Offers a $0 annual fee and up to 1.75 Velocity Points per $1 spent, but doesn’t have a lot of other frequent flyer perks.
The American Express Velocity Escape offers a rare combination of no annual fee and points earning potential. It earns 0.75 Velocity Points per $1 on most eligible purchases, which is competitive even among cards with annual fees. Additionally, you earn 1 point per $1 on eligible Virgin Australia spending, which is beneficial for frequent flyers with the airline.
However, this card does not include bonus points offers or perks like lounge passes, which are often found on higher-end frequent flyer cards with annual fees.
Given that some frequent flyer credit cards can have annual fees of $450 or more, the Velocity Escape is ideal for those looking to save on annual fees while still earning points. It also includes benefits like complimentary purchase insurance and up to 55 days of interest-free purchases when you pay your balance in full by the due date.
Pros | Cons |
|---|---|
$0 annual fee | 3% foreign transaction fee |
0.5 to 1.75 Velocity Points per $1 | Doesn’t offer travel perks like lounge passes or complimentary travel insurance |
Complimentary card purchase cover and card refund cover |
The American Express Velocity Escape Credit Card stands out for offering frequent flyer points on your spending with no annual fee. It features a competitive earn rate of 1.75 Velocity Points per $1 on eligible spending with Virgin Australia and 0.75 points per $1 on most everyday purchases (0.5 points per $1 with government bodies). However, it comes with a 23.99% p.a. interest rate on purchases, which is on the higher side but comparable to other frequent flyer credit cards.
Details of American Express Velocity Escape Card
Product Details
Product Name | American Express Velocity Escape Card |
Purchase rate p.a. | Purchase rate p.a. 23.99% |
Interest-free period | Up to 55 days on purchases |
Min credit limit | $2,000 |
Card type | American Express |
Eligibility
Available to temporary residents | Yes - Conditions Apply |
Joint application | No |
Rewards
Rewards program | Velocity Frequent Flyer |
Bonus points | N/A |
Rewards points per $ spent | 0.75 |
Rewards points cap | Uncapped |
Fee
Annual fee | Annual fee $0 |
Minimum monthly repayment | 2.5% of the closing balance or $30, whichever is greater |
Late payment fee | $30 |
Foreign currency conversion fee | Foreign currency conversion fee 3% |
Additional cardholder fee | $0 |
Number of additional cardholders | 4 |
How to Apply
You can apply for the American Express Velocity Escape card online in 10 minutes and receive a response within 60 seconds. Before you apply, check if you meet the eligibility criteria and have the necessary information to complete your application:
Eligibility Criteria
Residency. You must be an Australian citizen, permanent resident, or hold a current long-term visa (12 months or more, excluding student visas) to apply.
Credit history. You need to have a good credit history with no record of bad debt or payment defaults.
Age. You must be at least 18 years old to apply.
Required Documents
Personal information. This includes your full name, email address, date of birth, driver’s license number, marital status, number of dependents, and contact number.
Velocity Frequent Flyer details. If you’re a Velocity Frequent Flyer member, provide your membership number and status tier. If you’re not a member, you can sign up for a free Velocity account to start earning points.
Residential details. Provide your current residential address, your residential status (e.g., renting or owning), and the length of time at your current address. If you’ve recently moved, you may need to include your previous address.
Employment. Confirm your job title, employer’s name, and contact details. If you’re self-employed, include your accountant’s contact information. You may also need to submit recent payslips, PAYG summaries, or Tax Assessment Notices for verification.
Financial details. This includes information about your assets (such as savings or shares), existing debts (from loans or credit cards), and an estimate of your regular expenses, including bills, fuel, transport, and groceries.
This straightforward application process is designed to accommodate Australians searching for an effective credit card solution that manages existing debt efficiently while offering new purchasing power.
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