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..?

 

[Doctore1003]

I blew 180k points on booze last Friday (1 point = 0.625 cents so it’s better value than GVs) and the order still hasn’t been filled. Used the chat feature and unsurprisingly was told they have stock issues and are 3-4 days behind on processing orders. Fingers crossed ...

 

[ojm]

I blew 180k points on booze last Friday (1 point = 0.625 cents so it’s better value than GVs) and the order still hasn’t been filled. Used the chat feature and unsurprisingly was told they have stock issues and are 3-4 days behind on processing orders. Fingers crossed ...

Just got an email on my booze order made on Sunday (though I only blew 150k points though you booze hound ):

Dear OWEN,
Due to an unprecedented demand, we are experiencing a delay in shipping your order. We apologise for the hold up.
We are working closely with our cellar and delivery partners to have all orders moving as quickly as possible and we anticipate your order will ship within the next week.
If you have any other queries related to your order, you can speak to one of our Customer Service team on 1300 241 080 (Mon – Fri 8am-6pm AEST) or email us at [email protected].
Cheers,
Velocity Wine Store by Laithwaite's Team

 

[Doctore1003]

Just got an email on my booze order made on Sunday (though I only blew 150k points though you booze hound ):

Dear OWEN,
Due to an unprecedented demand, we are experiencing a delay in shipping your order. We apologise for the hold up.
We are working closely with our cellar and delivery partners to have all orders moving as quickly as possible and we anticipate your order will ship within the next week.
If you have any other queries related to your order, you can speak to one of our Customer Service team on 1300 241 080 (Mon – Fri 8am-6pm AEST) or email us at [email protected].
Cheers,
Velocity Wine Store by Laithwaite's Team

Yes just got the same!
Without those three cases of wine and five bottles of whisky my Easter weekend supply is looking a bit lean

 

[SOPOOR]

Just got an email on my booze order made on Sunday (though I only blew 150k points though you booze hound ):

Dear OWEN,
Due to an unprecedented demand, we are experiencing a delay in shipping your order. We apologise for the hold up.
We are working closely with our cellar and delivery partners to have all orders moving as quickly as possible and we anticipate your order will ship within the next week.
If you have any other queries related to your order, you can speak to one of our Customer Service team on 1300 241 080 (Mon – Fri 8am-6pm AEST) or email us at [email protected].
Cheers,
Velocity Wine Store by Laithwaite's Team

I just received that too

 

[RaGH]

What's the thoughts on redeeming award flights on either Singapore or Etihad metal for next year as late as possible? If Virgin go under the booking will then be handled by the other carriers? Odds on then being able to move the dates if travel restrictions still exist (optimist in me is thinking we should be out of it by Feb/Mar next year). I don't really need more alcohol or a bunch of gift cards.

Also annoyed I missed the KF transfer window. I was going to do a bunch of 'housekeeping' over this long weekend.

 

[SOPOOR]

Any people think today's announcement of virgin stopping all domestic flights Just part of dealing with covid or its another step towards going under?

 

[Scr77]

What's the thoughts on redeeming award flights on either Singapore or Etihad metal for next year as late as possible? If Virgin go under the booking will then be handled by the other carriers? Odds on then being able to move the dates if travel restrictions still exist (optimist in me is thinking we should be out of it by Feb/Mar next year). I don't really need more alcohol or a bunch of gift cards.

Also annoyed I missed the KF transfer window. I was going to do a bunch of 'housekeeping' over this long weekend.

Come on people.....We are a very helpfully bunch, but please read the last few of pages of a thread before asking the same question.

As others have mentioned, Virgin pays for your fight with a partner carrier, when you take it. If virgin isnt here, there’s a good chance that the partner airline won’t be honouring the ticket.

 

[tomlee1986]

Any people think today's announcement of virgin stopping all domestic flights Just part of dealing with covid or its another step towards going under?

This does not look good to be honest

 

[RaGH]

Come on people.....We are a very helpfully bunch, but please read the last few of pages of a thread before asking the same question.

As others have mentioned, Virgin pays for your fight with a partner carrier, when you take it. If virgin isnt here, there’s a good chance that the partner airline won’t be honouring the ticket.

Apologies for the double or triple asking of the same question. I read the first few pages and the last few, but not all 24. Thank you for replying though.

The information on when Virgin pays is what I was effectively asking. I for some reason assumed it was at the time of booking rather than at the time of travel. I guess booking an award flight is a big dice roll .. Then comes the other question of when/if will we ever be able to travel again.

 

[jase05]

Any people think today's announcement of virgin stopping all domestic flights Just part of dealing with covid or its another step towards going under?

No point flying empty aircraft.
With the current restrictions no one is flying.

 

[kyle]

Data points for those waiting for goods or gift cards in VIC:

Ordered Coles gift cards on 31/3, delivered yesterday 9/4 by registered post.

Ordered Dyson on 2/4, scheduled to arrive on Tuesday 14/4

 

[jase05]

Data points for those waiting for goods or gift cards in VIC:

Ordered Coles gift cards on 31/3, delivered yesterday 9/4 by registered post.

Ordered Dyson on 2/4, scheduled to arrive on Tuesday 14/4

Allow about an extra week for deliveries currently. Massive freight backlog that will take a couple of weeks to clear up

 

[Rembrandt]

I have 80K Velocity points now due to using 120K points late last year. I will take the risk and leave the 80K in there. I can understand people panicking about loosing points and either transferring or redeeming them. However, it's just going to make the situation at VA worse and we don't want to potentially be left with just Qantas. I'm confident that the federal government will help VA and Rex as it's not in the national interest to have a domestic airline industry completely dominated by Qantas. If Both VA and Rex collapse it will be many years before someone enters the market here to compete with Qantas.

VA will most certainly sell off Velocity once things start to pickup economically. This doesn't mean a loss of points, just another company owning and managing the Velocity FF program.

 

[AIRwin]

VA will most certainly sell off Velocity once things start to pickup economically.

But it was just recently bought back...

 

[Must...Fly!]

But it was just recently bought back...

For $750 million in debt. The worst timing ever, and not their fault at all (though whether it should have been partially sold off at the time is another argument)

 

[TheInsider]

I have 80K Velocity points now due to using 120K points late last year. I will take the risk and leave the 80K in there. I can understand people panicking about loosing points and either transferring or redeeming them. However, it's just going to make the situation at VA worse and we don't want to potentially be left with just Qantas. I'm confident that the federal government will help VA and Rex as it's not in the national interest to have a domestic airline industry completely dominated by Qantas. If Both VA and Rex collapse it will be many years before someone enters the market here to compete with Qantas.

VA will most certainly sell off Velocity once things start to pickup economically. This doesn't mean a loss of points, just another company owning and managing the Velocity FF program.

Velocity was just bought back recently by VA. If the airline fails, then the velocity points will be useless and worthless. That's why there are so many warnings at the moment to use them up asap.

 

[Rembrandt]

Question: I am personally in favor of dropping the Virgin name and VA morphing into a refreshed Aussie brand (to keep the Qantas coughs honest).

I don't think a rename will occur unless Virgin sells off it's share in the company (roughly 10% from memory). Virgin is a strong international brand and if VA does survive they wont want to be spending money on rebranding.

 

[Rembrandt]

Velocity was just bought back recently by VA. If the airline fails, then the velocity points will be useless and worthless. That's why there are so many warnings at the moment to use them up asap.

Huh ok, crikey, I don't recall seeing that in the news about Velocity being bought back. I can only recall last year news stories about it being sold off. Anyway I did a search for confirmation. There is still a chance they could sell off the program. Seems like the purchase back of Velocity was poor timing due to what has now occurred with Covid-19.

I understand why people are panicking, especially if they have hundreds of thousands or millions of points. However, it's not helping VA or any other airline for that matter get through these difficult times. I'm guessing Velocity would have money put aside to pay out points for points transfers and redemption's, but have now put restrictions in place, just like the banks would do if everyone did a run on the banks for their money. There is only so much pressure they can take.

 

[BB197]

Betoota Advocate with the finger on the pulse

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[jakeseven7]

Betoota Advocate with the finger on the pulse

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Unfortunately the run on VA points is now mainstream media. It’s everywhere. Social media, everything.

They are really stuck right because Velocity is still pulling in some cash and well as haemorrhaging it with the panic redemptions!

If they stop redemptions or put even more restrictions on them then they currently have, partners will start dropping them because earning points will be seen as useless. So it’s a vicious balance they have to strike....