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..?

 

[firstclasser]

I’ve got a stash of 700k points. I’ve been deliberating about whether to cash out or not for the last month.
Transferring to KF is not an option cause I already have about 400k points there, and given the expiry and my travel intentions there is no point (pun intended).
The next best option is I can transfer all for a $3500 JB HIFI gift card, but really I’m willing to gamble that and hedge my bets on VA surviving. The government needs two airlines to be in business for competition sake, and if it comes to it they will bail out VA, at least thats my thought on the situation.
At the end of the day, $3500 is not going to be a game changer for me, but many paid for business reward flights will be much more valued and appreciated.
Here’s to VA surviving!!!!

 

[amaroo]

I see VA the same as these foreign cruise ships parked off our coast. We have evacuated our people - what else is there to do? Have a look at the treatment our people are receiving around the world - almost zip, nothing - take a look at South America.

Just like Australian cruise passengers parked off our coast - all VA Australian workers will be supported, the actually foreign part needs to fend for themselves. NSW PS & the WA Gov have made it clear these ships are not welcome - what's the diff?

Post automatically merged: Apr 1, 2020

You still have not supplied any information of facts that VA


Still no facts or information that VA won't survive and will be bankrupt, despite indicating and saying it in diffeerent threads.

I take it you can't find a single post....

 

[Xax]

I cashed in 80K points for $400 JB gift cards. I’m unlikely to earn or use points in the next 12 months, and I have 0 status. I also want a new computer so that will help. I figured: I could cash in, and if VA goes down, well I got those then. If VA survives, I can always earn again (And I still have GC!)

 

[Mogul]

I see VA the same as these foreign cruise ships parked off our coast. We have evacuated our people - what else is there to do? Have a look at the treatment our people are receiving around the world - almost zip, nothing - take a look at South America.

Just like Australian cruise passengers parked off our coast - all VA Australian workers will be supported, the actually foreign part needs to fend for themselves. NSW PS & the WA Gov have made it clear these ships are not welcome - what's the diff?

Post automatically merged: Apr 1, 2020

I take it you can't find a single post....

So you will have the same view when QF ask for a Government loan ?

You still have not provided any information or facts that VA are about to be bankrupt.

 

[amaroo]

So you will have the same view when QF ask for a Government loan ?

You still have not provided any information or facts that VA are about to be bankrupt.

To repeat....

1. I have not stated any view on QF ..... other than the many, many posts indicating that I believe every airline point / mile will be seriously neutered. The airline game has just changed, and it's not in favour of existing loyalty customers. Me included.

2. I never said it was. Clearly, VA management are indicating it is. You would have to be blind and totally ignorant to run a different story.

 

[Bell21]

I feel for you. We have 5x that with QF and KF, and even more than that warehoused with Amex and STG ..... really the whole game will be changing. There won't be a point or mile that isn't seriously neutered once we get to the other side of this thing.

You didn't ask, but I would transfer.

What's your take on why the game will change so much afterwards? On one hand, airlines will be so cash-strapped, that they will look to regain ground anyway they can, but on the other hand, they will want to encourage people to fly, but possibly the emphasis will be on cash fares rather than points?

After reading yesterday's news, I just can't see VA surviving - the government doesn't seem likely to step-in financially to prop VA up - it seems VA's unlikely hope is that somehow this pandemic abates more quickly than expected so it can get its planes up in the air again sooner - otherwise, it sounds like it will burn through its cash reserves too quickly - I'm not sure what impact, however, the Job Keeper / commercial lease / related stimulus changes will have to extend their cash reserves.

I'm torn on my personal situation - I REALLY want VA to survive and want to support them, but I have $1250 about to land in my VA travel bank that I'm pretty sure I could get back via charge back / travel insurance.

 

[serfty]

[MODERATOR HAT]

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[/MODERATOR HAT]

 

[amaroo]

So I've got a VFF balance a shade over 2M. Not really sure what to do, no real travel plans over the next few years so SQ transfer doesn't really appeal (recent sq21/22 killed my spirit lol). Do I let it ride or cash out for vouchers?. Probably leaning towards all in.... Anyone else with larger balances thinking the same or am I being stupid?

Take a look at today's AFR...

Virgin could be allowed to crash for new airline

The government has ruled out a bailout of the airline, and is likely to facilitate the entry of a new carrier into the domestic market if Virgin collapses.

www.afr.com

 

[jazza1971]

To me it's a pretty simple decision, either move your points to SIA or cash out for gift cards etc etc...or keep them in and hope that VA gets through this crisis, which is going to continue for a few more months at least... like i said in an earlier post, i got burnt losing a large sum of Ansett points and I wasn't going to let the same thing happen again. If VA gets through this then that is great, I'll just start building up the balance again. If they don't, then I have at least received reasonable value by transferring to SIA and I'll get a few J trips somewhere.

 

[Ausbt]

I've transferred 100% of my VA to SQ. Sufficient for 2 x J Europe returns + a buffer to cover a redemption chart table 'enhancement'. Let's hope its enough.

 

[grumio]

OK, that's it. After reading the Fin this morning, I've changed my mind, and cashed in almost my full points balance for JB gift cards. Could use a new phone I suppose.

On the one hand I still believe the govt would prefer to have 2 functional domestic airlines. But, they are either playing a very public game of chicken with VA over the terms a bailout, or they are planing to simply let it collapse, and hope the market will rebuild a second airline for them from the wreckage. Remembering this is the same administration that made a deliberate choice to stand back and collapse the local vehicle manufacturing industry not that long ago.

 

[ozjuice]

I've got points bookings in VA worth 200K VA points, Bookings in SQ worth 464K KFpoints but also converted 250K V points to KF just in case. More chance of using with SQ over 3 years and may end up getting those bookings refunded anyway.

My Spain trip in May looks doomed.

 

[AisleSeat]

This doesn't look as though it's going to end well.

I think I'll transfer over to KF. I had been saving up these VFF points for a little trip to celebrate my 40th in the next year, so don't want to lose them. The 3 year window is fine seeing as how I was going to use them up soon anyway.

And hey, if VA survives, as other have said, I'll just start right back up again.

 

[Zinger]

I just tried to transfer my Velocity points to KF.
Nothing would make me happier than for VA to survive and flourish, however I've been burnt before.
When I tried to transfer my points this happened.
I'm not sure if it's just another glitch on the usually very glitchy site or deliberate.
Perhaps someone will know.

 

[asterix]

I'm getting the same.

I am also waiting for Krisflyer to call me back as my Velocity membership is linked to an expired Krisflyer account. I spoke to someone, but he said he couldn't help me and would get someone to call me back. 700k point in VFF at the moment.

 

[lang_13]

I just tried to transfer my Velocity points to KF.
Nothing would make me happier than for VA to survive and flourish, however I've been burnt before.
When I tried to transfer my points this happened.
I'm not sure if it's just another glitch on the usually very glitchy site or deliberate.
Perhaps someone will know.
View attachment 211635

Hi. This happened to me recently. Have the points been deducted from your Velocity account?

 

[jpp42]

When Velocity points are transferred to KrisFlyer, does that mean Singapore Airlines makes a payment to the Velocity Rewards program? Does that actually mean a net cash positive for Velocity? If so, the promotion of this could actually help VA in this situation, and offset the losses from the redemption for gift cards?

 

[Zinger]

Hi. This happened to me recently. Have the points been deducted from your Velocity account?

No.
They are all still there.

 

[Must...Fly!]

When Velocity points are transferred to KrisFlyer, does that mean Singapore Airlines makes a payment to the Velocity Rewards program? Does that actually mean a net cash positive for Velocity? If so, the promotion of this could actually help VA in this situation, and offset the losses from the redemption for gift cards?

It's almost certainly the opposite way around, but as far as I know the details of the terms have never been made public.

 

[bcworld]

When Velocity points are transferred to KrisFlyer, does that mean Singapore Airlines makes a payment to the Velocity Rewards program?

I would imagine its the other way around. Velocity pays SQ for the points.