American Express Velocity Gold Credit Card

For a relatively low annual fee, the American Express Velocity Gold card gives you very generous rewards. Frequent flyers will love it, especially if you fly regularly with one of the Virgin airlines. For a low yearly fee, you will get very generous reward points for travel. And with complimentary travel and purchase covers, this card really lives up to its status.

Benefit of the Card’s Best Features?

This card has one of the top travel reward programs available. For every dollar spent, you are rewarded with 1.25 points. For every dollar spent with Virgin Australia group, you get rewarded at the higher rate of 2.25 points. As an extra bonus, you will get 20,000 points just for becoming a new cardholder so long as you spend $500 in the first two months of your membership.

You have a lot more flexibility for redeeming points with the Velocity Gold card than with other frequent flyer credit cards. Points can be used for any seat on any flight, any time and without any blackout periods. They can also be used for hotel bookings, upgrades, and car rentals. Here is an idea of what your points will get you:

• Darwin to Melbourne or Sydney to Perth: 16,900 points plus approximately $30
• Brisbane to Fiji: 17,900 points plus $46
• Bali to Brisbane: 26,900 points plus $110

While travelling, you can enjoy some luxury with 2 free annual passes to the Virgin Australia lounge. You are covered for travel bought with your card with a complimentary travel insurance policy that includes up to $2.5 million in overseas medical emergency costs, up to $2.5 million for repatriation, $5000 for baggage, and also coverage for travel inconveniences. American Express Velocity Gold cardholders also get free refund protection and purchase protection for 90 days on eligible items.

You only have to travel a few times a year and the free travel insurance coverage makes the $99 p.a. annual card fee worth its value. Additional cards, which also earn rewards points, are available for $0 p.a. – you can’t get cheaper than that! Other benefits include a friendly 24/7 customer support team and free text message or email alerts.

Are There Any Drawbacks?

Because there are so many rewards and covers with the Velocity Gold card, it is no surprise that the purchase rate is higher than average at 20.74% p.a. Another thing worth remembering is that you only get 44 interest free days (instead of 51 or 55 like most other cards). If you are late with your payment you’ll be subject to a late fee of $30.

Who is it Suited for?

The American Express Velocity Gold card is best suited for frequent travellers who pay their bills in full and quickly on time. It’s also ideal if one or more airlines in the Virgin group fly from your local airport.

Who is Eligible?

Applicants should be at least 18 years old and have a good credit rating with no default payments. You’ll also need to be a permanent resident or citizen, or have a current Business Long Stay Visa. American Express will be looking for proof of a taxable minimum income of $40,000 at least. If you are self employed, then you must have been running your business for at least 18 months, or 12 if you already have an active card issued by American Express.