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..?

 

[travelislife]

Argh, not sure what to do here. Have about 180k. It just goes against my FF brain to use them for anything other than flights!

 

[hydrabyss]

Argh, not sure what to do here. Have about 180k. It just goes against my FF brain to use them for anything other than flights!

Which ever way you go in 3-6 months time you should know if you made the right decision.

 

[travelislife]

Which ever way you go in 3-6 months time you should know if you made the right decision.

Haha.

 

[Must...Fly!]

It sounds like you would prefer they collapse and in turn make a local tourism rebound even more difficult. It's difficult times, not even VA could foresee this forcast 6 months ago. If this mess goes on for a year then Qantas will be in a very similar situation to what VA is in now, what then no domestic airlines?. We can only hope domestic flying is back in full swing in 3 months.

It is a relatively consistent theme from that poster. Nothing wrong with that opinion but be up front at least as to any conflict of interest.

 

[TheInsider]

It is a relatively consistent theme from that poster. Nothing wrong with that opinion but be up front at least as to any conflict of interest.

Hmmm right. Thanks. Especially since I rarely post on VA stuff.
I have many close people to me that are with VA.

 

[Nathant123]

I’ve seen a couple of ‘decent’ deals on purchasing points with Etihad and American Airlines recently. I guess it’s a good way for airlines to make instant cash when their planes aren’t in the air. Never really looked into it and I’ve always had the idea that it’s bad value. I did read an article when it made sense to purchase Hilton points so there’s probably a way to maximise purchased airline points but during these extraordinary times it would be a risk to be buying points when the airline might not exist tomorrow. I’m not just speaking about Virgin but any airline really. If this drags on long enough we might be surprised with who doesn’t pull through.

 

[jakeseven7]

I’ve seen a couple of ‘decent’ deals on purchasing points with Etihad and American Airlines recently. I guess it’s a good way for airlines to make instant cash when their planes aren’t in the air. Never really looked into it and I’ve always had the idea that it’s bad value. I did read an article when it made sense to purchase Hilton points so there’s probably a way to maximise purchased airline points but during these extraordinary times it would be a risk to be buying points when the airline might not exist tomorrow. I’m not just speaking about Virgin but any airline really. If this drags on long enough we might be surprised with who doesn’t pull through.

VA should sell points at 50%-75% off that would bring some cash in? Maybe not right now but in a few months?

 

[jakeseven7]

Argh, not sure what to do here. Have about 180k. It just goes against my FF brain to use them for anything other than flights!

Don’t worry, every single person as they transferred to SQ (and saw the conversion loss) or as they cash out for Bose speakers or BBQs are thinking exactly the same thing!

 

[Must...Fly!]

Hmmm right. Thanks. Especially since I rarely post on VA stuff.
I have many close people to me that are with VA.

I wasn't trying to be rude, but I just notice a relatively consistent theme and recall your stated employment (or at least prior employment) with the flying kangaroo. I do appreciate your contributions to AFF so am not trying to be unnecessarily disparaging. I used to wear a VA uniform so I understand the links one forges, both personal and emotional.

 

[bcworld]

I’ve seen a couple of ‘decent’ deals on purchasing points with Etihad and American Airlines recently. I guess it’s a good way for airlines to make instant cash when their planes aren’t in the air. Never really looked into it and I’ve always had the idea that it’s bad value.

I've been buying points for years now...not so much in the last 2-3 though. It was at one time amazing value. However the main reason it would be terrible value now (notwithstanding the risk) is AUD. Almost all points I've purchased have been priced in USD. At today's exchange rate it's a no go, although the odd sweet spot might possibly still exist e.g. AA to Asia (from Australia).

 

[psi999]

Hopefully not adding fuel to the fire but just read this elsewhere, a comment that was allegedly made from a (senior) Velocity employee to a friend.

'get out whatever you can ASAP'

Sounds like further restrictions are coming.

 

[pauly7]

Hopefully not adding fuel to the fire but just read this elsewhere, a comment that was allegedly made from a (senior) Velocity employee to a friend.

'get out whatever you can ASAP'

Sounds like further restrictions are coming.

I think that is the definition of adding fuel to the fire...

 

[Dr Ralph]

Seems we've drawn the attention of the main stream media. Shame it's now too late for most people to act in any meaningful way:

Qantas and Virgin frequent flyer points: Everything you need to know during coronavirus

What's all the fuss about airline points? How much are they actually worth? And what happens if the airlines go bust?

www.smh.com.au

I'm glad I heeded the AFF warnings weeks ago and acted then.

 

[Bct]

I have read in this thread people stating that they have received items even when status still pending. So does order status ever change? I started redeeming gift vouchers and items six days ago and all are still pending and I have received no confirmation emails (and not in spam folder).

 

[Dr Ralph]

I have read in this thread people stating that they have received items even when status still pending. So does order status ever change? I started redeeming gift vouchers and items six days ago and all are still pending and I have received no confirmation emails (and not in spam folder).

Status will (eventually) change.

 

[tomlee1986]

Hopefully not adding fuel to the fire but just read this elsewhere, a comment that was allegedly made from a (senior) Velocity employee to a friend.

'get out whatever you can ASAP'

Sounds like further restrictions are coming.

I have a feeling more redemptions soon as this virus may last deep into winter

 

[pauly7]

Seems we've drawn the attention of the main stream media. Shame it's now too late for most people to act in any meaningful way:

Qantas and Virgin frequent flyer points: Everything you need to know during coronavirus

What's all the fuss about airline points? How much are they actually worth? And what happens if the airlines go bust?

www.smh.com.au

I'm glad I heeded the AFF warnings weeks ago and acted then.

I think it’s far bigger than AFF although I’m sure some would like to take the credit

I think people have naturally reached the same conclusion about Virgin and that was shared all over traditional social media - it’s been popping up in my feed for weeks.

The simple narrative means people act:

1) Very well known and often publicised VA loses money, performs financially poorly over many years - common fact
2) VA grounded
3) VA wants money from the government (Could they be going broke?)
4) Wait don’t we have Virgin points? Yes, quick let’s get some speakers, gift cards
5) Done, quick let’s tell Aunty Betty and Neighbour Joe as well they fly Virgin
6) Add social media
7) Add mainstream media
8) Done

 

[Bct]

I have a feeling more redemptions soon as this virus may last deep into winter

Ok thanks. I will finish redeeming all my points over the next three days.

Post automatically merged: Apr 11, 2020

Status will (eventually) change.

Ok thanks.

 

[pauly7]

I have read in this thread people stating that they have received items even when status still pending. So does order status ever change? I started redeeming gift vouchers and items six days ago and all are still pending and I have received no confirmation emails (and not in spam folder).

There are so many threads on Virgin, but I’m sure someone posted they never got any emails, remained as pending but all of their orders turned up about 10 days later... so fingers crossed for you.

 

[Dr Ralph]

I think it’s far bigger than AFF although I’m sure some would like to take the credit

I think people have naturally reached the same conclusion about Virgin and that was shared all over traditional social media - it’s been popping up in my feed for weeks.

The simple narrative means people act:

1) Very well known and often publicised VA loses money, performs financially poorly over many years - common fact
2) VA grounded
3) VA wants money from the government (Could they be going broke?)
4) Wait don’t we have Virgin points? Yes, quick let’s get some speakers, gift cards
5) Done, quick let’s tell Aunty Betty and Neighbour Joe as well they fly Virgin
6) Add social media
7) Add mainstream media
8) Done

Seems you may not have read the article before posting. AFF is specifically referenced/linked to the content of the article, hence my statement that we had made the main stream media. I could care less about who is credited as the original source of discussion.