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..?

 

[westsurf]

Transferred mine on Thursday to Krisflyer ... felt bad doing it but believed it was the best decision. I guess that’s been vindicated now.

 

[stoney]

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 would act immediately if not sooner. I speak here from experience with Ansett, when NZ raped it and sent it broke I lost not only thousands of points but life membership.

 

[davidj]

Time to buy a lotto ticket

 

[DaveB]

We should have a lucky exit door prize of who redeemed their points last before the KF transfer was stopped.
I left my get out to 09:45 EST yesterday having set up the transfer account at 09:44.

 

[davidj]

I left my get out to 09:45 EST yesterday having set up the transfer account at 09:44.

10:33am est yesterday. Impeccable timing for us both.

 

[Nathant123]

I converted a while ago when I was initially planing on using some points to book a return trip to India via Singapore. Obviously that’s fallen through and I doubt I’ll be going anywhere this year. I know they have a 3 year expiry and whilst that initially didn’t worry me, I’m wondering now how long before things return to normal, and how long before international travel becomes unrestricted. I Also anticipate a lot of programs becoming devalued. Now I’m starting to think if it’s even worth pursuing velocity points. I predominantly use the velocity Amex and Coles flybuys MasterCard and still have ~360k points in flybuys..

 

[tomlee1986]

Do transfers between flybuys and velocity still work? I've noticed flybuys offers have decreased greatly which is surprising as I reckon Coles are making more money now than ever before.. but I suppose they don't want people to be making the minimum spend by bulk buying essentials that are hard enough to find.

It worked as of 5pm yesterday... transferred 8000 flybuys points to velocity to reduce some cost for an IPad

 

[jakeau]

It worked as of 5pm yesterday... transferred 8000 flybuys points to velocity to reduce some cost for an IPad

Still works, just made an instantaneous transfer from Flybuys to Velocity.

 

[beersandwich]

Seeing as Singapore is out of the question, Bose Soundbar + Bass has been ordered

 

[bellsux]

I got the points transferred to SQ at 1.30 pm est, it was only through reading this thread that made me act. I suppose the black metal platinum bag tag can now be retired in the shoe box next to the Golden Wing tag.

 

[westsurf]

I got the points transferred to SQ at 1.30 pm est, it was only through reading this thread that made me act. I suppose the black metal platinum bag tag can now be retired in the shoe box next to the Golden Wing tag.

Was one flight away from that ... cancelled due to Victorian shutdown.

Have to admit I am a bit pissed about not getting one after a year trying to achieve it.

 

[hydrabyss]

Was one flight away from that ... cancelled due to Victorian shutdown.

Have to admit I am a bit pissed about not getting one after a year trying to achieve it.

where you short on sectors or status credits or both

my partner is on 927sc but luckily has the sectors and till august

 

[Dane Charles]

Escaped with a very significant transfer last week and then another very significant amount at 3:41pm Yesterday (Fri)

Maybe it was me who spooked them

Felt bad doing it so I am left with enough for 30 or so gift cards. Wondering if I should set up some kind of bot to draw down my balance one per day or whether I just wait it our and cross my fingers..

 

[HS-TQE]

An analysis on why VA had stopped Velocity to Krisflyer transfers by Chris Chamberlin (of ET). Follow the thread in twitter for a more in-depth commentary from Chris.

https://twitter.com/x/status/1246244352516427776

 

[ozstamps]

I transferred over 3 times that 200K SQ, my partner a lot too, and many others will have too, so his figures may not be too fanciful. And many had balances many times ours.

The writing has been on the wall for weeks now, to all with eyes.

 

[hydrabyss]

I transferred over 3 times that 200K SQ, my partner a lot too, and many others will have too, so his figures may not be too fanciful. And many had balances many times ours.

The writing has been on the wall for weeks now, to all with eyes.

Helped by people who claim they don't panic.

As I have mentioned before there are only so many life rafts.

 

[Bct]

Does this also mean that all Velocity redemptions for rewards is also draining the cash reserves?

 

[TheInsider]

Does this also mean that all Velocity redemptions for rewards is also draining the cash reserves?

Of course it would.

 

[kyle]

Have now nearly emptied the family's Velocity pool except for about 20K into goods and gift cards. Nervous 14 day wait for delivery... One of the items, a Dyson, is coming from Harvey Norman I believe.

I really hope to see VA flying on the other side... I don't want to abide by QF's lounge dress code.

 

[Bagpuss]

Of course it would.

Have to remember when you are redeeming Velocity points for Virgin flights, Velocity isn‘t really paying Virgin that much for the flights.
For example I expect an economy seat Sydney - Melbourne is $15, in business probably $100. For Perth - Sydney in economy $40 and in business $150.