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..?

 

[jonboixxx]

The wine store is shut for business:

Unfortunately, we are currently unavailable to take any new orders as we work our way through an unprecedented number of existing orders and implement new working arrangements to further safeguard the health and safety of our teams. We are working towards having our website and telephone order lines open again very soon.

If you have an urgent question that doesn’t relate to placing or amending an order you can email our team at [email protected] . Please note we may take longer than usual to respond during this time.

Velocity Wine Store by Laithwaite's Team

Thanks for the update. Hopefully my 20 cases from last week is an existing order that they'll honour.

 

[daveozsydney]

I still haven’t received my wine from order two weeks ago. Showing packed and not sent. Meanwhile order from qf using points ordered a couple of days ago will arrive tomorrow or Wednesday

 

[Left_Hand_Drive]

Burned about 250k buying Apple devices (airpods) - hoping to have them honored. Does VA actually pre-buy these with Harvey Norman?

 

[ICMP10X]

Hi all,
New member here, came across this thread via the media a couple of weeks ago which confirmed my thoughts at the time - get out now.

Re. processing times - I ordered the Smeg toaster and kettle (just renovated my kitchen) as well as an Apple TV on the 11th and the order has changed at some point today to "complete" with a tracking number. I have no idea on carrier, the usual suspects aren't returning it as a known number. What carrier was used for other members for Harvey Norman fulfilled orders?

Obviously I didn't have a lot of points to burn as it was mainly a credit card that contributed the points so they accumulated quite slowly but providing the goods arrive (freight to Tas is slow now that there aren't many passenger planes) I feel I have gained some value out of the program.

Good luck all, will be interesting to see what happens going forward.

 

[TheInsider]

Burned about 250k buying Apple devices (airpods) - hoping to have them honored. Does VA actually pre-buy these with Harvey Norman?

Probably happens that Collinson group buys them off HN, then HN bill Collinson group, then they charge VA.

 

[Spacetravel]

what are your plans with changing your frequent flyer point strategy?
Should I call and cancel and change to another program right away or am I being too hasty? I don't want endless points just pouring into a black hole and paying annual fees for a relatively useless card.

So I called Amex and they said if I order a new amex (Qantas ultimate) and cancel my velocity platinum they will refund my annual fee. So I did that and now have a Qantas card in the mail. It's a sad day to change my earn to Qantas but a rule I always say is don't leave points on the table. Anyway as this is a bit OT if I have any further updates ill discuss it in a relevant CC thread.

 

[b773]

Hi all,
New member here, came across this thread via the media a couple of weeks ago which confirmed my thoughts at the time - get out now.

Re. processing times - I ordered the Smeg toaster and kettle (just renovated my kitchen) as well as an Apple TV on the 11th and the order has changed at some point today to "complete" with a tracking number. I have no idea on carrier, the usual suspects aren't returning it as a known number. What carrier was used for other members for Harvey Norman fulfilled orders?

Obviously I didn't have a lot of points to burn as it was mainly a credit card that contributed the points so they accumulated quite slowly but providing the goods arrive (freight to Tas is slow now that there aren't many passenger planes) I feel I have gained some value out of the program.

Good luck all, will be interesting to see what happens going forward.

I had my Apple watch delivered by TNT - Overnight Express. There's no clear marking that its from Harvey Norman though.

 

[JohnK]

Too late to the party. Looks like 203,000 Velocity points down the drain.

The funny part is points are still hitting the account so Velocity are accepting money for the points but I can't move them to SQ or buy something useful.

And yes I knew there was a chance of issues but not this quickly.

 

[jakeseven7]

Too late to the party. Looks like 203,000 Velocity points down the drain.

The funny part is points are still hitting the account so Velocity are accepting money for the points but I can't move them to SQ or buy something useful.

And yes I knew there was a chance of issues but not this quickly.

Where have you been John

there’s still a chance your points might be worth something in a new VA world, I think they will survive in some form.

 

[smart1999]

I had my eye on some wine a couple of weeks ago but then thought...nay, it's not going to happen this quick...now it's too late even though I read everywhere that Virgin would still have months before they run out of money...who wrote those articles?!?

Can't even book hotels with points anymore. Only can redeem for flights with Etihad but I'm not risking another $700 in taxes now.

If anyone is able to get through to the Velocity store, were you able to complete and send your order this evening or is it hopeless in trying as I cannot get the page to load even?

 

[TheInsider]

I had my eye on some wine a couple of weeks ago but then thought...nay, it's not going to happen this quick...now it's too late even though I read everywhere that Virgin would still have months before they run out of money...who wrote those articles?!?

Can't even book hotels with points anymore. Only can redeem for flights with Etihad but I'm not risking another $700 in taxes now.

If anyone is able to get through to the Velocity store, were you able to complete and send your order this evening or is it hopeless in trying as I cannot get the page to load even?

Orders are still going through. Just a huge load on the site.

 

[TheInsider]

Too late to the party. Looks like 203,000 Velocity points down the drain.

The funny part is points are still hitting the account so Velocity are accepting money for the points but I can't move them to SQ or buy something useful.

And yes I knew there was a chance of issues but not this quickly.

I'd keep trying to get through if you wanted to use them up.
May be around in the future, may not be. No one knows!

 

[ICMP10X]

I was just watching The Business on ABC news. Elysse Morgan mentioned "the people that have Virgin Velocity points, we've had that confirmed tonight that they will be for nought now".

 

[jakeseven7]

I was just watching The Business on ABC news. Elysse Morgan mentioned "the people that have Virgin Velocity points, we've had that confirmed tonight that they will be for nought now".

What?! Who was she quoting?

 

[ICMP10X]

Who was she quoting?

I'm not sure "inside sources" no doubt. You can watch the segment here.

The Business

www.abc.net.au

 

[daveozsydney]

I was just watching The Business on ABC news. Elysse Morgan mentioned "the people that have Virgin Velocity points, we've had that confirmed tonight that they will be for nought now".

I saw that too. Not sure if it really has been confirmed due to the velocity setup via a different entity.
I managed to transfer half of my point balance across to sq
Another 30% redeemed via velocity win and gift cards two weeks ago - none of which have even been marked as shipped.
The final 20% I left in as at risk. I figured velocity business is an asset that it wouldn’t be wise for them to close it down but a devaluation would be a risk.
Also have been selling down my qantas points as when Ansett web under they devalued so I’d see a devaluation by qantas on the cards now.

 

[jakeseven7]

I'm not sure "inside sources" no doubt. You can watch the segment here.

The Business

www.abc.net.au

Maybe Velocity will just temporarily be shut down during the administration phase.

 

[oz_mark]

I was just watching The Business on ABC news. Elysse Morgan mentioned "the people that have Virgin Velocity points, we've had that confirmed tonight that they will be for nought now".

If that's the case, Virgin can expect a few please explains over their email the other day.

 

[jakeseven7]

If that's the case, Virgin can expect a few please explains over their email the other day.

Remember how carefully BS that email was though. It said nothing.

 

[oz_mark]

Remember how carefully BS that email was though. It said nothing.

Maybe. But then how can anyone say that they are all for nought already. Something funny about that