Welcome to our discussion on American Express Velocity Escape Credit Card. American Express is one of the leading financial institutions globally, renowned for its premium credit cards and rewards programs. In this post, we will delve into the American Express Velocity Escape Credit Card, a rewards card that helps you earn Velocity Points on your spending while enjoying practical benefits such as purchase protection and fraud protection. Let’s take a closer look at the features and eligibility requirements of this card.
The Velocity frequent flyer program of Virgin Australia is connected to the rewards card known as the American Express Velocity Escape. Every dollar spent on the Amex Velocity Escape card results in Velocity points for the cardholder, which can be used to book travel and other purchases through Virgin Australia.
It is unnecessary to apply for an Amex Velocity Escape card unless you are a frequent flier with Virgin Australia because the benefits are all linked to Virgin Velocity.
- When you apply online by 11 April 2023 and are approved, enjoy 0% p.a. interest on qualifying purchases for 12 months; after that, the rate reverts to 21.99% p.a. Just new American Express Cardholders.
- Get 0.75 Velocity Points for every $1 spent, with the exception of Australian governments, where you will only receive 0.5 Velocity Points for every $1 spent.
- Get 1.75 more Velocity Points for every $1 you spend with Virgin Australia on purchases.
- No points limit.
- Points are automatically deposited into your Velocity Account each month.
- No annual fee ever.
- Card Refund Insurance.
- Cover for Card Purchase.
- Assurance for Online Fraud Protection.
- Purchases are interest-free for up to 55 days.
- Both the primary cardholder and subsequent cardholders pay no yearly cost.
- The annual purchase rate is 21.99%. (variable).
- No cash loans.
What are the Amex Velocity Escape card’s credit limits?
The Amex Velocity Escape card’s minimum and maximum credit limits vary widely, which is typical for high-end credit cards from American Express.
The minimum credit limit indicates that $2000 is the lowest amount you can select as your limit. The maximum credit limit is the maximum credit line of $25,000 that Amex will extend to owners of Velocity Escape cards.
The American Express Velocity Escape Card is intended for whom?
This card is most likely appropriate for:
- They use Virgin Australia frequently.
- Who prefer cards with low or no annual fees and are seeking for a card that still offers Velocity Points but with a lower annual charge.
- They might not be able to qualify for premium Velocity-earning credit cards due to their salary.
- Where your income or expenditure is too low to use these capabilities or get the most benefit from them, making the greater cost of a premium Velocity Card more advantageous than the benefits of the card’s additional features.
- People who seek a low-risk way to start earning Velocity Points from credit card spending.
The Amex Velocity Escape card is best suited for Virgin Velocity members because of the rewards program, which enables cardholders to accrue Velocity points that can be redeemed for flights, business class upgrades, and other purchases through Virgin Australia.
The Amex Velocity Escape is not an exception to the rule that rewards cards sometimes come with higher interest rates in exchange for its benefits. In comparison to the other credit cards, it has an interest rate that is fairly high at 21.99%.
The hefty interest rate can be avoided for Amex Velocity Escape cardholders, though, if they pay off their monthly bill before the deadline.
Eligibility
We already know that neither the principal cardholder nor any extra cardholders of this card are subject to an annual charge. It’s important to note that this card has a rather high purchase rate, so it’s advisable to pay off the balance before interest begins to accumulate. The minimum credit limit on this card is $2,000, and cash advances are not available.
To apply, you must be at least 18 years old and have a clean credit history without any payment defaults. You must be a long-term visa holder, an Australian citizen, or a permanent residence. Long term is defined as lasting at least a year, excluding student visas.
Making a choice
The American Express Velocity Escape Credit Card is an alluring option for anyone who wants to accrue Velocity Points while paying no annual fee and 0% p.a. on purchases for 12 months. It is a straightforward rewards card with a number of practical features. Use this simple method to earn rewards without having to pay any annual fees.
With no annual fee and an earn rate of 0.75 Velocity Points for every $1 spent on most eligible purchases, the American Express Velocity Escape Card is a fantastic entry-level card for continued Velocity Points earning.