The American Express Velocity Business card has no pre-set spending limit and offers business owners and sole traders up to 2 Velocity points per dollar on purchases within Australia.
- 2 Velocity points per $ spent with Virgin Australia
- 1 Velocity point per $ spent on most purchases
- No pre-set spending limit
- Two complimentary single entry passes to the Virgin Australia Lounge
- Complimentary Travel Insurance
- $249 annual fee
Point Hacks earn a maximum of $250 per applicant for this card. More about this →
The American Express Velocity Business card can benefit small businesses who travel frequently with Virgin Australia or any of its partner airlines.
It offers 1 Velocity point per $ spent earn on most purchases, automatic transfer of points earned each month to Velocity Frequent Flyer, comprehensive travel insurance, along with travel inconvenience and travel accident cover.
The card also attempts to simplify the monitoring of business expenditure with integrations into various accounting packages and Excel.
The American Express Velocity Business card has the following variable earn rate structure:
- 2 Velocity Points per $1 spent for purchases with Virgin Australia
- 1 Velocity Point per $1 spent on Card purchases, except those listed in 0.5 points category
- 0.5 Velocity Point per $1 spent on utilities, insurance providers (with the exception of American Express) and government bodies
Virgin Australia purchases will only attract the 2 Velocity points per $1 for purchases made in Australia, that is, for purchases which are transacted in Australian Dollars.
For example, a purchase of a return Sydney to Los Angeles airfare through the Australian version of the Virgin Australia website would attract the 2 Velocity points, however, a return Los Angeles to Sydney flight purchased through the US version of the site (and billed in USD) would not.
Complimentary Domestic and Overseas Travel Insurance comes as a feature of the card, providing both the cardholder and any additional card members with cover whenever flights are booked with the card.
The card also comes with Travel Inconvenience Cover, providing coverage for flight delays, missed connections or delayed luggage, and Travel Accident Cover, where up to $20,000 of outstanding charges will be waived when the cardholder finds themselves in a serious accident while travelling for business.
Full terms and conditions for this insurance can be found here Insurance Terms and Conditions – American Express Velocity Business Card.
This guide references some of the benefits of insurance policies provided with this card.
You should read the PDS and obtain independent professional advice before obtaining this product.
Complimentary Virgin Australia Lounge Entry
Two complimentary single passes to the Virgin Australia lounge are on offer every year, allowing cardholders to experience the amenities available in Virgin Australia branded lounges within Australia.
For a more about the benefits of lounge access, take a look at our guide to Virgin Australia lounges →.
Keeping track of Business Spending
To assist with keeping track of the business’s financial performance and spending, the American Express Velocity Business Card allows for statements and transaction details to be downloaded and balances to be viewed using Quicken, MYOB or Microsoft Excel.
To be eligible for the American Express Velocity Business Card, you must meet the following criteria:
- 18 years or over
- Australian citizen or permanent resident
- Personal gross (pre-tax) annual income of $24,000 or more
- Have no history of bad debt or payment default
The American Express Velocity Business Card comes with an annual fee of $249, which may be tax deductible if the card is used solely for business purposes.
This is a Charge Card
An important point to note is that this card is a charge card, meaning that the balance of the card must be paid in full every month. However, there is no pre-spending limit as long as the balance is paid in full every month, providing more spending and cash flow flexibility for the company.
No pre-spending limit however does not mean unlimited spending, with purchases being approved based on a variety of factors, including current spending patterns, your payment history, credit records, and financial resources known to American Express.
American Express Apple Pay & Android Pay support
American Express cards supports Apple Pay & Android, meaning you can use this card on your smartphone for easier payments. Find out more in our guides for each of the compatible services.
Summing Up – Velocity Business American Express Card
With a moderate annual fee, the card provides many small business and travel friendly features, such as complimentary travel, inconvenience and accident insurance and the ability to easily monitor business transactions.
Small businesses can earn meaningful travel rewards through a generous earn rate on Virgin Australia purchases, and if travel rewards aren’t the preferred redemption option, the ability to redeem for a large variety of redemption options.
Ultimately the Velocity Business card could be viewed alongside the consumer-centric offering from American Express, the Velocity Platinum. This has a higher annual fee but offers a number of additional categories of spend with bonus points, and a free domestic Virgin Australia flight each year, which for some people may work better to earn you more Velocity points and offer greater value.
You’ll have to weigh up whether the business specific features of the Velocity Business card are more important than the benefits of the Velocity Platinum.
Share this article
Point Hacks Credit Card Information
Point Hacks is published by Point Hacks Australia Pty Ltd (ACN 622 987 160), a corporate authorised credit representative (Number: 504786) of MSC Advisory Pty Ltd ACN 607 459 441 (Australian Credit License: 480649). In some instances, Point Hacks Australia Pty Ltd receives a commission or benefit for referring you to the services of a credit provider. This commission or benefit is disclosed at the point of referral to the credit provider. This website does not provide credit, assist you in obtaining credit, or advise you to apply for any particular product from a provider.
We have not taken into consideration your personal circumstances or financial situation when providing the information on this website. It is important you read the relevant PDS from the product issuer and seek the independent advice of an appropriately qualified professional before making a decision on a product.
While we invest a great deal of time and energy into ensuring we provide with you with the most up to date and accurate information, we do not warrant the accuracy of statements or information contained on the Website relating to third party goods and services, including credit card information, loyalty schemes and rewards. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability arising from any person acting on those statements or information to the fullest extent permitted by law. Where conditions or warranties are implied by law and cannot be excluded, our liability will be limited to the re-supply of information. You should confirm the accuracy of information provided on this Website with the third party product provider before acting on it.