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]

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

Who owns the shares is meaningless when the company goes bankrupt and no one has points anymore.

The risk is yours to take. We've seen this pattern before. Too much risk for me.

Happy with this for my points via gift card option, now ordered will cost me around $350 in what I 'paid' for the points:

Samsung Series 6 Q60 75" 4K UHD QLED TV

With The essential QLED with incredible colour, SAMSUNG provide a great product at a great price. Grab a bargain on one today at JB Hi-Fi

www.jbhifi.com.au

 

[flyingjabiru]

Question, if you move points from Velocity to KF and everything works out for the good, can you move the points back into Velocity and at what penalty?

 

[Dr Ralph]

Question, if you move points from Velocity to KF and everything works out for the good, can you move the points back into Velocity and at what penalty?

The answer is yes. The penalty was discussed earlier in this thread:

Is it Time to transfer/withdraw points from Velocity?

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...

www.australianfrequentflyer.com.au

 

[bcworld]

Question, if you move points from Velocity to KF and everything works out for the good, can you move the points back into Velocity and at what penalty?

The conversion rate is again 1.55:1

100k VA > 64.5 KF > 41.5 VA (big penalty)

 

[AisleSeat]

Who owns the shares is meaningless when the company goes bankrupt and no one has points anymore.

The risk is yours to take. We've seen this pattern before. Too much risk for me.

Happy with this for my points via gift card option, now ordered will cost me around $350 in what I 'paid' for the points:

Samsung Series 6 Q60 75" 4K UHD QLED TV

With The essential QLED with incredible colour, SAMSUNG provide a great product at a great price. Grab a bargain on one today at JB Hi-Fi

www.jbhifi.com.au

Just don't connect it to the internet or you'll be seeing ads on the home screen.

 

[jpp42]

Has anyone received the gift cards ordered yet..? I’m about to pull the trigger on 400k on jbhifi gift cards...

I received my gift cards ordered on 19 March, on Friday 27 March. This seems a reasonable turnaround time given the situation. (Sorry for posting late about this.)

Good point about watching over the solvency of JB, Kathmandu, etc. For the time being these shops will operate online at least, even if shopfronts close due to new lockdown rules.

 

[rapitts]

I think the government will agree to some sort of bail out, its partial to blame for the current suitation as regards to travel restrictions but with strings attached.

Why would'nt it either, better credit terms on offer than it would get on the world market.

Post Covid 19 will see a large increase in domestic and maybe international air traffic as everyone who can afford it will take a holiday !!!

I would expect international traffic would take a few months longer to develop due to travel restrictions that would stay in place which is ultimately good for the economy.

 

[mrmerc500]

Here’s to giving VA some love, the people that have made the airline culture are truely amazing!

Don't Stop Believin'

Virgin Australia staff perform dance to Don't Stop Believin' to mark final international flight before grounding

Virgin Australia staff have marked the departure of the airline's last international flight with a dance routine.

www.traveller.com.au

 

[PDog]

Just scooted over 200k velocity points, leaving me with a balance (post refund of cancelled flight) of about the same.
feel kinda disloyal :-(

 

[westsurf]

Can I book tickets In other people’s name with KrisFlyer points?

IE - Can I book a flight for my wife with my points? Or does she need her own KrisFlyer account?

sorry if it’s a silly question.

 

[NoName]

Can I book tickets In other people’s name with KrisFlyer points?

IE - Can I book a flight for my wife with my points? Or does she need her own KrisFlyer account?

sorry if it’s a silly question.

Yes you can. You can have up to 5(?) redemption nominees who you can book for.

 

[westsurf]

So essentially best to transfer all points to my KrisFlyer account?

 

[BudgetFly]

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..?

I took mine out (transfer to Singapore airlines, Krisflyer) as soon as I heard the Virgin hooha on the news. I also took my few hundred dollars out of my Velocity debit card. Happy to be over cautious!

 

[Bibendum]

So essentially best to transfer all points to my KrisFlyer account?

While you still can, yes

 

[westsurf]

Got an error saying Krisflyer account status won't allow transfer? Yet I can log into my Krisflyer account.

 

[Mr H]

Got an error saying Krisflyer account status won't allow transfer? Yet I can log into my Krisflyer account.

Have you linked the accounts at both ends?

 

[westsurf]

Have you linked the accounts at both ends?

Didn't know I had to ... will investigate that on Singapore end.

Where is that done?

 

[Mr H]

Didn't know I had to ... will investigate that on Singapore end.

Where is that done?

Go to your KrisFlyer account
Open your profile
Go to Partner Programs
Enter your VA account and confirm the link

 

[westsurf]

Go to your KrisFlyer account
Open your profile
Go to Partner Programs
Enter your VA account and confirm the link

Well I tried and then got an error that I had another Kris flyer account linked to my velocity number. Scoured through emails and found details for an old Kris flyer account that I had forgotten. Logged in ... found it was linked to my current velocity card. Deleted it.

Now more recent Krisflyer account gives error that another Krisflyer account is linked to my velocity number.

I guess I'll have to wait for a time period for it to be cached out as such.

Ughhhh ... nothing seems easy at the moment.

 

[AIRwin]

@westsurf you'll need to call them which is what a number of us have reported doing...