Amex lures Australians with special Velocity offer

Consumers who take out an American Express Velocity Platinum Card in the next month can earn up to 100,000 bonus Velocity points.

To qualify for the special offer, consumers have to apply by 19 June 2019, get approved and meet the minimum spending criteria of $1,000 per month in each of the first four months.

Consumers will then earn 25,000 bonus points per month, for a grand total of 100,000.

The American Express Velocity Platinum Card has an annual fee of $375 and an interest rate of 20.74 per cent.

Card holders can earn up to 2.25 points per $1 spent:

• 2.25 points per $1 spent with Virgin Australia
• 0.50 points per $1 spent with government bodies in Australia
• 1.25 points per $1 spent with other purchases

Card holders also receive:

• One complimentary Virgin Australia return domestic flight each year
• Two single-entry Virgin Australia domestic lounge passes each year
• Two American Express lounge passes each year

Credit card rewards don’t have to come at a price

While most frequent flyer cards charge annual fees, there are five frequent flyer credit cards that have $0 annual fees (see table below).

So if you limit yourself to spending that you were going to do anyway, and if you make sure you always repay your debt during the interest-free period, you’ll accumulate frequent flyer points without burning money on extra purchases, fees or interest.

Compare credit cards