A single credit card application this May can deliver as many as 100,000 bonus Velocity points when meeting various spending criteria – enough for up to 20 Virgin Australia business class upgrades – so if you're in the market for a new credit card, take a look at this month's hottest deals.
Spanning cards issued by American Express, ANZ, Bank of Melbourne, BankSA, NAB, St.George, Virgin Money and Westpac, here are May 2019's most rewarding personal Velocity credit card sign-up offers.
1. St.George Amplify Signature Visa with Amplify Points
Continuing strong with an offer worth up to 100,000 bonus Velocity points, the St.George Amplify Signature Visa with Amplify Points credit card, issued as Visa Signature plastic.
Apply online by May 22 2019 and spend $12,000 on eligible purchases each year for the first two years, to unlock up to 200,000 bonus Amplify Points. As Amplify Points can be converted to Velocity at a 2:1 rate, that's a reward of up to 100,000 bonus Virgin Australia Velocity points.
In the first year, there's also a reduced annual card fee of $179, reverting to $279 from the second year onwards, and in return, you can earn the equivalent of 0.75 Velocity points per $1 spent, uncapped, which is further boosted to 0.825 Velocity points per dollar spent via St.George's 'birthday bonus': a 10% boost counted on all the points earned via the card over the past year (or part-year, for new customers), except on the already generous sign-up bonus.
The same bonus points offer and reduced first-year annual fee can also be found via the near-identical Bank of Melbourne Amplify Signature Visa with Amplify Points and the BankSA Amplify Signature Visa with Amplify Points credit cards when applying online: which, like St.George, are all backed by Westpac.
2. Virgin Australia Velocity High Flyer Card
Tempting with up to 90,000 bonus Velocity points, Virgin Money's Virgin Australia Velocity High Flyer Card carries not only a podium-placing sign-up bonus for new customers, but also boasts Australia's highest Velocity earning rate for everyday Visa spend.
Get things started by submitting your application before June 30 2019, and after approval, you can earn 30,000 bonus Velocity points in each of the first three months, when at least $3,000 is spent on the card in that month – up to 90,000 bonus Velocity points in total at the end of month three, from a cumulative spend of $9,000 (min. $3,000 per month).
In return for the card's $289 annual fee, you'll also receive a $129 Virgin Australia flight voucher plus two Virgin Australia lounge passes – and that's every year, not only in the first – as well as one Velocity point per $1 spent up to $8,000 per month, and 0.5 Velocity points per $1 spent thereafter: except on government and government-related charges, which don't earn points.
3. Virgin Australia Velocity Flyer Card
Looking for a card with a comparable sign-up bonus but a reduced annual fee? The Virgin Australia Velocity Flyer Card could be just the ticket, with an offering of up to 75,000 bonus Velocity points, plus a halved annual fee of just $64 in the first year ($129 ongoing).
That bounty of bonus points can be earned when applying by June 30 2019 and spending at least $1,500 in each statement period for the first three months – delivering 25,000 points in each of those months – for an all-out bounty of 75,000 bonus Velocity points at the end of month three from a cumulative spend of at least $4,500.
More than offsetting the reduced $64 annual fee in the first year and continuing to offset the full $129 annual fee in the years that follow, a $129 Virgin Australia flight voucher is also yours to use every year.
Spending on this card also provides 0.66 Velocity points per $1 spent up to $1,500 per month and 0.5 Velocity points thereafter, except on government and government-related payments which don't award points – not as generous as the Velocity High Flyer Card above, but effectively 'free' when the card benefits negate the card's annual charge.
4. St.George Amplify Platinum Visa with Amplify Points, AMEX Velocity Platinum, ANZ Rewards Black
For a serving of up to 50,000 bonus Velocity points, look to the St.George Amplify Platinum Visa with Amplify Points card, the ANZ Rewards Black Visa, or the AMEX Velocity Platinum Card.
With St.George, its Amplify Platinum Visa with Amplify Points card promises up to 100,000 bonus Amplify Points over two years – that's 50,000 Velocity points, when converted at today's 2:1 conversion rate – for eligible new customers who apply online by May 22 2019 and spend $6,000 on eligible purchases each year for the first two years.
Aside an affordable $99 annual fee, you can also earn 0.5 Velocity points per dollar spent, uncapped: provided as one Amplify Point per $1 spent, converting to Velocity at that 2:1 rate.
This offer can also be found on the similar Bank of Melbourne Amplify Platinum Visa with Amplity Points and the BankSA Amplify Platinum Visa with Amplify Points credit cards.
ANZ's offer dangles 100,000 bonus ANZ Reward Points plus $100 back to your new ANZ card when you apply and spend $4,000 on eligible purchases in the first three months.
With a 2:1 conversion rate from ANZ Rewards to Velocity, that's again equal to 50,000 bonus Velocity points. An total annual fee of $375 applies, although it's reduced in 'cost' to $275 in the first year thanks to the included $100 statement credit. Transacting on the card also delivers up to one Velocity point per $1 spent – awarded as two ANZ Reward Points per $1 spent up to $5,000 per month, and one ANZ Reward Point per $1 spent thereafter, being 0.5 Velocity points per dollar spent.
Finally, the AMEX Velocity Platinum Card provides 50,000 bonus Velocity points when you apply, are approved, pay a $375 annual fee and spend $3,000 on purchases within the first three months of the card approval date.
That's atop an earn rate of 1.25 Velocity points per $1 spent on most purchases, uncapped – boosted to 2.25 Velocity points per $1 on Virgin Australia flight bookings, although reduced to 0.5 Velocity points per $1 spent on government transactions, such as at Australia Post or for ATO payments.
5. NAB Rewards Signature, American Express Westpac Altitude Black Bundle, AMEX Platinum Charge Card
Finally, with offers worth 40,000-45,000 bonus Velocity points, there's the NAB Rewards Signature Visa (45,000 points), the American Express Westpac Altitude Black Bundle (40,000 points), and the AMEX Platinum Charge Card (40,000 points) – here's what you need to know about each deal.
NAB: Apply for a new NAB Rewards Signature Visa credit card and spend $2,500 on everyday purchases within 90 days of account opening to earn 90,000 bonus NAB Rewards points, equal to 45,000 Velocity points following a 2:1 conversion.
There's a $295 annual fee to pay, although NAB warns that the bank "may vary or end this offer at any time", so if this one's for you, don't delay.
Westpac: The American Express Westpac Altitude Black Bundle includes both a Westpac Altitude Black Mastercard and an American Express Westpac Altitude Black Card, with a separate sign-up bonus offer on each card.
It starts when you apply for the bundle by June 2 2019, opt for the Altitude Rewards program (as opposed to Altitude Qantas) and spend $3,000 on eligible purchases within 90 days of card approval using the Altitude Black Mastercard. This provides 80,000 bonus Altitude Rewards points, worth approximately 26,667 Velocity points following a 3:1 conversion from Altitude Rewards, with a $250 annual fee to pay.
Separately, you can pocket 40,000 bonus Altitude Rewards points (worth 13,333 Velocity points, via the same 3:1 conversion) when spending a separate $3,000 on eligible purchases using the American Express Westpac Altitude Black Card within 90 days of card approval, giving you a grand total of up to 40,000 bonus Velocity points overall, when you take advantage of both offers. This card attracts a separate $199 annual fee.
AMEX: The American Express Platinum Charge Card is offering 80,000 bonus Membership Rewards Ascent Premium points when you apply, are approved, pay a $1,450 annual fee and spend $3,000 on purchases within the first three months from the card approval date.
Just note that American Express Membership Rewards points now convert to Velocity at a 2:1 rate, versus 1:1 previously. As such, while that 80,000-point bounty would have fetched 80,000 Velocity points in past years, it's now worth 40,000 Velocity points instead. On most everyday purchases, you can earn the equivalent of 1.125 Velocity points per $1 spent, except on government transactions where the earn rate is on-par with 0.5 Velocity points per $1.