Our newest partnership revealed; American Express & Velocity Rewards

[serfty]

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After you pay the annual fee and you do the minimum spend for 20k points and they deposit the points, can you just cancel the card and the deposited points will be safe?

Do not cancel the card until the points have been transferred to Velocity.

 

[cove]

Card churning is risky from the point of view that the card supplier has the option of passing on enrolling you in another programme ever.
I agree with Serfty that if you cancel the card you have to transfer all your accumulated points before you make such a move. Otherwise you may not get those points from some providers.
It would be different if you were upgrading your card but a straight out cancelliing stops the credit card provider from needing to be nice to you.

 

[MandM]

And the Gold card:

1. $199 annual fee, but still includes all the insurances - even covering you for flights paid for with Velocity points

2. NO points cap, again

3. 2.5 points per dollar on Virgin Australia spend

4. 1.25 points per dollar on other spend (equal earn rate to the Virgin High Flyer card, but lower annual fee, and includes free supplementary cards, which High Flyer does not)

5. 20,000 bonus points for taking it up and spending first $500, and a couple of Lounge passes thrown in each year for good measure

The annual fee for this card has dropped to $99 - valid for the next 6 months it seems.