Very new to amex points : quick question

[unfunkable]

Hi All
Just a quick question : I am after maximum velocity points.
I compared the Platinum Edge Credit Card and the The American Express Velocity Platinum Card
For the edge card, I become part of the Membership Rewards Ascent program[SUP]5[/SUP] : So I earn 3 MR points per dollar spent at major super markets

On the velocity page it says

• 1 Velocity Point per 1 Membership Rewards point for Ascent or Ascent Premium members*.

So effectively its 3 velocity point per $1 spent at supermarkets?

This seems much better than the earn rate on the velocity platinum card
which is "1 Velocity Point per $1 spent on all other providers (excluding those below) and American Express insurances"

Am I doing something wrong?
thanks in advance!

 

[Mattg]

You're not doing anything wrong. The Platinum Edge card is indeed an excellent card. Both it and the Platinum card also come with a free return Virgin Australia flight every year.

The Velocity Platinum card also comes with 2 lounge passes and 50,000 bonus points, but for a higher annual fee and without the 3 points per dollar at supermarkets. There are also some variations with the free flight destinations.

I'd go with the Platinum Edge...

 

[unfunkable]

Thanks for the quick reply!
Yes, i was thinking its too good to be true or something. I currently get 1.5 velocity points / $ with my CBA AMEX
I think I will be making the change!
This appears to be the best amex card for velocity points accrual!

 

[blueythecat]

It's a great deal, jump on it!! Especially with the current sign-on bonuses (inc no annual fee for the first year), and then over the life of the card the Edge's annual fee is $150 less than that of the American Express Velocity Platinum Card and the of course both include the free return flight each year.

 

[TomVexille]

Yes, both cards have their pluses and minuses. The edge has a great return on supermarkets and petrol and nothing else. The Velocity Plat is great for restaurants, spend on VA, and all other airlines, accommodation, cruise and tour providers and all overseas spend. Not to mention has an 80k bonus with a referral link.

Personally if I thought I'd get away with it I'd have both...

 

[AnnaB]

I would start with the Velocity Platinum because of the sign up bonus. If you use a link provided by a member you get 80,000 points sign up bonus. That card will cost you $349 a year, but the initial points would make it worth it for the first year. After that I would probably got to Platinum Edge as soon as the bonus points hits the account.

You can have both and the cost of the card would cover the cost of the flights that you get. And if you have both cards, you get two flights. I am just waiting a few months, then I will get the Platinum Edge as well.

 

[burmans]

You can get 80k signup bonus on the Velocity Platinum card (see my signature or the referrals thread), the Plat Edge is a very good card but it will take you a very long time to beat that!

 

[unfunkable]

If I sign up to this card, get the points, then cancel it. Do they refund the annual fee pro rata? Or once its paid its paid?
thanks!

 

[psi999]

For a free type deal i'd personally look at:

- ANZ black visa/amex combo = 75,000 ANZ rewards / 37,500 VFF signup (currently annual fee free first 12 months)
- AMEX Platinum edge (also currently annual fee free first 12 months as well with 5,000 MR/VFF signup?)

That combo of cards will give you 3VFF in supermarkets, 2VFF in petrol stations, 1.5VFF anywhere else that accepts AMEX and 0.625VFF via the VISA. Both cards are warehouse cards so pretty much add 15% transfer bonus on as well if you can hold out for a bonus offer.

Velocity AMEX is a fairly rubbish earn card, i barely use mine and will be cancelling in the next few months.

 

[unfunkable]

Yep, I plan to get similar cards to the above , but just wanted the velocity one for the 80k bonus points . That's why I'm wondering if you get any fee refunded prorated if you cancel it during the first year

 

[blueythecat]

If I sign up to this card, get the points, then cancel it. Do they refund the annual fee pro rata? Or once its paid its paid?
thanks!

I believe that AMEX do a pro-rata, and it used to be written down, but I couldn't find it written in the most recent T&C's when I went looking about a month ago. Having said that, a person I know received a pro-rata refund no less than six weeks ago for an AMEX card they cancelled.

.....
- AMEX Platinum edge (also currently annual fee free first 12 months as well with 5,000 MR/VFF signup?)
.....

You can do slightly better, with the current AMEX referral offer for the Plat Edge being 10k MR bonus points and no annual fee for the first year.

 

[psi999]

I believe that AMEX do a pro-rata, and it used to be written down, but I couldn't find it written in the most recent T&C's when I went looking about a month ago. Having said that, a person I know received a pro-rata refund no less than six weeks ago for an AMEX card they cancelled.



You can do slightly better, with the current AMEX referral offer for the Plat Edge being 10k MR bonus points and no annual fee for the first year.

Few offers are around, you can do slightly better than that again if you apply through priceline:

https://www.priceline.com.au/amex

13500MR for $200 spend at priceline - no annual fee first year.

 

[nightelves]

Anyone know if Amex will be increasing their Velocity bonus signup to 100k like last year? I'm banking on that possibility combined with the 10k referral that's 110k velocity points.

 

[psi999]

Anyone know if Amex will be increasing their Velocity bonus signup to 100k like last year? I'm banking on that possibility combined with the 10k referral that's 110k velocity points. Hold that for about 6 months and there's usually a 15% bonus transfer to Velocity. You can even take advantage of the 15% transfer bonus with velocity atm which works out to be 92k points.

Its a direct earn/sweep card, no ability to hold and take advantage of any bonus transfers.

I'd be absolutely amazed if we ever see the 100/110k offer again. The landscape has changed considerably in the past 12 months...

 

[nightelves]

Wow can't believe you captured all that after I made the edits. Anyway we might as the interchange fees doesn't affect Amex owned cards only bank issued cards.

 

[unfunkable]

I'm pretty happy with the 80k sign up
Anybody know about annual fee being refunded pro rated if I cancel the card after 6 months?

 

[nightelves]

I would like to know also. Is it published in their T&C?

 

[unfunkable]

Just read through it and couldn't find anything relating to it

On another note, just reading up on cents per points meaning and working out
For example, the 80,000 velocity points on sign up for an annual fee of $350 or 35000 cents
so CPP is 0.4375 ? Do people talk in velocity points 'currency' or bank rewards points currency? it's so confusing...haha

 

[Mr_Orange]

I've just joined the rarefied air of the Amex Platinum Card and am trying to get my head around maximising points earn.

I currently have a NAB QF card at 1.5pts/$ and a BW World at 1pt/$ (reducing to 0.66pts/$).

With the Amex card I'll be up to 3pts for restaurants and 2 for airlines (except QF where it is 2.5 with NAB) and 2 on accomodation.

Utilities that take Amex/Paypal are better off on the NAB.

Where do services such as Netflix fit in? Is that classed as a utility or other?

My child care facility takes Amex too, so that earns 1.5 at the moment but presumably would be either 1 or 0.5 on the Platinum card?

What about health funds (BUPA, HIF, etc)?

How soon do new customers mornally apply for the Platinum Edge Credit Card to boost supermarket earning to 3 pts/$ and petrol stations to 2pts/$?

Is there anything I have missed?

TIA.

 

[nightelves]

You might want to get Jetstar Platinum for the rest because it's offering 1pts per dollar spent on Mastercard with 40k points bonus on signup for $69.