American Express Velocity Business Credit Card

The American Express Velocity Business card is a charge card, meaning that you will have to pay the balance off in full each month so there is no purchase rate. It is a very business-friendly card, especially if your business has high travel demands. So if you would like to earn Velocity points on your purchases, this is a great place to start!

Benefit of the Card’s Best Features?

The main draw of the American Express Velocity Business card is the Velocity-linked reward program. For every dollar spent, you get 1 point. And for purchases made with Virgin Australia, 1 dollar gets you 2 points. As an added bonus, new cardholders have the chance to earn 20,000 bonus points just by spending $500 in the first 2 months of membership. This is enough points to fly Perth to Brisbane or Sydney to the Sunshine Coast. The bonus alone offsets the annual fee of $249 p.a.

Unlike a lot of frequent flyer cards, you have a lot of options on how to use your reward points. They can be redeemed for any seat on any Virgin or affiliated airline flight, any time without the blackout periods common with other loyalty programs. You can also use points for other travel services like upgrades, hotel rooms, and car rentals. You will be able to travel in style with 2 free passes to Virgin Australia lounge every year, which also makes travelling a lot less stressful.

While travelling at home and abroad, you will be protected with complimentary travel insurance including coverage for inconveniences (flight delays, missed connections or luggage delays) and accidents on public transportation. The coverage extends to supplementary cardholders as well.

American Express is known for being very friendly to businesses, allowing you the flexibility of no preset spending amount. That means you get to make purchases as necessary to help your business grow. You have up to 51 interest free days to pay off purchases. Extra cards for employees or colleagues are only $99 p.a. and they also earn rewards.

The business-friendly statements are very helpful to easy accounting. The statements include GST itemisation and transaction information can easily be downloaded into popular accounting programs like Quicken or MYOB.

American Express has a very good reputation when it comes to customer service. As an Amex Velocity Business cardholder, you will get priority treatment 24/7. You can sign up for free email or text message alerts.

Are There Any Drawbacks?

This is a charge card, so you will have to pay your bill back in full by the billing date. If not, be prepared to pay high interest on the amount due and late fees. Keep in mind that American Express cards are typically more expensive than other major credit cards with some vendors applying surcharges to purchases (which makes the reward points less valuable).

While the Velocity points are a nice perk, there aren’t many other benefits. It would be nice to have some purchase protection, unlimited access to VIP lounges, and more travel protection. If you don’t travel frequently, then the $249 p.a. annual fee is rather steep.

Who is it Suited for?

This card is best suited for small to mid-sized business with frequent travel needs. However, it isn’t the best choices of card for people who want VIP service and complimentary luxuries too.

Who is Eligible?

To be eligible for the American Express Velocity Business card applicants must be at least 18 years old and be a permanent resident or citizen of Australia, or have a Business Long Stay Visa. You’ll also need proof of a minimum income of $24,000, or more. Like any credit card from American Express, you’ll need to have a good credit history with no defaulted payments. Finally, you should be an authorised signatory of the business, and (if self employed) have been trading for a minimum of 18 months or 12 months if you already have an Amex card.