Am I eligible for the signup bonus points on Virgin Money if I have an Amex Velocity Platinum card?

Hi there

Currently, I have the Amex Velocity Platinum card (since January 2018) to which I’ve earned my bonus 100,000k points

What I’m looking at doing is balance transferring over my current amount to this virgin money card https://www.pointhacks.com.au/credit-cards/virgin-money-velocity-flyer-visa-ultimate-benefits-guide/

Essentially the balance transfer would be for the purpose of consolidating interest rates, as I don’t meet the 55 days interest free threshold on my Amex having balance transferred when I first got approved for the card. I would only use the Virgin Money card to reach the minimum spend to earn my points. My goal would be to keep my Velocity Platinum card as my main card, as the benefits of earning as well as what Amex provides in that card are better.

Firstly, can anyone confirm I am eligible for the bonus points on Virgin Money if I have an Amex Velocity Platinum?

Secondly, is this even an economical approach to point earning/interest rate consolidation.

Some advice would be welcome!

Thanks

Garrett

Holding Amex Velocity shouldn’t preclude you from sign-up bonus on Virgin Money card, since the former is issued by AmEx and the latter by Citigroup.

I had Virgin money and then got Velocity Amex. Different companies, not a problem

 

Be extremely wary about a balance transfer then hitting a minimum spend. All cards will put any payments to the balance transfer first, meaning you will be paying full interest on the minimum spend target until the balance transfer is paid out in full.