As Virgin Australia suspends share trading and considers the possibility of voluntary administration, many Velocity Frequent Flyer members are watching the news nervously. What will happen to Virgin Australia and are Velocity Frequent Flyer points safe?
In Episode 34 of the AFF on AIR podcast, Phil Gunter from New World Loyalty shares his insights on the likely future of Velocity and what might happen to our points. Phil is a loyalty program expert and ran the Velocity Frequent Flyer program between 2006 and 2013.
Also in Episode 34, catch up on the latest frequent flyer & airline news and hear about Virgin Australia’s record-breaking flight.
Listen now to AFF on AIR Episode 34: “Are Velocity Points Safe?”
You can also view the episode notes. If you’d like to discuss this episode, ask Matt a question or suggest a topic for a future episode, you can join the discussion on the AFF on Air Discussion thread.
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The rush to cash in points is only compounding woes for Virgin Australia. I’ve left my points where they are in Velocity – as I agree with the comment regarding it being a valuable asset, even as a going concern. A mass exodus from any shareholder-based entity will always result in downward pressure. That is not a concept unique to Virgin – and it could even empower the exact opposite outcome of what Velocity members want to achieve..
The ACCC,s answer to your question regarding the Flight Centre charges is yet another example of them being a toothless tiger. Pathetic response. Bring back Alan Fells who had the gonads to do his job well. I do not have any connection with either party nor am I a customer of Flight Centre.
I speak from experience as I lost hundreds of thousands of points and life membership in the Ansett collapse. Unless the Velocity set up is a seperate company then the assets of Velocity will go to the secured creditors of Virgin Australia which is a challenging area of liquidation.
Additional to the concerns over the possible loss or reduction of Velocity Points, I believe there is an even greater concern for the many Virgin Australia customers, like me, who purchased flight tickets just prior to the COVID-19 outbreak and now cannot not fly due to the restrictions.. We are currently in credit for flights to be rescheduled sometime in the future after barriers are lifted. If Virgin Australia is placed into administration, I understand we will immediately become unsecured creditors with little or no hope of a full refund. This is another reason why it’s important for the Australian… Read more »