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 eligible purchases within Virgin Australia, and 1.25 points are earned per $1 spent on card purchases except spent at government bodies in Australia.
The annual fee is $440 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.
Earn up to 100,000 bonus Velocity Points. Earn 70,000 bonus Velocity Points when you spend $5,000 on eligible purchases on your new American Express Velocity Platinum Card within the first 3 months of your approval date. For more information, visit the American Express official website - T&Cs apply.
Annual Fee
$440 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 eligible purchases within Virgin Australia
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
$440
per year
Late Payment Fee
$30
per statement
Cash Advance Fee
2% or $2.50
per transaction, whichever is greater
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
3.50%
per transaction
Eligibility
Minimum Age
18
years old
Temporary Residents
Yes
Rewards
Program
Velocity Frequent Flyer
Types
Velocity Points
Bonus
100,000 bonus points
Reward Rates
Rewards Rate One
2.25 point(s) per AUD$1
On eligible purchases within Virgin Australia
Rewards Rate Two
1.25 point(s) per AUD$1
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 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 $440.
Visit American Express to view Target Market Determination Effective From: 2025-11-01.
