Virgin Amex Velocity Platinum card now 110k points

[Arrow29]

Thanks for the replies, I agree and am assuming no refund at all which is what I'd expect. I've received a lot of benefits out of the card so the fee was well worth it!

 

[seritonin]

So bit of a silly question, but I'm thinking of cancelling my Velocity Platinum now to reduce the amount of credit limit I have (thinking of refinancing home loan for a better rate) that I applied for in June. My wife has one which I'll hang on to until at least her renewal is up. Is there any chance of them trying to take back bonus points earned from referral bonuses etc if a partial refund of the annual fee is given? I'm guessing that may not even be an option since I've redeemed my free flight already, but just thought I'd double check as I have a fair few sitting in my velocity account thanks to this card!

No chance of fee refund but I had some referral bonuses canceled due to maxing the limit and this was done prior to the end of statement transfer to velocity account. IMO, Once transferred there is nothin much Amex can do.

 

[kaktusdigital]

So bit of a silly question, but I'm thinking of cancelling my Velocity Platinum now to reduce the amount of credit limit I have (thinking of refinancing home loan for a better rate) that I applied for in June. My wife has one which I'll hang on to until at least her renewal is up. Is there any chance of them trying to take back bonus points earned from referral bonuses etc if a partial refund of the annual fee is given? I'm guessing that may not even be an option since I've redeemed my free flight already, but just thought I'd double check as I have a fair few sitting in my velocity account thanks to this card!

In my experience, i had the Amex plat charge, edge & also Velocity. When I wanted to apply for the reserve companion they said that the velocity card had to be converted. At this point i had already taken the free flight and obviously the bonus points. They did end up refunding most of the annual fee! I can't really see how converting and cancelling would be all that different in terms of getting a pro-rata refund.

 

[SydneySwan]

I can't really see how converting and cancelling would be all that different in terms of getting a pro-rata refund.

I beg to differ - if you convert to another card they are retaining you as a customer. If you cancel they are losing you as a customer.

 

[Winston1]

Would cancelling a card make such a big difference in terms of refinancing a home loan? The card limit is probably a few thousand vs a couple of hundred grand for a home loan. ;-/

 

[ninja-tim]

Would cancelling a card make such a big difference in terms of refinancing a home loan? The card limit is probably a few thousand vs a couple of hundred grand for a home loan. ;-/

They only way they can tell what limit you have is if you have credit cards with the same bank/institution you are applying for a loan with and also if you declare all your credit cards and their limits in the application.

If the card is with the same bank, or a rebranded card from the same bank/group, then cancelling the card or reducing the limit will generally increase the loan amount.

 

[GarrettM]

Hey all.
Just wondering, now that I have reached the $1000 spend threshold, and I have seen my 110k points when I look in my Amex Rewards folder, which looks like this:

[TABLE="width: 100%"]
[TR="class: transListBk2"]
[/TR]
[TR="class: transListBk2"]
[TD="class: padding dateWidth"]29/09/2015[/TD]
[TD="class: padding descriptionWidth"]PAYPAL *BABYBLOSSOM 35314369001[/TD]
[TD="class: padding right amountWidth, align: right"]$78.85[/TD]
[TD="class: padding right basePtsWidth, align: right"]79[/TD]
[TD="class: padding right bonusPtsWidth, align: right"]110,000[/TD]
[TD="class: padding right totalPtsWidth, align: right"]110,079[/TD]
[/TR]
[TR="class: transListBk2"]
[TD="class: padding emptyWidthClearImage transListIcon"][/TD]
[TD="class: padding dateWidth"][/TD]
[TD="class: padding descriptionWidth"]- Velocity Cobrand Acqusition Bonus - Plat[/TD]
[TD="class: padding right amountWidth, align: right"][/TD]
[TD="class: padding right basePtsWidth, align: right"]0[/TD]
[TD="class: padding right bonusPtsWidth, align: right"]10,000[/TD]
[TD="class: padding right totalPtsWidth, align: right"][/TD]
[/TR]
[TR="class: transListBk2"]
[TD="class: padding emptyWidthClearImage transListIcon"][/TD]
[TD="class: padding dateWidth"][/TD]
[TD="class: padding descriptionWidth"]- Referred Friend Bonus 100000 Points
[/TD]
[TD="class: padding right amountWidth, align: right"][/TD]
[TD="class: padding right basePtsWidth, align: right"]0[/TD]
[TD="class: padding right bonusPtsWidth, align: right"]100,000[/TD]
[/TR]
[/TABLE]
How soon am I likely to see these transferred to my Velocity account? They certainly aren't there yet, and my statement date was a few days ago.
But I am going to guess it can take a couple of weeks at least?

And I can't believe now, given how easy it was for us to spend $1000 so quickly (lots of baby stuff) that I didn't get a separate card for the missus. Would have just about given us enough for a trip to Europe. Gah!

Hoping someone can offer me a rough ETA.
Cheers,
GarrettM

Well as an update these points were swept into my Velocity account earlier this week, making me a happy boy. Just working through a NAB Velocity application at the moment which should bring in another 60k by the end of the year. And then I'll get my missus onto that one as well.
So far so good.

 

[cove]

You could get 80,000 plus a 20,000 putting the missus thru the Amex Velocity referral system. The offer dropped from 110,000 but is still really good for $349.
NAB is a good idea too.

 

[GarrettM]

You could get 80,000 plus a 20,000 putting the missus thru the Amex Velocity referral system. The offer dropped from 110,000 but is still really good for $349.
NAB is a good idea too.

One thing at time ;-p

 

[cove]

Two hands,two eyes.....two credit cards?
At the office our accountant was a bit surprised when I went looking thru 7 flip top card holders for the best credit card to pay a particular work expense.

 

[Duffa]

I wonder if the sweep to the Velocity program this month will attract the 15% bonus points being advertised by Velocity.

Mine credited to Amex mid October (immediately after spend) and swept on 4th November - no 15% bonus
Am I complaining - no way!
100k for signup and another 20k on way for referral - I wish I had more friends

 

[ninja-tim]

Mine credited to Amex mid October (immediately after spend) and swept on 4th November - no 15% bonus
Am I complaining - no way!
100k for signup and another 20k on way for referral - I wish I had more friends

The Velocity website shows Amex as one of the partners from which you get 15% bonus. Am I wrong or read it wrong?

 

[Finale]

The Velocity website shows Amex as one of the partners from which you get 15% bonus. Am I wrong or read it wrong?

For Ascent and DJ I believe.

http://www.velocityfrequentflyer.com/content/Info/AmericanExpressMembershipRewards/

1 Membership Reward point for Ascent or Ascent Premium members = 1 Velocity Point
2 David Jones American Express points = 1 Velocity Point
3 Membership Reward points for Business Ascent members = 2 Velocity Points

Terms and Conditions


*Points values shown are correct as at 20 October 2014 and are subject to change, which may be limited & to Velocity Membership Terms & Conditions available at velocityfrequentflyer.com. Subject to the Terms and Conditions of the Membership Rewards program available at membershiprewards.com.au/termsandconditions and the Membership Rewards program for David Jones American Express Credit Cards available at davidjones.com.au/mrtermsandconditions. To redeem American Express Membership Rewards or David Jones American Express points for Velocity Points you must be an Australian resident enrolled in Membership Rewards Ascent, Business Ascent or Ascent Premium or be a David Jones American Express Card Member. A minimum of 2,000 Membership Rewards or David Jones American Express points may be redeemed for Velocity Points at any one time and must be in whole numbers. Membership of Velocity is the Card Member's responsibility and is subject to the Velocity Membership Terms and Conditions as amended from time to time, available at velocityfrequentflyer.com. The redemption of Membership Rewards points or David Jones American Express points will be administered solely by American Express and will take up to 2 business days to transfer into the Velocity Membership Account. Once Membership Rewards points or David Jones American Express points have been redeemed for Velocity Points, they are governed by the Velocity Membership Terms and Conditions and cannot be reversed. American Express Australia Limited ABN 92 108 952 085 ® Registered trademark of American Express Company.

 

[ninja-tim]

For Ascent and DJ I believe.

http://www.velocityfrequentflyer.com/content/Info/AmericanExpressMembershipRewards/

1 Membership Reward point for Ascent or Ascent Premium members = 1 Velocity Point
2 David Jones American Express points = 1 Velocity Point
3 Membership Reward points for Business Ascent members = 2 Velocity Points

Terms and Conditions


*Points values shown are correct as at 20 October 2014 and are subject to change, which may be limited & to Velocity Membership Terms & Conditions available at velocityfrequentflyer.com. Subject to the Terms and Conditions of the Membership Rewards program available at membershiprewards.com.au/termsandconditions and the Membership Rewards program for David Jones American Express Credit Cards available at davidjones.com.au/mrtermsandconditions. To redeem American Express Membership Rewards or David Jones American Express points for Velocity Points you must be an Australian resident enrolled in Membership Rewards Ascent, Business Ascent or Ascent Premium or be a David Jones American Express Card Member. A minimum of 2,000 Membership Rewards or David Jones American Express points may be redeemed for Velocity Points at any one time and must be in whole numbers. Membership of Velocity is the Card Member's responsibility and is subject to the Velocity Membership Terms and Conditions as amended from time to time, available at velocityfrequentflyer.com. The redemption of Membership Rewards points or David Jones American Express points will be administered solely by American Express and will take up to 2 business days to transfer into the Velocity Membership Account. Once Membership Rewards points or David Jones American Express points have been redeemed for Velocity Points, they are governed by the Velocity Membership Terms and Conditions and cannot be reversed. American Express Australia Limited ABN 92 108 952 085 ® Registered trademark of American Express Company.

Ahh that sucks. Was hoping they don't follow their T&Cs for this one, like how they didn't follow it by issuing bonus points to pre-existing cardholders
Just went out to spend $1k at Dan Murphy's, to stock up on drinks for X-mas , hoping to get the bonus and for it to sweep @15% bonus.

 

[Coops1]

Ahh that sucks. Was hoping they don't follow their T&Cs for this one, like how they didn't follow it by issuing bonus points to pre-existing cardholders
Just went out to spend $1k at Dan Murphy's, to stock up on drinks for X-mas , hoping to get the bonus and for it to sweep @15% bonus.

I don't believe there has been any transfer % bonuses from any financial institutions where the points are swept automatically each month etc. that's why some hold cards wher they can warehouse points in accounts and then decide when and which program to transfer them to.

 

[ninja-tim]

I don't believe there has been any transfer % bonuses from any financial institutions where the points are swept automatically each month etc. that's why some hold cards wher they can warehouse points in accounts and then decide when and which program to transfer them to.

Makes sense now thinking about it that way.

Yeah just figured that out after the shopping spree, should have gone to the Velocity site beforehand. Oh well had to spend $1k regardless.

 

[RAM]

Two hands,two eyes.....two credit cards?
At the office our accountant was a bit surprised when I went looking thru 7 flip top card holders for the best credit card to pay a particular work expense.

After around 30 years the best wallet I've ever had (or seen) finally gave up the ghost. Searching for a suitable replacement over the last 3 years has not uncovered one remotely half as good - so your comment sparked my interest.

The 'departed' wallet was a bifold with 8 plastic cc holders that could each comfortably hold 2 ccs or membership cards. A$100 note fitted perfectly (just) and even when full of 16 cards it closed easily and still fitted without bulging. Plus had two slip-in compartments to boot.

Any suggestions on a worthy replacement (where to look)?

PS: Spent $860ish in first month PLUS charged annual fee and 1st statement showed the full points delivered - so T&Cs not applied in full it seems. 2nd account only spent $200ish and did not get the signup points yet.

 

[cove]

I bought a dozen flip top card holders from a wholesaler in Perth for just under $9 each. They are Chinese made leather copies of the Oroton unit that Oroton used to sell at around $75 each.
I used google to find him in Perth and he dropped them off seeing he lives near our Canning Vale office.
Now I can keep hotel loyalty cards, Coles 5% off gift cards, multiple credit cards, US credit cards.....gee I have room for more of everything now.
As for cash I have found less and less use for the plastic notes we used to carry around so no need for a real wallet any more.
Two recent referrals are chasing 80,000 points plus the 20,000 referral on Velocity for $349 so it is still on at a lower rate than before.

 

[Austff]

What are the card holders called , I will try & find some in Sydney.

 

[cove]

Google "flip top card holders" I think.