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]

Data point; my order placed on the 4th for an iPhone pro and a JB HIFI GC has had it’s status changed from ‘pending’ to ‘processing‘ at some point today.

 

[jakeseven7]

Data point; my order placed on the 4th for an iPhone pro and a JB HIFI GC has had it’s status changed from ‘pending’ to ‘processing‘ at some point today.

Wow is slowing down a lot... I hope all of us ‘penders’ don’t get screwed!

Post automatically merged: Apr 14, 2020

I’ll try prayer. Currently status is pending!

Sorry Velocity is now out of stock of prayers please choose a BBQ tong set

 

[firstclasser]

View attachment 214539

Wow is slowing down a lot... I hope all of us ‘penders’ don’t get screwed!

Post automatically merged: Apr 14, 2020

Sorry Velocity is now out of stock of prayers please choose a BBQ tong set

I still have 10 x $100 GCs in the pending stage myself

 

[jakeseven7]

View attachment 214539

I still have 10 x $100 GCs in the pending stage myself

When did you order out of interest? I am the same (well I placed orders for others)

 

[SOPOOR]

When did you order out of interest? I am the same (well I placed orders for others)

Mine are all 08/04 Pending

 

[firstclasser]

When did you order out of interest? I am the same (well I placed orders for others)

Everyday since the 4th (one a day)

 

[Supersonic Swinger]

It does seem to depend on the supplier - I cleared out my balance on the 3rd (Friday) for three products, two of which arrived on the following Monday, the last item (an Apple TV) only turned up today...

 

[Lomandriel]

Hi all. Abit late to the party. Saw this post around 24th march and kept it back of mind. Now the reality is virgin are in a trading halt and potentially administration is on the ropes - without reading through the 500 replies here to catchup can anyone advise Whats the best method currently working to get velocity points out? We never really used SQ and it seems now shut anyway... so is redeeming for gift cards the only way? Don't have a mind boggling amount of points anyway probanly 50 or 60k but still worth a few dollars here and there... would have liked to use it for flights until covid 19 killed this.

 

[Mattg]

Hi all. Abit late to the party. Saw this post around 24th march and kept it back of mind. Now the reality is virgin are in a trading halt and potentially administration is on the ropes - without reading through the 500 replies here to catchup can anyone advise Whats the best method currently working to get velocity points out? We never really used SQ and it seems now shut anyway... so is redeeming for gift cards the only way? Don't have a mind boggling amount of points anyway probanly 50 or 60k but still worth a few dollars here and there... would have liked to use it for flights until covid 19 killed this.

Well, until about 11 days ago you could transfer your Velocity points to the KrisFlyer program. This is no longer an option. And there are currently no Velocity reward seats available for travel on Virgin Australia flights.

You can still redeem Velocity points for gift cards and products from the Velocity rewards store (limit of one per day), wine from the Velocity Wine Store, or for reward flights on Velocity partner airlines (although this is obviously a bit risky, given we don't know when borders will re-open).

The best realistic current option appears to currently be wine from the Velocity Wine Store. You get 0.625 cents per Velocity point worth of value on any purchases, compared to around 0.5 cents per Velocity point for gift cards.

 

[Lomandriel]

Well, until about 11 days ago you could transfer your Velocity points to the KrisFlyer program. This is no longer an option. And there are currently no Velocity reward seats available for travel on Virgin Australia flights.

You can still redeem Velocity points for gift cards and products from the Velocity rewards store (limit of one per day), wine from the Velocity Wine Store, or for reward flights on Velocity partner airlines (although this is obviously a bit risky, given we don't know when borders will re-open).

The best realistic current option appears to currently be wine from the Velocity Wine Store. You get 0.625 cents per Velocity point worth of value on any purchases, compared to around 0.5 cents per Velocity point for gift cards.

Thanks Mattg - I did note the krisflyer program block... to be honest i dont' use them much and wouldn't know when we next use them so risking expiry wasn't worth it. TO me I kind of left it from march 24th and got stuck into work upon returning home from overseas so abit last minute panic to work something out.

I thought i only had a good 60k points but i've got about 169k points - which is a sizable sum to me to go down the drain. I presume per the old Amex ozbargain style 'valuation' when selling, that 1c/point was a rough value - so $1.7k. But it appears that it is considerably less as you mentioned with 0.5c/gift card or 0.625 /wine. I noted a Jim barry mixed dozen wine is $318 or 50,880 points so indeed 0.625c/dollar. Have gift cards and wine always been at these conversion rates? or have these been jacked up with the recent mass exodus? Curious if qantas is also a similar rate... and whether to pre-empt move out there too.

Really regretting now as i closed my amex before the point changes back in March 19... 120k points came in (which is probabyl why i thought i still had 60k or less points) - all that Amex work building a point balance. I'll be darned if it goes down the drain =/


That said - the wine store has 'delays' shipping due to demand. Is the wine still more likely to get fulfilled and redeemed versus gift cards? How about physical goods - are those the longest times people are experiencing to redeem? Could do with an electric drip coffee machine or the nespresso, or even a dyson stick (first time for everything?) - but if these are going to be ridiculously long fulfilling times I'd rather take my points and get something rather than nothing.

Particularly being in trading halt yesterday.... the window may be shut (or shutting) =/

 

[Lomandriel]

Jeez really scrap pickings haha. So besides getting a coffee machine it seems the gift cards are still better than redeeming for items directly. Although to redeem multiple gift cards would take some time (1 a day limit). At this rate I can't believe I'm considering just redeeming for a dyson v8 animal lol. Never used a handstick...or dyson... has anyone gotten one? We have a normal bosch vacuum so it seems like a waste of 155k points, but gosh there isn't much else out there that's practical.

Got the mrs to logon and she was shocked to have 130k+ points too. Now redeemed for a food processor and nespresso machine lol. Takes 14 days to process/deliver it says... so praying that it gets through to harvey norman in time.

 

[Obi-run Kenobi]

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

But what does it actually mean? Specifically?

It means we don't lose our points of Virgin tanks. But it doesn't acknowledge the fact that those points won't have any value.

1 million zeros is still zero...

 

[Mr H]

I know different people have different perspectives, but I have always resisted the temptation to attach a cash value to frequent flyer points. I collect them for redemption flights in premium cabins - which is something I would almost never pay for myself. Used in this way, they don't save me money, they give me access to something I could otherwise never have had. I value that beyond money.

On the other hand, I buy wine anyway; I have a vacuum cleaner and I have no need of a special fridge for my wine. There's no joy in converting into gift cards (that I'd probably never spend anyway) or more stuff.

Right now, I'm facing imminent unemployment so maybe gift cards would feel like they're worth more in a few weeks, but being honest my problems will be greater than the value of some gift cards.

So personally I couldn't care less about extracting points for stuff (I did swap 120k points into KrisFlyer, but due to have 24000 velocity points land soon from wine purchases). If this does all collapse - and I think it will - then I have lost the potential for free flights but I'll never feel like I lost potential gift cards.

 

[Silvia]

Points have always had a relative value.
We don't fly VA often, but we still had a stash of points (around 50k).
Given travel restrictions and the fact that our family is growing in the near future, the idea of gift cards wasn't that bad. I probably prefer getting some value out of it that will help me with some expenses that come with a growing family than possibly getting zilch out of it. Premium cabin redemptions can happen later, hopefully!

 

[Mr H]

Points have always had a relative value.
We don't fly VA often, but we still had a stash of points (around 50k).
Given travel restrictions and the fact that our family is growing in the near future, the idea of gift cards wasn't that bad. I probably prefer getting some value out of it that will help me with some expenses that come with a growing family than possibly getting zilch out of it. Premium cabin redemptions can happen later, hopefully!

I think that's a really important point - we all have different situations. If it has taken a while to amass 50k points and you travel as a family then premium cabin travel was not a realistic prospect anyway. In which case, Velocity or any other FF programme should probably be seen as a cashback scheme - in which case there should be no pain in extracting points for gift cards. If you have a stash of 1.5 million (some people do) and travel singly, then they are probably going to view the scheme differently.

 

[jakeseven7]

Points have always had a relative value.
We don't fly VA often, but we still had a stash of points (around 50k).
Given travel restrictions and the fact that our family is growing in the near future, the idea of gift cards wasn't that bad. I probably prefer getting some value out of it that will help me with some expenses that come with a growing family than possibly getting zilch out of it. Premium cabin redemptions can happen later, hopefully!

Exactly.

Some value is better than potentially none - or potentially none for a very long time, which to your point you can always start collecting again in a safer 'new world'....

 

[Lomandriel]

I think that's a really important point - we all have different situations. If it has taken a while to amass 50k points and you travel as a family then premium cabin travel was not a realistic prospect anyway. In which case, Velocity or any other FF programme should probably be seen as a cashback scheme - in which case there should be no pain in extracting points for gift cards. If you have a stash of 1.5 million (some people do) and travel singly, then they are probably going to view the scheme differently.

Always wondered how these persons accumulate so much. From business and work provided travel? Surely can't be from everyday credit card redemptions and purhases?

i get your notion of looking at points as cabin access but with gift cards at $100/20k points assuming a modest 100k points isnt it still $500 in valie you could have redeemed vs if they go down the drain? While not your main purpose of collecting the side value is still there? I mean if you can block it out great.

I know what you mean though. I buy plenty of wine normally and have a corded Bosch vacuum. Getting the dyson would be useful but to an extent unneccessary if i put up with my non hand held vacuum. Im thinking gift card and buy ln my own terms when on discount.. but the 1 a day does put some risk of the door shutting before i clear out in 7 or 8 days.... wonder if weekends count as a "daY".

Be interested to know if anyone's gift card or items are processed today or onwards now that they're halted.

 

[jakeseven7]

Be interested to know if anyone's gift card or items are processed today or onwards now that they're halted.

11 days waiting here - still pending.....

 

[Returnofthemach]

I have 1,000,000 Points I have accrued over the last 5-10 years. I have pretty much not redeemed a point in the past.

I had hopes of continuing to save these points to fund family travel in the coming 5 years as my infant gets a little older, I guess this is now at real risk.

I’ve probably also left it to late to redeem the points easily and understand the process will be difficult to offload so many points for gift cards, 1 per day.

I guess I either very regrettably bite the bullet and burn them on an expensive laptop or something (that I don’t need) and on sell it, or leave them where they are and hope to hell they survive.

Either way, it‘s sad time.

 

[Mr H]

Always wondered how these persons accumulate so much. From business and work provided travel? Surely can't be from everyday credit card redemptions and purhases?

A combination of factors. Credit card sign up bonuses at 50k-100k a go. Putting most expenditure through a points earning credit card (dual incomes totalling $200k+). A bit of flying. Flybuys - and maxing out all the bonus offers. Buying wine that offers bonus points. Taking up free subscriptions that offer points sign up bonuses (e.g. financial comparisons, share trading, etc.) And doing this continually for a few years.