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..?

 

[Zanzara]

Will they try and spin Velocity off as a going concern and link it to other airlines in the future? Even if VA goes belly up, the FF scheme may survive, in some other shape and form, but not as we currently know it.

 

[kyle]

Anyone here ordered an Airfryer (or other items fulfilled by Popink)? It's taking much longer than Harvey Norman.

 

[TheInsider]

I am more worried about the thousands in travel bank assuming they go into administration.

Credit Card chargeback is kinda the solution.

 

[jakeseven7]

I had already transferred many of my Velocity points to KrisFlyer last month (as I regularly do - I find KrisFlyer a better program for my needs in general). But I was left with some Velocity points still in my account after those transfers were suspended due to an award booking refund.

It gives me no pleasure to say that I've now redeemed the leftover points for some wine and a gift card. I can't believe it's come to that, but at least I'll get something for them.

I don't think anyone has enjoyed redeeming points left trapped in Velocity. I certainly didn't either.

 

[Mattg]

Will they try and spin Velocity off as a going concern and link it to other airlines in the future? Even if VA goes belly up, the FF scheme may survive, in some other shape and form, but not as we currently know it.

We've seen that with a few other frequent flyer programs in the past, in cases where they were majority-owned by a third party other than the airline (which Velocity is not). But it rarely ends well.

A recent example I can think of is Airberlin's topbonus program, which continued operating for a while after Airberlin became insolvent. But there were no longer any flights to redeem the miles for, and they completely changed the program so that redemptions were almost worthless.

Another example would be the JetPrivilege program of Jet Airways (defunct since 2019), which kept operating and later rebranded as Inter Miles - Jet Privilege’s frequent flyer programme to be rebranded as Inter Miles – Business Traveller

 

[deebens]

Anyone here ordered an Airfryer (or other items fulfilled by Popink)? It's taking much longer than Harvey Norman.

Yep, ordered two things on the 7th. Haven't moved from pending.

 

[Rangalad]

Ditto.
Also have a delayed baggage claim.
No acknowledgment.

 

[maccaisking]

MrsMac received this today, strangely I didn’t? Paragraph 3 in particular looks like some nice words which mean nothing.

Dear MrsMac It’s been a tough month for all of us, especially those of us who love to travel and are now required to stay at home due to travel restrictions – which have been a difficult but necessary decision for governments around the world. We want to thank you for your continued support and understanding as the Virgin Australia Group navigates through these challenging times. Despite the current circumstances, Virgin Australia is still operating some domestic and charter services to transport essential workers, cargo, and return Aussies to their home state, as well as working with the Government on repatriation flights to bring Aussies back from overseas. In these uncertain times, we understand you may have concerns about frequent flyer programs. That’s why we thought it was important to share with you that Velocity is set up in a way that safeguards member value by having a trustee that looks after the interests of members. Whilst most of Virgin Australia’s fleet is grounded, Velocity is continuing to operate along with our almost 90 partners and 300 brands (which you can find here). We continue to support these program partners and their employees as they too focus on overcoming the challenges brought about by coronavirus. Please stay safe and thank you for your continued loyalty. Kind regards, Velocity Frequent Flyer​

 

[Mattg]

MrsMac received this today, strangely I didn’t? Paragraph 3 in particular looks like some nice words which mean nothing.

I also got that email.

Does anyone know what the third paragraph actually means?

In these uncertain times, we understand you may have concerns about frequent flyer programs. That’s why we thought it was important to share with you that Velocity is set up in a way that safeguards member value by having a trustee that looks after the interests of members.

 

[hydrabyss]

I also got that email.

Does anyone know what the third paragraph actually means?

I believe it means you can got to sleep tonight without any worries.

 

[Mattg]

I believe it means you can got to sleep tonight without any worries.

Well, that's what Velocity would like us to believe.

But what does it actually mean? Specifically?

 

[TheInsider]

Well, that's what Velocity would like us to believe.

But what does it actually mean? Specifically?

Complete fluff, smoke and mirrors and roundabouts!

Virgin Australia considers going into administration as Labor calls for government rescue

The grounded airline is in a trading halt after hiring insolvency and turnaround experts amid the coronavirus crisis

www.theguardian.com

 

[deebens]

I also got that email.

Does anyone know what the third paragraph actually means?

LOL that's usually the paragraph a fund manager uses when they're suspending redemptions to "protect the value of your investment"

 

[SOPOOR]

Complete fluff, smoke and mirrors and roundabouts!

Virgin Australia considers going into administration as Labor calls for government rescue

The grounded airline is in a trading halt after hiring insolvency and turnaround experts amid the coronavirus crisis

www.theguardian.com

if that second source is true and credible, seems like the final nail in the coffin

 

[henleybeach]

I transferred 400k to Singapore KrisFlyer just before the closure. I Had 135k points roll in yesterday from a refund which I just bought some wine, coffee machine and a $200 good food voucher. Never thought I’d be “one of those people” .
Airlines will be very different once this over. Sad times

 

[ekys]

Argh I missed the boat on SQ transfer.
What are the besy options still available?

 

[TheInsider]

Argh I missed the boat on SQ transfer.
What are the besy options still available?

JB vouchers or alcohol or keep the points in case everything is okay with VA medium term!

 

[Dr Ralph]

What are the besy options still available?

Prayer.

 

[maccaisking]

Prayer.

I’ll try prayer. Currently status is pending!

 

[AustraliaPoochie]

I Had 135k points roll in yesterday from a refund which I just bought some wine, coffee machine and a $200 good food voucher.

I cross my paws in hope your items do come.