Imagine earning rewards on your business expenses while enjoying travel perks and exclusive benefits. The American Express Velocity Business Charge Card offers just that, making it an excellent choice for savvy business owners looking to maximize their spending power.
Why Should I Get an American Express Velocity Business Card?
Generous Rewards Program
The American Express Velocity Business Card is designed to help business owners earn Velocity Points on their everyday purchases. You earn 2 points per $1 spent with Virgin Australia, 1 point per $1 on other purchases, and 0.5 points per $1 on government and utility payments.
These points can be redeemed for flights, upgrades, and more, providing substantial value for frequent travellers.
Complimentary Travel Benefits
Cardholders enjoy a suite of travel benefits, including two complimentary Virgin Australia lounge passes annually and comprehensive travel insurance. These perks can significantly enhance your travel experience, offering comfort and peace of mind during your journeys.
No Pre-set Spending Limit
As a charge card, the American Express Velocity Business Card has no pre-set spending limit, giving you the flexibility to make large purchases when needed. However, the full balance must be paid off each month, promoting responsible spending and helping you avoid interest charges.
Pros and Cons of American Express Velocity Business Charge Card
| Pros | Cons |
|---|---|
| Earn up to 2 Velocity Points per $1 spent | $249 annual fee |
| Complimentary Virgin Australia lounge passes | Requires $75,000 annual business revenue |
| Comprehensive travel insurance | Must pay off the balance in full each month |
| No pre-set spending limit | Limited to business expenses |
Fees and Interest Associated with American Express Velocity Business Charge Card
| Fee/Interest | Details |
|---|---|
| Annual Fee | $249 |
| Interest Rate | Not applicable (charge card) |
| Late Payment Fee | $30 |
| Foreign Transaction Fee | 3% of the transaction amount |
How to Apply for an American Express Velocity Business Charge Card?
To apply for the American Express Velocity Business Card, follow these steps:
- Visit the American Express Website: Go to the American Express Australia website and navigate to the Velocity Business Card section.
- Complete the Application Form: Fill out the online application form with your personal and business details. Ensure that all information is accurate and complete.
- Submit Required Documentation: You may need to provide documentation that verifies your business’s financial status and your identity. This can include tax returns, business registration details, and financial statements.
- Review and Submit: Double-check all information and submit your application. You will receive a confirmation once your application is submitted.
- Await Approval: American Express will review your application and may contact you for additional information. Approval times can vary.
Eligibility Criteria for an American Express Velocity Business Charge Card
To be eligible for the American Express Velocity Business Card, you must meet the following criteria:
- Age: You must be 18 years or older.
- Residency: You should be an Australian citizen or a permanent resident.
- Business Revenue: Your business must have an annual revenue of at least $75,000.
- Credit History: You should have no history of bad debt or payment defaults.
The card has an annual fee of $249, which may be tax-deductible if used solely for business purposes. As a charge card, the balance must be paid in full each month, although there is no pre-spending limit as long as payments are made on time
The Final Words
The American Express Velocity Business Card is a powerful tool for business owners looking to maximize their spending with rewards and travel perks. Its comprehensive benefits and earning potential make it a compelling choice, despite the associated fees and revenue requirements.