteria

New cardholder. To be eligible for the 100,000 bonus Velocity Points offer, you must not hold or have held an American Express credit card in the last 18 months.
Residency. You must be an Australian citizen, permanent resident or hold a current long-term visa (12 months or more). Student visas are not eligible.

Credit history. Applicants are required to have a good credit score, with no history of bad debt or payment default. If you don't know your credit score or what's on your file, you can get a free copy of your credit report through Finder.
Age. You must be at least 18 years of age.

Required documents

Personal details. You'll need to provide personal details such as your full name and address.
Identification. You'll need to provide proof of identity such as your driver's licence or birth certificate.

Go to American Express' site More info

Card benefits

100,000 bonus Velocity Points. You'll earn 100,000 bonus Velocity Points when you apply for the American Express Velocity Platinum Card through the link on this review by 06 February 2024 and spend $3,000 on eligible purchases in the first 3 months from approval as a new Amex card member. The bonus points will be awarded to your account within 8-10 weeks of meeting the spend requirement.

Velocity Status Credits. This card offers 100 Velocity Frequent Flyer Status Credits when you spend at least $50,000 on eligible purchases within your membership year. That's 40% of the Status Credits needed to reach silver and 25% of what you need to maintain gold status. Higher status unlocks benefits including more points, lounge access, extra baggage and priority check-in.

Velocity Points. This card earns a high rate of 1.25 Velocity Points per $1 on everyday purchases and 0.5 points per $1 for transactions with government bodies in Australia. It also offers 1 additional Velocity Point per $1 spent on selected Virgin Australia purchases. Velocity Points don't expire as long as you earn or redeem points at least once every 24 months.
Complimentary domestic return flight. After your first card spend each year, you can get a complimentary domestic return flight between select cities with Virgin Australia.
Complimentary lounge access. This card offers two single-entry passes to Virgin Australia lounges each year that can be used at selected domestic airports. You'll also receive two complimentary entries to the Centurion Lounge at Sydney International Airport or Melbourne International Airport per year.
Complimentary travel insurance. If you pay for eligible travel on your card, you can take advantage of complimentary domestic and international travel insurance for your trip.
Purchase insurances. This card offers complimentary card refund cover if you've refused a refund on an unused eligible item within 90 days of purchase and card purchase cover for eligible items if they are accidentally broken or stolen within 90 days of purchase.
Mobile payment technology. Whether you have an Android, Apple or Samsung device, you can save time at the cash register and pay with the convenience of your smartphone with Google Pay, Apple Pay or Samsung Pay.

Rates & fees

Annual fee. This card charges a $375 annual fee.
Purchase interest rate. Purchases attract a 23.99% p.a. interest rate.

Interest-free days. If you pay your balance in full by the due date on each statement, you'll get up to 55 days interest-free on purchases.
Additional cards. You can request an additional card for a partner or family member at no extra cost. This allows you to share your account and maximise rewards. Note that you will still be responsible for keeping the account in good standing.
International transaction fee. A 3% fee applies for transactions made overseas or online in a foreign currency. So make sure you consider that when you're travelling or shopping online.

Go to American Express' site More info

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Amy Finder

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Muhammad

January 17, 2024

I closed my card with Amex 6 month ago, if I apply will I receive this offer?

Amy Bradney-George Finder

January 17, 2024

Hi Muhammad,

Unfortunately, one of the requirements for this offer is that you must not hold or have held an American Express credit card in the last 18 months. So you wouldn’t be eligible if you closed an Amex account 6 months ago. If you want a card to earn Velocity Points, Finder’s guide to Velocity Frequent Flyer credit cards has a comparison table that includes bonus point offers and other features that may be of interest. I hope this helps.

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January 12, 2024

Hi,

What’s the maximum credit limit one can get on this card?

Amy Bradney-George Finder

January 14, 2024

Hi PK,

American Express doesn’t list a maximum credit limit for this card. But the minimum credit limit is $3,000 and you can request a higher credit limit. Just keep in mind that credit limits are subject to lending criteria and approval. Finder’s credit limit calculator guide has more details that may be helpful too.

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Grant

November 07, 2023

Hello, is the Domestic Return Flight only up to the value of the card’s annual fee ($375), or is it absolutely any one-stop Domestic Flight? Thank you.

Amy Bradney-George Finder

November 12, 2023

Hi Grant,

There is no maximum dollar value for the complimentary domestic economy Virgin Australia return flight. But keep in mind that the return flight is only available between selected Australian cities, and there may be limited seat availability. If you want some examples of flights, you could visit Amex’s flight map (the web address provided in the terms and conditions). You can also view the terms and conditions on the American Express website for full details. I hope this helps.

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Darryl Donaldson

June 05, 2023

I’m Amex Velocity Plantinum card holder and going overseas.

I intend loading up my card with credit and withdrawing funds from ATMs as needed.

This attracts 3% Currency Conversion fee and. Local ATM Operator fee of $4.

Is there an International ATM fee as well?

If so, how much.

Darryl

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Amy Bradney-George Finder

June 09, 2023

Hi Darryl,

Thanks for your question. ATM withdrawals are typically considered cash advances, which are not offered on this card according to the Key Facts Sheet (pdf dated 3 May 2023). If you have further questions about your account, you can contact American Express by logging into the app or your online account. Alternatively, you can call Amex using the number on the back of your card. I hope that helps.

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Anton

May 26, 2023

I’m 82 years old, my credit score = 879, can I apply for American Express

Velocity Platinum Credit Card?

Anton

Amy Bradney-George Finder

May 26, 2023

Hi Anton,

There is no maximum age limit to apply for the American Express Velocity Platinum Credit Card, but you will need to meet the eligibility requirements. You also need to show details of expenses, debts and income, including proof of income according to the American Express application page for this card. If you have more questions about eligibility or want to discuss your situation, you can contact American Express on 1300 557 743. I hope that helps.

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American Express Velocity Platinum Card

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Required documents

Card benefits

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