Extremely helpful everyone - thanks! I didn't realize the AMEX platinum was only $149/year - I will definitely apply for that and then get another no-fee credit card for backups when AMEX is not accepted.
Ahh yes I finally found a post i made a couple of months ago, which answered this question.
http://www.australianfrequentflyer....city/should-i-transfer-my-reward-33937-2.html
My advice is to try for AMEX Platinum (there are 3 varieties, $149, $395 and $900 annual fee) and make sure you join
Ascent Premium or Membership Rewards Ascent program. Ascent Premium will transfer points at $1:1 Velocity FFP, whereas the lower tier AMEX memberships will transfers at $1.25:1 or worst $1.5:1 (i think correct me if im wrong)
The $900 card has great benefits, if you use it all, otherwise its not worth getting it. And you can also take a look at Velocity AMEX branded platinum card also, which ties you to Velocity. One of the differences between that and the AMEX non-airline branded Platinum cards is that, the other three aren't tied to Velocity, so you can transfer the points to other frequent flyer programs.
All the AMEX Platinum cards give you travelling with you, a global domestic and international travel insurance which saves anywhere from $300-$500 a year per person, so if you travel alot, you already recoup your annual fee back with that complimentary travel insurance (except the $900 card obviously).
Also if your partner or family member travels with you, they get the same complimentary travel insurance for each trip, which saves your family anywhere from $90-170 depending on destination and duration of time away.
And then get a secondary card Virgin Money velocity branded card, just the $99 VISA will do, because you want to direct all your spending to AMEX Platinum. And only use the VISA card when AMEX is not accepted. The Virgin Money Visa card you earn 1=$1 but it is capped at $1,500 per month, I think. So its more of a backup card.
or if you want an uncapped Visa 1:$1 earn rate, try the NAB Velocity branded card for $150 a year.