I've just received an email from American Express detailing their new Altitude Velocity Rewards program. Earn is now directly in Velocity points instead of earning in Altitude points which can then be transferred. New earn rate is:
-2 velocity points/$1 on foreign currency
-1.25 points/$1 on normal spend
-0.5 point/$1 on government spend
Also you get two domestic Economy X seat upgrade vouchers every 12 months and two Virgin lounge passes instead of the priority pass membership which was previously offered. There is now a $50 fee whereas Altitude is free.
If I'm not mistaken this is slightly better than the current Altitude benefits. I have mixed feelings, the new higher earn rate and domestic upgrades are good but the loss of Priority pass and the $50 fee leaves a sour taste in my mouth. Overall it's probably the same level of benefits.
On the basis of these changes, I will not be renewing this card.
The foreign earning rate change is a downtick (thought it was 3:$1 on foreign currency before the November 2018 valuation)