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American Express - The American Express Velocity Platinum Card

The American Express Velocity Platinum card earns Velocity Points at a rate of 2.25 points per $1 spent on everyday purchases. On purchases with Virgin Australia, 1.25 points are earned per $1 spent. This card gives the user one complimentary domestic flight a year with Virgin Australia as well as 4 lounge access passes per year.

The annual fee is $375 and up to 4 additonal cardholders can be added. This card has a purchase rate of 23.99% p.a. and up to 55 days interest free on any purchases.

Compare Credit CardsProduct Image For American Express - The American Express Velocity Platinum Card
120,000 bonus Velocity Points when $3,000 is spent within the first 3 months.
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Annual Fee

$375 per year

Purchase Rate

23.99% p.a.

Interest Free Period

up to 55 days

Rewards Rate One

2.25 point(s) per AUD$1 On spent on eligible purchases with Virgin Australia
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Details

Card Type
American Express
Minimum Repayment
2.50% or $30
per statement, whichever is greater
Interest Free Period
up to 55
days
Minimum Credit Limit
$3,000

Fees

Annual Fee
$375
per year
Late Payment Fee
$30
per statement
Additional Card Holder Fee
$0
Additional Card Holder Cap
up to 4
additional holders

Rates

Purchase Rate
23.99% p.a.

Overseas Spending

Foreign Currency Conversion Fee
3%
per transaction

Eligibility

Minimum Age
18
years old
Temporary Residents
Yes

Rewards

Program
Velocity Frequent Flyer
Types
Velocity Points
Bonus
120,000 bonus points

Reward Rates

Rewards Rate One
2.25 point(s) per AUD$1
On spent on eligible purchases with Virgin Australia
Rewards Rate Two
1.25 point(s) per AUD$1
On spent on card purchases, except spend at government bodies in Australia

Perks

Complimentary Travel Insurance
Yes
Airport Lounge Access
Yes

Who is the product designed for?

The Target Market for this credit card are consumers who

  • want to make purchases on credit with the ability to earn reward Velocity points and to access additional travel and insurance benefits
  • earn a sufficient income to enable them to pay their outgoings and living expenses, in addition to their card repayments each month without experiencing financial hardship
  • are willing and able to pay an interest rate of 23.99% p.a and an annual fee of $375.
Visit American Express to view Target Market Determination Effective From: 2023-10-20.

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