# Velocity Credit Cards Comparison
Last updated: 3 April 2026, 01:35 AEDT
Next update: 3 July 2026 (quarterly)

## Your current card
**ANZ Rewards Platinum (Velocity)**
- Annual fee: $149 ($94 card + $55 rewards fee)
- Current bonus: 60,000 pts + $50 (spend $3,500 in 3 months) + 20,000 pts (keep 15+ months)
- Total bonus (15 months): 80,000 Velocity points
- $/point (Year 1): $0.00186 per point ($149 ÷ 80,000)
- Annual spend: $24,000

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## 🏆 WINNERS — Best Value Per Point

### 1. Westpac Altitude Black (Velocity) — CHAMPION
| Metric | Value |
|---|---|
| **Bonus points (Year 1)** | **150,000** (spend $12K in 12 months) |
| **Bonus points (Year 2)** | **+100,000** (spend $12K in Year 2) |
| **Annual fee (Year 1)** | **$275** ($200 card + $75 rewards) |
| **Annual fee (Year 2)** | **$370** ($295 card + $75 rewards) |
| **$/point (Year 1)** | **$0.00183 per point** |
| **$/point (Year 2 annualised)** | **$0.00148 per point** ✅ |
| **Earn rate** | 0.75-1.2 pts/$1 (tiered) |
| **Lounge access** | Priority Pass (2 free visits/year) |
| **Min spend** | $12,000/year (easily hit with $24K annual spend) |

**Why it wins:**
- Lowest cost per point over 2 years
- 250,000 total points ($0.00129/pt average over 24 months)
- You spend $24K/year → $12K min spend threshold easily cleared
- Year 1: $275 ÷ 150,000 = $0.00183/pt (better than ANZ)
- Year 2: $370 ÷ 100,000 = $0.0037/pt (still strong)
- **Two-year average: $645 ÷ 250,000 = $0.00258/pt**

**Action:** Switch when ready to commit to 2-year hold.

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### 2. American Express Velocity Platinum — HIGH VOLUME
| Metric | Value |
|---|---|
| Bonus points | 100,000 (hold 12+ months + spend criteria) |
| Annual fee | $440 |
| $/point | $0.0044 per point |
| Earn rate | 1.25 pts/$1 |
| Lounge access | None included |
| Min spend | Unknown (likely ~$4-5K) |

**Why second:**
- High annual fee kills value vs. Westpac
- Best for HIGH spenders due to 1.25x earn rate
- 100K bonus at $440 = $0.0044/pt (2.4x worse than Westpac Year 1)

**Skip unless:** You're spending $50K+/year and want ongoing earn rate over signup bonus.

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### 3. NAB Rewards Signature (Velocity) — SOLID MIDDLE
| Metric | Value |
|---|---|
| Bonus points | 90,000 (spend $4K in 90 days, hold 12+ months) |
| Annual fee | Unknown (estimate ~$295) |
| $/point | ~$0.00328 per point (estimate) |
| Earn rate | Up to 3 NAB Rewards pts/$1 (converts to Velocity) |

**Why third:**
- Lower bonus than Westpac
- Easier spend threshold ($4K vs $12K)
- Good fallback if you don't want to commit to $12K/year

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## Full Comparison Table

| Card | Bonus Pts (Y1) | Bonus Pts (Y2) | Annual Fee (Y1) | Fee (Y2) | $/pt (Y1) | $/pt (Y2) | Total 2yr | Avg $/pt |
|---|---|---|---|---|---|---|---|---|
| **Westpac Altitude Black (Velocity)** | **150,000** | **+100,000** | **$275** | **$370** | **$0.00183** | **$0.0037** | **250K pts** | **$0.00258** ✅ |
| **ANZ Rewards Platinum (Velocity)** | 60,000 | +20,000 | $149 | $149 | $0.00248 | $0.00745 | 80K pts | $0.00373 |
| American Express Velocity Platinum | 100,000 | - | $440 | $440 | $0.0044 | - | 100K pts | $0.0044 |
| NAB Rewards Signature (Velocity) | 90,000 | - | ~$295 | ~$295 | ~$0.00328 | - | 90K pts | ~$0.00328 |
| Virgin Australia Velocity Flyer | 70,000 | - | $149 | $149 | $0.00213 | - | 70K pts | $0.00213 |

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## Methodology

**Cost per point formula:**
- Year 1: Annual fee ÷ Year 1 bonus points
- Year 2: Year 2 annual fee ÷ Year 2 bonus points (if applicable)
- Two-year average: (Y1 fee + Y2 fee) ÷ (Y1 bonus + Y2 bonus)

**Your situation:**
- Annual spend: $24,000
- Always paid off (no interest cost)
- Velocity Frequent Flyer member (Virgin Australia)
- Looking for best value per point, not perks

**Excluded:**
- Qantas cards (you want Velocity only)
- Business cards
- Cards requiring Amex acceptance issues in your spend pattern

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## Recommendation

### Immediate action (within 30 days):
Apply for **Westpac Altitude Black (Velocity)** to replace ANZ Rewards Platinum.

**Why now:**
- Velocity just launched "biggest ever" bonus promo (180K offer recently expired, 150K+100K still active)
- You'll save $0.00115/pt in Year 1 vs ANZ ($0.00183 vs $0.00298)
- 150K bonus = 70,000 more points than ANZ for only $126 more in fees
- Net gain: **70,000 extra points for $126 = $0.0018/point cost** (absurdly good)

**Two-year value:**
- ANZ: 80K points for $298 fees = $0.00373/pt
- Westpac: 250K points for $645 fees = $0.00258/pt
- **Westpac nets you 170,000 MORE points for $347 more in fees**
- Effective cost for those extra 170K points: $0.00204/pt

**Risk:**
- Must spend $12K/year minimum (you spend $24K → no issue)
- Must hold 2 years to get full value (Year 2 bonus requires retention)
- If you cancel after Year 1, you forfeit Year 2 100K bonus

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## Next Steps

1. **GREEN:** Check ANZ eligibility (24-month rule — you currently hold ANZ, so need to wait 24 months from OPENING date to be eligible again)
2. **YELLOW:** If eligible, apply for Westpac Altitude Black (Velocity) online
3. **GREEN:** Set up auto-redemption to Velocity immediately after approval
4. **GREEN:** Set reminder to check eligibility again in 12 months (before Year 2 bonus posts)
5. **ORANGE:** Close ANZ card after Westpac approval + points transfer (wait 60 days to confirm)

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## Data Sources
- velocityfrequentflyer.com/frequent-flyer-credit-cards
- finder.com.au (Feb 2026 roundup)
- Direct issuer websites (ANZ, Westpac, Amex, NAB)
- Virgin Australia newsroom (Velocity bonus promo announcement)

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## Exclusions & Notes

**Cards NOT included:**
- Westpac 180K offer (expired Feb 2026)
- St.George/Bank of Melbourne/BankSA (Westpac group, same offers)
- Qantas frequent flyer cards
- Store cards with Velocity earn
- Business/corporate cards

**Conversion rates checked:**
- ANZ Reward Points → Velocity: 2:1 ratio
- NAB Rewards Points → Velocity: 2:1 ratio  
- Westpac Altitude Points → Velocity: 2:1 ratio
- Amex Velocity: direct earn (no conversion)

**Assumptions:**
- No interest charged (always pay in full)
- No additional cardholder fees
- No foreign transaction fees included in calc
- Signup bonuses only (ongoing earn not scored)

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*This comparison updates automatically every 3 months. Manual refresh available on request.*