American Express Velocity Platinum Credit Card

The Velocity Platinum card by American Express is one of the leading frequent flyer cards currently available. As a cardholder, you will get access to a generous rewards program, free flights, and 2-for-1 prices when travelling with a guest. Wan to earn Velocity points as you spend? This is one of the best ways you can do it!

Benefit of the Card’s Best Features?

When it comes to travel benefits, the Velocity Platinum card really lives up to its platinum status. Firstly, you will get a free return flight every year to select cities in Australia with Virgin Australia. Furthermore, every time you travel with a guest on select flights, you will get a 2-for-1 price so that your companion can travel with you for free. This deal can be used as often as you travel in the year, which means you can save a lot of money while travelling with friends of family!

The earn rate, at 1.5 Velocity points per dollar, is favourable too. For purchases with the Virgin group, you’ll get 3 points per dollar. You can accrue unlimited points and they will never expire as long as your card is active and payments are up to date. As an added bonus, new cardholders can earn 30,00 bonus points just by spending $500 in the first 3 months of membership.

The free flights make the card’s annual fee of $349 p.a. well worth the cost, especially since additional cardholders are free. To give you even more value, cardholders also get a wide range of insurance including domestic and international insurance, purchase protection, and refund protection.

American Express is known for its customer service, available globally 24/7, and as a platinum cardholder, you can expect the best treatment possible. Credit limits range from a minimum of $3,000 to the max of $100,000.

Are There Any Drawbacks?

As with any frequent flyer credit card, it is very important that you read the fine print before applying. There are a lot of conditions which apply to the free flights and 2-for-1 deals. These flights are usually not available during peak travel times so be prepared to fly at odd hours or days. Unless you are really travelling frequently, then the $349 p.a. annual fee may not be worth it for this card.

All these benefits come at a price – a higher than average interest rate on purchases of 20.74% p.a. It is possible to avoid debt completely if you pay your card off in full on time every month. However, note that you only get up to 44 days to pay off your balance – not 55 days like most other cards. You will pay a $30 fee for late payments.

Who is it Suited for?

This particular card is best suited for frequent travellers, especially couples who would take advantage of the 2-for-1 deal. However, it is important that you can pay off your entire bill quickly, as any rolling balance will quickly accumulate interest with the purchase rate.

Who is Eligible?

You must be at least 18 years old, a permanent resident or citizen of Australia or have a Business Long Stay Visa, have a very good credit rating. You’ll also need proof of a minimum income of $65,000. The minimum credit limit is $3,000 and the maximum limit is $100,000.