Is it Time to transfer/withdraw points from Velocity?

[Bibendum]

Hi All,

I need some advice from the brains trust on this forum.

I, like many on here, have hundreds of thousands of points sitting with velocity. With the current COVID-19 situation and virgins financial position I’m concerned that if the airline was declare bankruptcy points may disappear..

What’s the likelihood of this happening and should I withdraw my points by purchasing gift cards to get some cash value at what I have..?

am I making a mountain out of a mole hill.. or is there a real threat to my velocity points been wiped out..?

 

[AisleSeat]

It seems the general consensus is to jump ship to KF. I have just over 200,000 VFF points. I'd like to hold out, but something is telling me that if the more experienced flyers here are jumping to KF, perhaps i should be seriously considering this action too.

 

[hydrabyss]

The requirement to be an experienced flyer is just the ability to purchase a plane ticket. What will happen in a pandemic situation is up to the government. I also see domestic flying returning well before international.

End of the day you have to do what is right for you. Some of us would rather take the risk and wait while some feel it is safer to move them, others just follow the crowd. As you know we currently have a toilet paper issue and no one knows why.

 

[HS-TQE]

SQ may likely be "bailed" out by their government, however SQ as an airline will emerge as a smaller carrier than they were previously a few weeks ago. It'll be a few years before SQ ramps up to their previous size as demand slowly returns to pre C-19 levels.

 

[ozstamps]

SQ may likely be "bailed" out by their government, however SQ as an airline will emerge as a smaller carrier than they were previously a few weeks ago. It'll be a few years before SQ ramps up to their previous size as demand slowly returns to pre C-19 levels.

Impossible to know.

My view has always been SQ will remain THE leading carrier in this region when the dust settles, so was very comfortable to move a million points there over a week back. At some point Velocity will cease transfers has been the fear of many here.

If far shakier carriers like Thai or Malaysian or Garuda or Air India etc, or many others in the region collapse, SQ will be in a very powerful geographical position. Still a lot of folks to move around when normality appears, and far fewer airlines will be able to do that long haul.

These and many others were already basket cases for years and limping along badly wounded.

 

[HS-TQE]

Thai and Malaysian are also (majority) Gov't owned.

If they're considered as "essential" over there, TG and MH will also get a Gov't funded "bailout", and will likely emerge as smaller carriers after the bailout.

 

[SeaWolf]

https://links.sgx.com/1.0.0/corporate-announcements/6YIBPGKC4QA0YG8M/Rights%20Issue%20Launch%20Announcement%20.pdf

Thanks for posting, though I've got to confess after having had a look at it, I don't really know what this means. It's all written in quite technical language.
I think what it's getting at is that the company is issuing a raft of new shares in an attempt to raise more capital so that they have more cash to ride this out with. Is that about right?

 

[Matt_01]

It seems the general consensus is to jump ship to KF. I have just over 200,000 VFF points. I'd like to hold out, but something is telling me that if the more experienced flyers here are jumping to KF, perhaps i should be seriously considering this action too.

It is not so much a matter of "more experienced flyers here are jumping to KF" it is about how you want to use your points. There would be many that use VA points for domestic upgrades, redemptions and general shopping. I move my VA points to KF to top up my account in order to redeem flights. If the VA points are not enough my fall back is either hotel points or AMEX. If you move your points to KF without a clear plan in mind it may not be the best option, work out what is best for you and go with that.

 

[jazza1971]

I just transferred all my 750k+ points to Krisflyer....maybe VA will survive this whole mess....but I am not going to lose a truckload of points like I did with Ansett...If VA continue to fly well I guess I will just start the grind again

 

[ozstamps]

Same story as me. Ansett was my steep learning curve. Only fools make the exact same mistake twice in life.

Most of Flyertalk back then were Ansett groupies, and could never see or believe the sky was falling. BIG error. We all lost the lot. Many here are probably in the same bag - younger, less experienced in the fickleness of Flyer Plans, and have crossed their fingers.

Having a million plus Velocity points, if Virgin do not fly International *** IF *** they emerge from this, is pointless to me.

If I want to fly to ADL I'll pay someone that $100 cost. (And HOPEFULLY get some Virgin miles, if they survive)

If I want a free award biz ticket in pointy end SQ, I'll contact them now.

 

[Bell21]

I'm torn on this debate. I want to support VA and really hope they survive - I like travelling VA more than QF domestically and like how VA is more accommodating re reaching Gold.

However, when flying internationally, I have to agree with @ozstamps, as other than a small stash in QFF and VFF, one way or another (whether via AMEX, Dragon or VFF), most of my points end up in KF, mainly because I can regularly get J availability for multiple seats on a range of routes at the busiest times of year.

On that basis, I moved my remaining 100K VFF points over to KF, although I am waiting on a refund of a slightly smaller amount from a cancelled VA/Delta J flight which I'll probably leave in VFF to hedge my bets. Hopefully, VA survives and let's all hope SQ doesn't come back too compromised (as I now have a decent pile of KF points thanks to a few cancelled J flights to Europe!)

 

[Maccaj73]

Guys regarding the 18 Month expiry of Krisflyer accounts, surely the transfer of points is counted as activity and extends this?????!

 

[get me outta here]

Guys regarding the 18 Month expiry of Krisflyer accounts, surely the transfer of points is counted as activity and extends this?????!

Are you taking about the account or the points? If the points, Sadly no. Three years, and you can extend them for I think it’s six months by buying a few at not a bargain price.

 

[Maccaj73]

So If I transfer the points today they will last 18 months from when they enter the account...... to keep the actual account (membership) active on the account (actual flight) needs to have taken place in the last 3 years is that correct?

 

[get me outta here]

Once the points are in your account they will need to be spent within three years. Each tranche of points you move will be valid for three years. A random transfer does not start the clock again. The rest of what you say I don’t quite follow.

So If I transfer the points today they will last 18 months from when they enter the account...... to keep the actual account (membership) active on the account (actual flight) needs to have taken place in the last 3 years is that correct?

 

[davidj]

If one books a Etihad or SIA flight on VA paper, and VA does under, is the flight safe as the operating airline is okay? Or because the ticketing airline has gone bust the ticket is worthless?

 

[ozstamps]

If one books a Etihad or SIA flight on VA paper, and VA does under, is the flight safe as the operating airline is okay? Or because the ticketing airline has gone bust the ticket is worthless?

It depends on the carrier. And clearly depends on WHEN it is made for.

Partner does not get *PAID* until you take the relevant flight - AFAIK.

Ticket is on VA ticket stock.

If flight is Xmas, and VA goes down the plughole by June 30, which is my sad but firm view, why on earth would another carrier take you to London in Biz Class 6 months later, if they will not get paid?

As you will see if you had read other posts here, many of us - me included, had same scenario when Ansett folded. Long haul tickets on UA/SQ/TG/LH were sometimes honoured, and sometimes not. Mostly not. Was up to each carrier.

 

[Mr H]

So If I transfer the points today they will last 18 months from when they enter the account...... to keep the actual account (membership) active on the account (actual flight) needs to have taken place in the last 3 years is that correct?

There are two forms of expiry.

KrisFlyer miles expire after three years. As has been said, you can extend them for 6 months, but only by paying a hefty fee to do so.

KrisFlyer accounts that remain dormant for 18 months will be closed and points lost. Therefore, you need to put a point in or take a point out every 18 months or you'll lose your miles before they get a chance to become 3 years old. This can be done by flying, transferring from some credit cards, transfer from VA, moving a few miles back to VA and back into SQ.

I would expect to spend my Velocity points on Star Alliance flights anyway, so transferring to SQ just means I set that three year clock ticking now. I see it as a small risk. But given there are limited ways to earn new KrisFlyer miles, and especially if the link with Velocity ceases, there is a risk that I could be left short of the miles needed for a redemption with no way to accrue them.

 

[get me outta here]

Informative. There are ways to transfer to SQ other than VA, Amplify for example.

Snip ...especially if the link with Velocity ceases, there is a risk that I could be left short of the miles needed for a redemption with no way to accrue them.

 

[Scr77]

There are two forms of expiry.

KrisFlyer miles expire after three years. As has been said, you can extend them for 6 months, but only by paying a hefty fee to do so.

KrisFlyer accounts that remain dormant for 18 months will be closed and points lost. Therefore, you need to put a point in or take a point out every 18 months or you'll lose your miles before they get a chance to become 3 years old. This can be done by flying, transferring from some credit cards, transfer from VA, moving a few miles back to VA and back into SQ.

I would expect to spend my Velocity points on Star Alliance flights anyway, so transferring to SQ just means I set that three year clock ticking now. I see it as a small risk. But given there are limited ways to earn new KrisFlyer miles, and especially if the link with Velocity ceases, there is a risk that I could be left short of the miles needed for a redemption with no way to accrue them.

When you make a redemption, do they automatically use the oldest points?

 

[Mr H]

Informative. There are ways to transfer to SQ other than VA, Amplify for example.

Yes, and I have an ANZ Rewards card that will transfer into KF. But the earn rate is rather slow and there aren't that many cards that transfer to SQ with great sign up offers. It just seems to be easier to get VA points. I have managed to get 120k in the past year without really trying - plus another potential 60k from ANZ Rewards if I chose to redeem them.

As I say, that's in a year where my focus has been on earning QFF points.

When you make a redemption, do they automatically use the oldest points?

Yes