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..?

 

[Dr Ralph]

On the point of Westfield Gift Cards, they operate on Eftpos payment rails and while they aren't currently restricted for use with specific vendors, this could occur down the line. Note that some retailers do also refuse Westfield cards at POS as they choose to not participate in the program.

The higher point redemption rate for Westfield cards is to cover an activation fee ($2.95 at retail).

Things do change, but this Westfield card has operated as a standard EFTPOS card for many years. This has been widely discussed on AFF. It has never been refused by any retailer once I explain that it is a standard EFTPOS card. There is no reason for any retailer to refuse the card if they accept EFTPOS. Worst case would be you had to hide the face of the card, the machine will accept the card but the striking Westfield livery may draw unwanted attention.

 

[sumthinfornuthin]

I'm in a similar situation. Have about 600k points which I've been saving over many years to fund a big Europe trip for next year. I'm devastated.

Is the best option to cash out for gift cards?

i have got almost 1 million. Living in hope that the Government will not let them go under but when you look at the ownership one wonders if the government should bail them out ?

 

[kyle]

Looks like the more recent gift card orders are not coming via registered post. Two orders have now become completed but without registered post tracking numbers.

 

[Dr Ralph]

Looks like the more recent gift card orders are not coming via registered post. Two orders have now become completed but without registered post tracking numbers.

My gift card orders from a couple of weeks ago was vIa registered post but no tracking numbers.

 

[TheInsider]

My gift card orders from a couple of weeks ago was vIa registered post but no tracking numbers.

I also received mine with a standard envelope, no registered post. Standard everything.

 

[Lomandriel]

Looks like the more recent gift card orders are not coming via registered post. Two orders have now become completed but without registered post tracking numbers.

Curious when you placed your gift card orders whose status changed?

 

[kyle]

Curious when you placed your gift card orders whose status changed?

Latest gift card status completed for order placed on 4 April. Still have goods pending on order placed on 3 April.

 

[sausagefingers]

Just note that there are two types of westfield vouchers available (not from Velocity but from westfield)
One is not an eftpos card it is simply a gift card, these can only be used at westfield and the eftpos ones can be used anywhere.
one has a $3 charge, the giftcard is free+ money loaded

 

[desafinado74]

If Virgin survives this crises, does anyone believe that the Velocity to Krisflyer transfer partnership will still exist?

 

[jenelefit]

Can anyone please confirm where I could use a Westfield gift card obtained using velocity points? I live nowhere near a Westfield shopping centre. Could it be used at any Woolworths store for example? Thank-you!

 

[TheInsider]

Can anyone please confirm where I could use a Westfield gift card obtained using velocity points? I live nowhere near a Westfield shopping centre. Could it be used at any Woolworths store for example? Thank-you!

As a few posts above. It will work anywhere a shop accepts Eftpos as a form of payment. It's literally a branded prepaid Eftpos card.

 

[Mr H]

If Virgin survives this crises, does anyone believe that the Velocity to Krisflyer transfer partnership will still exist?

I don't see why not. If Virgin does get through this and the world returns to normal, Virgin will have a network of flights, planes and crew. People will travel. Most people would expect to use their Velocity points in the way they had always expected - and I imagine very few of us ever swapped them between VA and SQ. But the swap must have offered some kind of value for both airlines, so no reason why it wouldn't add value again. The reason it stopped was because so many people were transferring out of VA to SQ in a fear that VA was about to collapse - remove that fear and the rush to SQ would stop.

But, and this is a big but, I don't think VA will survive the crisis.

 

[mickfrombris]

Is it just me or is the velocity store getting bombarded with people offloading points for goods this morning. Website is almost at a standstill trying to load pages ….. Considering hedging my bets and doing a 50% spend.

 

[TheInsider]

Is it just me or is the velocity store getting bombarded with people offloading points for goods this morning. Website is almost at a standstill trying to load pages ….. Considering hedging my bets and doing a 50% spend.

If that shop doesn't work, try wine! That's working at the moment.

Velocity Wine Store by Laithwaites | Welcome to your favourite new wine store

Buy wine and earn Velocity Frequent Flyer points or get wine with your Velocity Frequent Flyer points, all your favourite wines and spirits in one online store.

www.velocitywinestore.com.au

 

[fergal]

Is it just me or is the velocity store getting bombarded with people offloading points for goods this morning. Website is almost at a standstill trying to load pages ….. Considering hedging my bets and doing a 50% spend.

Its definitely crawling - perhaps another ploy from virgin to limit people pulling out their points!

 

[Bct]

What happens to your frequent flyer points if an airline goes bust?

What happens to your frequent flyer points if an airline goes bust?

The good news: you probably won't magically and tragically lose all your points if an airline goes into administration.

www.executivetraveller.com

 

[Leuke]

Not looking good...

Virgin Austalia is likely to make a major decision about its future within days — 7NEWS.com.au

The airline has made a desperate plea to the government.

apple.news

 

[SOPOOR]

Not looking good...

Virgin Austalia is likely to make a major decision about its future within days — 7NEWS.com.au

The airline has made a desperate plea to the government.

apple.news

Selfish I know but i hope my orders for gift cards get processed before it all goes kaboom

 

[Peter D]

What happens to your frequent flyer points if an airline goes bust?

What happens to your frequent flyer points if an airline goes bust?

The good news: you probably won't magically and tragically lose all your points if an airline goes into administration.

www.executivetraveller.com

My immediate answer would have been that they would be lost just like Ansett.

However the article makes an interesting point that I hadn’t thought of. Millions of people with points to spend would of course be a valuable asset for a receiver to sell to a retailer or a bank. No doubt the value to us of each point would reduce but we could still buy toasters.

 

[Happy Dude]

It is unbelievably slow today and often times out, bad gateway etc.

Weirdly, I logged on and was given access to some else's account. The name was hilarilously impossible to pronounce (lots of v's, z's, c's and few vowels - would be a ripper in Scrabble if names were allowed ) but he/she was SG with a balance of about 120k.

I was just thinking about how much all this booty is costing to deliver given that's its "free". Another drain on the cash reserves....