Has the AMEX Velocity Platinum card changed the points earning rates ?

[desafinado74]

Hello everyone,

I had at a look at the current AMEX Velocity Platinum card promo page, and it seems that
you earn 1.5 Velocity points for every dollar spent. And an extra Velocity point earned when you spend it on Virgin Australia.

When i signed up for this card back in 2015, it was 3 Velocity points for every $ spent on restaurants and Virgin Australia,
2 Velocity points on every $ spent on foreign currency etc

Have the earn rates for various products being changed ?

 

[lang_13]

Hi. The new earn rate applies to cards applied for post mid-may. The old earn rate still applies to cards held before this.
Haven't enquired about transferring to new earn rate. Would be interested to know if anyone has.

 

[desafinado74]

Thanks for the reply Lang. Yes, i had a look at my points statement so far and it is still on the old earning rate.

 

[steved]

I called Amex about this and the person thought existing cards will probably change to the new rates but they did not give any details.

 

[blueythecat]

I called Amex about this and the person thought existing cards will probably change to the new rates but they did not give any details.

That would make sense. Eventually the system overhead of having two points earn rates for the same card will annoy AMEX and they'll change it.

 

[Demonoid]

I called Amex about this and the person thought existing cards will probably change to the new rates but they did not give any details.

I am in the same boat. Given they would need to give at least 30 days notice of changes to the point earn rates, I can't see this changing by July 1 when most of the big 4's AMEX cards start devaluing their points earn.

Article on Ausbt about maximizing existing points earn before July 1 seems the way to go until points earn for existing cardholders catch up.
https://www.ausbt.com.au/how-to-maximise-your-credit-card-points-before-the-rba-apocalypse

 

[Demonoid]

Can confirm I received a letter in the post today confirming AMEX WILL be changing the point earn rates to match the current offer. So the current 3-2-1 (restaurants-travel/foreign spend-everything else) is out the window from 3 October 2017. So it will be:

1.5 points per dollar on just about everything
1.5 points per dollars on utilities, insurance and telecomms
2.5 points per dollar on Virgin Australia spend (this is down from 3 points)

PLUS

The letter mentions "100 Velocity Status credits when you spend $50k on eligible purchases in a Membership year". This benefit does not appear to be available on the site for new cardholders...

 

[CJEMNMAC]

Best news for me.... seeing as my NAB Amex was my go to, for 1.5pts per $ now being reduced.... close my NAB and divert spending to this card...

 

[jazza1971]

Best news for me.... seeing as my NAB Amex was my go to, for 1.5pts per $ now being reduced.... close my NAB and divert spending to this card...

Same with me, going to close off my NAB Premium combo if I can find a suitable VISA earner.