AMEX Velocity Escape card is closed for new applications, what are existing card holders going to do? Is it worth taking up the upgrade offers to Plus for $95 20k bonus points or Platinum for $440 50k points?
If I take up the upgrade offer, then I can't ever go back to the Escape Card and lose the no annual fee option.
Is it best to hold onto it and wait and hope Amex offer a free upgrade with no annual fee status retained?
Plus Offer:(americanexpress.com)
Platinum Offer:(americanexpress.com)
Hold onto it is the best option, but some customers may be lured to upgrade to Velocity Escape plus for 20k bonus pts. The most valuable thing on both cards is free travel insurance that was added when plus card was introduced last year. By comparison, Qantas Discovery does not include it.
However, another common method AmEx may use is to upgrade all Velocity Escape with no annual fee in the first year if it has to be phased out completely.
Is it true escape cards now have free travel insurance?
What if one takes up the platinum card offer 50k bonus points and then down grade after 1 year to another no annual fee card or it have to be plus card as the only option? If you register for the current velocity promo of 30k for new cards would you get that to stacked with amex bonus if u log in amex account and choose upgrade during new card application?
In the title "AmEx Velocity Escape Card Discontinued". I am not surprised that AmEx has intended to phase it out completely in two or three years.
As an existing cardholder, I received the email mentioning free travel insurance in Nov 2024.
We want to let you know about changes to the Insurance Terms and Conditions included with your American Express Velocity Escape Card. This includes the addition of new Travel Insurance and Buyer's Advantage Cover and some changes to Card Purchase Cover, for you and any Additional Cards on your Account.
What’s changing from 6 November 2024:
- Travel Insurance and Buyer's Advantage Cover now included
- Card Purchase Cover will increase from up to $2,500 to up to $3,500 per Eligible Item
To be covered under the Travel Insurance, you must use your American Express Velocity Escape Card or Velocity Points to pay for your return trip. For retail insurance cover, you are required to use your Velocity Escape Card to pay for eligible items. Please refer to the ‘Eligibility Table’ in the Insurance Terms and Conditions for full details of the eligibility criteria.
Yes might be best to hold on to it as there aren't any other rewards cards with no annual fee with travel insurance that i know of? Let's just hope amex offers a free upgrade in the future and we retain the no annual fee status. But knowing them lately they may impose an annual fee like they did with my Platinum reserve card increased it from $295 to 400 it was good while it lasted with the the $400 travel credit I was always ahead. Not sure if I should ask for a product transfer to explorer to save $5 but plat benefits and membership rewards are worth more I think
Keep it; I already have an Amex I pay an annual fee for; I don’t need to pay for two lots of annual fees