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..?

 

[Dr Ralph]

8 days on my JB HiFi gift card cash out is still 'pending'. I assume others are still waiting as well.

 

[Matt_01]

Sometime late last week VA have finally cancelled my redemption flight on SQ. Now just waiting for these to come back to the account, I think I read somewhere that this may take upto 3 weeks. When the points come back they will sent straight to KF for use directly with SQ.

 

[simcat]

I've just transferred another 500K to SQ, after originally doing 500K 2 weeks ago. I'm 'sticking' with VA to the tune of 330K . There was already plenty of bad financial press for VA prior to this pandemic so the risk of default is getting higher IMHO.

I will continue to watch and may yet transfer the rest out...

 

[Obi-run Kenobi]

I transferred 800k into SQ last week, leaving 100k in VA for my 'just in case' fund. I've now transferred that final 100k into SQ today.

I still have 3 x 20k VFF points coming over the next 3 months from my Velocity Flyer Visa. Now the race is on to transfer them as each one is credited to my account.

 

[ozstamps]

I still have 3 x 20k VFF points coming over the next 3 months from my Velocity Flyer Visa. Now the race is on to transfer them as each one is credited to my account.

 

[Richie312]

My gift card order went complete today, I ordered 8 days ago

 

[hydrabyss]

Is the picture in reference to those who chose gift cards running to the store to use them before the government shuts them down.

 

[Dr Ralph]

Time to panic!

'Virgin Australia goes into a trading halt after asking government for a $1.4billion loan to survive the coronavirus crisis'

Virgin Australia goes into a trading halt

The Australian airline, which was struggling financially before the pandemic, is expected to make an announcement later on Tuesday, after trading in the company was paused at 9.52am.

www.dailymail.co.uk

 

[Monya Meow Meow]

Having 350k points in my Velocity account, looks like it's almost time to play it safe

 

[ozstamps]

Standard and Poors rated Virgin Australia shares as Junk Bond status, and rated them CCC minus on weekend.

The Feds seem to have made it very clear there is no lifebuoy being thrown to them. It is a near wholly foreign owned business correct?

Seems like the trading halt is real -

virgin australia trading halt - Google Search

Only a matter of time as many have speculated that transfers to SQ will be ceased.

 

[Berrocca]

Reading the recent replies was enough for me to bite the bullet and transfer half a million points to Krisflyer.

I have to say, it kind of hurt seeing my balance go to zero....

 

[Obi-run Kenobi]

I have moved all of my points over to SQ now, so I've removed that concern. But I'm curious, why would VA put a halt on transferring to SQ? Does it cost VA actual $$ each time points are transferred? Or is it more a case of VA wanting to retain cash flow from award bookings should they survive?

 

[theblank]

Time to panic!
'Virgin Australia goes into a trading halt after asking government for a $1.4billion loan to survive the coronavirus crisis'

why panic? a trading halt for a company that is only 10% public is fairly meaningless.

 

[Chicken]

My gift card order went complete today, I ordered 8 days ago

You must have ordered very early. I heard that orders are still flooding in, and one part of that supply chain is still struggling with some of the physical stuffs with this (and I cannot tell you what those stuffs are even though I know what they are)

 

[Mile hi Si]

Trying to figure out what to do here as I'm fairly exposed....over 4m VA in the bank. I've been following the thread with interest obviously and thanks everyone for your valuable opinions.

With the latest cry for help to the govt, and the halt on share trading, I think it's now got the better of me. I love the ability to redeem to either SQ or EY, along with plenty of others in the group obviously, Hawaiin to the US etc, and don't like the 3yr time limit to redeem with SQ, but its the better of 2 evils really. VA has really been a safe haven up until now.

The problem I face is the ability to travel as often as I'd like with family commitments etc. I think I'd still like to leave half my points where they are for that reason but wondered if anyone could tell me if they've ever had any luck in J for more than 2 seats at a time? If not does anyone know if, once the 2 J are gone you can still book Business Advantage seats? I've only ever seen 2 at a time be released, but admittedly I've never needed more than that in the past. Not ideal but these are crazy times...

Thanks in advance

 

[NoName]

The problem I face is the ability to travel as often as I'd like with family commitments etc. I think I'd still like to leave half my points where they are for that reason but wondered if anyone could tell me if they've ever had any luck in J for more than 2 seats at a time? If not does anyone know if, once the 2 J are gone you can still book Business Advantage seats? I've only ever seen 2 at a time be released, but admittedly I've never needed more than that in the past. Not ideal but these are crazy times...

Thanks in advance

Assume you are asking about on SQ with KF miles? I booked 4x J savers LAX-SIN for January 2021 plus 3x J savers for SIN-BNE a few days later.

 

[Mile hi Si]

Yes I was. Okay thanks for that. Just trying to be strategic about the amount I transfer given the expiry of them. I The route is fairly popular (Syd to Western Europe, i.e. LHR, ZRH, CDG etc), so I'm also interested in the second question re Bus Advantage availability after the Savers are gone. Does anyone have any idea about that? Cheers

 

[Oxy]

Trying to figure out what to do here as I'm fairly exposed....over 4m VA in the bank. I've been following the thread with interest obviously and thanks everyone for your valuable opinions.

With the latest cry for help to the govt, and the halt on share trading, I think it's now got the better of me. I love the ability to redeem to either SQ or EY, along with plenty of others in the group obviously, Hawaiin to the US etc, and don't like the 3yr time limit to redeem with SQ, but its the better of 2 evils really. VA has really been a safe haven up until now.

The problem I face is the ability to travel as often as I'd like with family commitments etc. I think I'd still like to leave half my points where they are for that reason but wondered if anyone could tell me if they've ever had any luck in J for more than 2 seats at a time? If not does anyone know if, once the 2 J are gone you can still book Business Advantage seats? I've only ever seen 2 at a time be released, but admittedly I've never needed more than that in the past. Not ideal but these are crazy times...

Thanks in advance

I've managed to book 6x J class seats on the same SQ flights before, only as far as SGN though.

 

[Matt_01]

The problem I face is the ability to travel as often as I'd like with family commitments etc. I think I'd still like to leave half my points where they are for that reason but wondered if anyone could tell me if they've ever had any luck in J for more than 2 seats at a time? If not does anyone know if, once the 2 J are gone you can still book Business Advantage seats? I've only ever seen 2 at a time be released, but admittedly I've never needed more than that in the past.

Getting more than 2 J seats can depend on the route. I was able to get x3 J (saver) LAX-SIN-ADL but going SEA-SIN-ADL saver was not presented as an option, only advantage was available. From what I know even if the saver seats have gone the Advantage seats may be available. I just checked on the same flight LAX-SIN-ADL that I have x3 J saver seats, I could still book x3 J Advantage. Hope that helps.

 

[Mile hi Si]

Thanks for that Matt_01. yes I was thinking that I'd find dates that suit where I can book 2 in J and then do the 3rd in Advantage, then all bases are covered.. What a crazy time!