AMEX Platinum Reserve vs Velocity Platinum

I recently noticed a very interesting comparison done on a bulletin board between the two recent AMEX platinum cards. So which card is better? Velocity or Reserve? Both cards will cost around $350 (or $395 for Reserve) but cheaper if you have some Chartered Accountants or Engineers membership. Here are some of the comparison points that were made, with some comments added by me.

Interest rate, Sign up Bonus, Points Per Dollar spent
Both have an interest rate of 20.74%, sign up bonus of 30,000 points and (no longer offered for the Reserve Card but you can still get 40,000 point by being referred) and earn 1.5 points per dollar spent. (Read here how to get 40,000 points instead).

Free flight each year - Newman or Brisbane? 
Velocity Platinum offerings for Perth are very poor. You are allowed one flight redemption a year to either Broome, Karratha, Newman or Port Hedland on Virgin. 
On the Platinum Reserve card, Perth residents can also redeem their free flight to Broome, Karratha, Newman, Port Hedland. However, Platinum Reserve holders can also choose to fly to Darwin, Brisbane, Sydney, Melbourne, Adelaide or Bali.

Lounge Benefits compared
Velocity Platinum: 2 x lounge passes for Virgin Australia lounges
Platinum Reserve: Priority Pass with 2 x lounge entries via Priority Pass membership however Priority Pass will no longer have access to Virgin Lounges in Australia starting in August 2011. 

Travel Insurance compared 
Velocity Platinum: Domestic/International travel insurance
Platinum Reserve: as above
Similarish; however the following points stood out when I was comparing the PDS':

• The Platinum Reserve will cover for longer periods
• The Velocity Platinum has higher payout figures for loss of life/limb/etc
• The Platinum Reserve has higher payout figures for travel inconvenience cover
• For emergency medical cover, the cover is the same (the Velocity Platinum has a higher excess)
• The Platinum Reserve has higher payout figures for Mobile Phones and Laptops
• The Platinum Reserve has higher payout figures for trip cancellation (loss of points through cancellation is covered -- nice!)

Did you find this useful? Which would you choose?


Other AMEX posts

• How to beat CHANGES to AMEX Platinum Reserve points program
• More about Virgin Velocity Platinum 
• More about Velocity Gold 
• Free flights with Velocity Platinum  
• Platinum Edge Free Travel Insurance but is it Good? 
• Virgin now flying AMEX Platinum cardholders
• Platinum Edge flights