American Express Velocity Business Card

This Amex business card offers a very competitive 120,000 bonus Velocity Points and 120 Velocity Status Credits, with a $249 annual fee.

The American Express Velocity Business Card offers no pre-set spending limit and convenient expense-tracking features, including MYOB integration. Right now, it also offers the rare combination of 120,000 bonus Velocity Points and 120 bonus Velocity Status Credits when you apply as a new Amex card member by 06 October 2021 and spend $3,000 in the first 2 months from card approval.

The American Express Velocity Business Card also earns 1 Velocity Point per $1 spent on purchases, complimentary airport lounge passes and domestic and overseas travel insurance. Just make sure the points and other perks will give you enough value to justify its $249 annual fee.

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Amy Bradney-George

Last Updated Feb 16, 2021

120,000

Bonus points

Reward point

Per $ spent

$249 p.a.

Annual fee

51 days

Interest free period

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Details

Product Name	American Express Velocity Business Card
Rewards program	Velocity Frequent Flyer
Purchase rate	0% p.a.
Annual fee	$249
Interest-free period	Up to 51 days on purchases
Card type	American Express
Foreign currency conversion fee	3%

Available to temporary residents	No
Joint application	No

Pros

120,000 bonus Velocity Points and 120 Velocity Status Credits
Up to 2 Velocity Points per $1 spent
2 complimentary single entry passes to the Virgin Australia lounge per year
American Express AccessLine lets you pay merchants even if they don’t accept Amex directly

Cons

Relatively high annual fee of $249
Charges a 3% foreign transaction fee
Additional cards for employees attract a $99 annual fee per card

Rewards program	Velocity Frequent Flyer
Bonus points	120,000
Rewards points per $ spent	1
Rewards points cap	Uncapped

Annual fee	$249
Foreign currency conversion fee	3%
Additional cardholder fee	$99
Number of additional cardholders	99

Go to American Express's site More info

Review by

Amy Bradney-George

[email protected]

Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

This is one of the few business cards that is directly linked with the Velocity Frequent Flyer program, giving you a way to earn Velocity Points per $1 spent even when you're not flying. The current bonus points offer sweetens the deal, giving you enough points for 3 return business class flights between Sydney and Melbourne (from 93,000 points) or a return business class flight from Brisbane to Perth (from 71,000 points), with points to spare. The bonus Status Credits also bring you closer to Silver, Gold or Platinum Velocity Status – 120 Status Credits is just under half of what you need to get Silver (250).

When you pay for Virgin Australia flights with this card, you'll also get 1 additional Velocity Point per $1 spent and can travel in style thanks to the complimentary Virgin Australia lounge passes. Unlike some business cards though, it charges an annual fee for each additional card you get for employees and at $99 per additional card, it could quickly add up. As a charge card, you won’t pay interest but do need to pay the balance in full by the due date on each statement.

How to apply

You can apply for the American Express Velocity Business Card online in minutes and Amex will review your application in as little as 30 seconds. Before you get started, check that you meet the eligibility criteria and have the necessary information to complete the application.

Eligibility criteria

Business revenue. Your business must have an annual revenue of $75,000 or more.
New card member. You must not hold or have previously held any card product issued by American Express Australia Limited in the proceeding 18-month period in order to receive the 120,000 bonus Velocity Points and 120 Status Credits offer.

Residency. You're an Australian citizen or permanent resident.
Credit history. You must have a good credit score with no history of bad debt or payment default.
Age. You must be at least 18 years old to apply.
ABN. Your business must have a valid ABN registered for GST.

Required documents

Personal details. This includes your full name, date of birth, contact details and residential address.
Business information. You'll need to include the name of your business and your registered ABN.
Finances. You'll need to provide proof of individual annual income and business revenue through recent bank statements and payslips.

Go to American Express's site More info

Card benefits

120,000 bonus Velocity Points and 120 Status Credits. You'll be rewarded with 120,000 bonus Velocity Points plus 120 Velocity Status Credits when you apply for a new card, are approved by 06 October 2021 and spend $3,000 or more on eligible purchases in the first 2 months from card approval. This offer is available to new card members, as well as bank-issued American Express companion cardholders. The bonus points and Status Credits will be awarded to your account within 8-10 weeks after meeting the spend requirement.
Velocity Points per $1 spent. You'll earn 1 Velocity Point per $1 spent on eligible purchases and 0.5 points per $1 on government transactions made with this card. You'll also earn 2 Velocity Points per $1 for eligible Virgin Australia purchases. Your Velocity Points are automatically transferred to your frequent flyer account each month and you can redeem them for flights with Virgin Australia and its partners, accommodation, products from the Velocity Store and much more.

Shop Small points offer. Earn an extra 3 Velocity Points per $1 spent and support small businesses. Just save the American Express Shop Small offer to your card and spend with participating businesses by 31 March 2022. The offer is valid both in store and online and you can earn a maximum total of 40,000 extra points. Check out Finder's news story on Shop Small for a breakdown of how it works.
Virgin Australia lounge passes. Travel in style with 2 complimentary single-entry Virgin Australia lounge passes, which you can use at selected domestic airports every year. The perks will vary between lounges, but you can usually look forward to complimentary snacks, buffet meals and a full-stocked bar as well as work stations, desktop computers and high-speed Wi-Fi.
Complimentary domestic and overseas travel insurance. When you use the card to pay for business travel, you and your additional cardholders will be covered by complimentary travel insurance. Please see the card insurances terms and conditions for the eligibility requirements, inclusions and exclusions.
Travel inconvenience cover. This insurance covers you in the case of flight delays, missed connections or delayed luggage as long as you purchase your trip using your card.
Transport accident cover. If you're travelling for business, American Express will waive up to $20,000 of outstanding charges on your card if you're in a serious accident.
Easy tracking of business expenditure. In your monthly statements American Express will outline your GST-payable amount (where available) for transactions. Plus, you can download and keep track of statements and transactions using MYOB for easy business reporting.
Card security. If your card is lost or stolen, you can usually get an emergency card replacement within 48 hours to virtually anywhere in the world. Online Fraud Protection Guarantee means your business won't be held responsible for unauthorised purchases made on your account.
Mobile contactless payments. Whether you use an iPhone, Android or Samsung device, you can use Apple Pay, Samsung Pay and Google Pay to make convenient contactless payments with your smartphone at the checkout.

Rates & fees

Annual fee. This card charges a $249 p.a. annual fee.
Additional cardholders. You can request additional cardholders onto your account for a fee of $99 p.a.

American Express AccessLine. This service gives you a way to make fast, secure payments to suppliers in Australia and overseas, even if they don't usually accept American Express cards.
Interest-free days. You have up to 51 days to pay off your purchases in full which gives you time to get your finances in order as your statements are monthly.

Go to American Express's site More info

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American Express Velocity Business Card