AMEX refreshes its Velocity credit cards: An upgrade or downgrade?
Hey friends,
So American Express recently refreshed its Velocity credit cards, the American Express Velocity Platinum Card and Velocity Escape Plus card.
So let’s dive into what all of these changes are and I’ll also share my own thoughts on whether or not these cards are an upgrade or downgrade.
💳 Velocity Platinum Card
Leading the update is the American Express Velocity Platinum card, Here are the top-line details card:
Increased annual fee to $440 ($65 increase from previously)
visit any Virgin Australia lounge ahead of any domestic Virgin Australia flight, and also receive two single-use lounge passes for family or friends
earn 100 Velocity Status Credits when you spend $50,000 on the card (in two batches of 50 SCs for each $25,000 spend)
two single-entry American Express Centurion Lounge passes per year, although this benefit will be withdrawn on 24 April 2025
enjoy one complimentary Virgin Australia domestic return economy flight per year
earn 1.25 Velocity Points per dollar on everyday spending and 2.25 Velocity Points per dollar on Virgin Australia spending, without any cap.
Whether or not the higher annual fee is worth it will be up to the individual card user. If you don’t travel domestically often and you aren’t trying to climb your frequent flyer status with Virgin Australia then this card is probably less enticing for you now
But on the other hand, if you’re someone whose currently silver status and trying to get to gold status or platinum and you fly domestically frequently, then this card might be right up your alley.
💳 Velocity Escape Plus Card
Next the Velocity Escape Plus card which has had a pretty major revamp from its predecessor, with even the card design having a nice update.
The previous iteration of the Escape plus card was simple a $0 annual fee credit card that enabled you to earn Velocity points
With the updated Escape Plus card, for a $95 annual fee you get 1 Velocity Point per dollar on everyday spend, although once you hit 12,000 Points in each calendar year the earn rate drops to 0.75 Velocity Points per dollar.
There’s also a $50 statement credit on your account every year, once you enrol and spend $50 or more with Virgin Australia.
And a sign-up bonus of 20,000 velocity points after spending $1,000 in the first 3 months.
💭 My thoughts on the refreshed cards
So what are my thoughts?
The launch of these updated credit cards coincides with Virgin Australia's recent revamp of its Velocity frequent flyer program. One key change was making lounge access harder to obtain through their new "spend-based status earning" system.
However, with the updated Velocity Platinum card, they've essentially given unlimited lounge access to anyone who holds this card. If you're currently a Gold or Platinum status member with Velocity and were hoping for quieter lounges when flying, you might be in for a surprise.
This move by Virgin Australia and AMEX seems deliberate. Virgin likely knows that making lounge access a card benefit will be hugely popular among Velocity members, driving many to sign up—exactly what Virgin Australia and American Express want.
In fact, if you're solely after lounge access, this card is actually cheaper than purchasing an annual lounge membership directly from Virgin Australia. Plus, you get additional perks like a complimentary domestic economy return flight!
(It costs $549 for an annual Velocity Lounge membership!)
I believe the updated Velocity Platinum will be a big hit with frequent Virgin Australia flyers. The ability to earn up to 50 status credits twice a year based on spending will also appeal to those trying to retain their Gold or Platinum status.
💳 Credit Card Deal Of The Week
NAB Rewards Platinum Credit: 60000 Velocity Pts with $1000 Spend in 60 Days with a $95 first-year annual fee. An easy card to churn from NAB only requiring $1,000 spend within the first 60 days.
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