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..?

 

[serfty]

You can easily extend the life of the SQ points by doing a small credit card redemption every 3 years.

It is indicated in a few of the previous posts, but wish to make this clear - unredeemed SQ points WILL expire 36 months after being attained irrespective of account activity.

 

[jonboixxx]

It is indicated in a few of the previous psts, but wish to make this clear - unredeemed SQ points WILL expire 36 months after being attained irrespective of account activity.

+ 6 months per

"If your miles are expiring for the first time, you can extend them for 6 months. Select miles expiring in the next six months and you can extend them at a service fee of 1,200 KrisFlyer miles or USD 12 for every 10,000 miles."

 

[serfty]

+ 6 months per

"If your miles are expiring for the first time, you can extend them for 6 months. Select miles expiring in the next six months and you can extend them at a service fee of 1,200 KrisFlyer miles or USD 12 for every 10,000 miles."

OK, so you can erode them to retain. Still as bad as expiry IMHO.

 

[NoName]

Pretty well decided to transfer ours to SQ which was likely to happen anyway at some point. Only around 180k so not heaps.

Just pulled the trigger on this one. No issues for me, points in my KF account immediately.

 

[jonboixxx]

OK, so you can erode them to retain. Still as bad as expiry IMHO.

Everyone's circumstances are different. The additional 500,000 points I have just transferred from VA to SQ this month will be extended for US$12/10,000 for booking in August 2023 for travel to Europe in Summer 2024. The existing 1.5M points I already have, will be used for bookings in 8/20, 8/21, 8/22. I need the 6 months extension to mitigate some points from an overweight velocity holding.

 

[lilkid28]

Converted my 670k Velocity points to Krisflyer, for me Velocity points "retail value" at 1.2c per point = $8k, Krisflyer 1.5c per point = $6.5k. Happy to hedge my position and take a $1.5k loss as its majority owned by Singapore government, no doubt that SIA will survive to the end.

 

[Harthagan]

Converted my 670k Velocity points to Krisflyer, for me Velocity points "retail value" at 1.2c per point = $8k, Krisflyer 1.5c per point = $6.5k. Happy to hedge my position and take a $1.5k loss as its majority owned by Singapore government, no doubt that SIA will survive to the end.

Yeah i was in similar boat. Seriously considered gift cards, but after seeing people report that it is still showing as “pending” 10 days on after redeeming for them. Doesn’t inspire me with confidence. I’m not taking a gamble like that where the “upside” is getting roughly 0.5c per point value and the downside is potentially ending up with nothing.

 

[fantasy86dj]

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..?

So - my 2c worth. With 3 airline accounts that I mainly credit with almost a million points scatted across them. I think that although what is going on right now is extremely awful, I want to be able to redeem my points after this crisis has gone. Use this time to build up some funds as I am benefiting from additional hours working from home to help people get through this crisis. If the points go, they go. In some ways I see this as monopoly money, but very valuable monopoly money. I am expecting the worse but hoping for the best, lets see what happens on the other side.

 

[Major]

I am a little concerned and transferred 200K toKF. Still kept a few points for domestic flights later on.

Interesting times ahead

 

[Obi-run Kenobi]

Hedging my bets, I just transferred 600k into SQ, leaving my VFF balance at around 300k. I'm hoping VA pulls through this and I get to use what's left over.

Even with the 1.55:1 transfer rate, I don't see it as too much of a loss. It's still good value for me due to their lower taxes and good award pricing.

 

[CPMaverick]

Yup you’re right I misread.
Anyway for me, I will use them easy.

I suggest you edit your original post. Or many people will misread it and transfer points that they cannot keep from expiring.

 

[Wezza]

So after an email to SQ, they linked my accounts again and I've managed to transfer everything to Krisflyer.

 

[theblank]

I wouldn’t be surprised if Virgin suspends ALL commercial flights with just charter services. Only to see Qantas running limited flights, when I say limited I expect about 5 daily flights Sydney - Melbourne (with return) IF that.

freight still needs to be moved around australia.

 

[jase05]

freight still needs to be moved around australia.

Most of it is in dedicated freighters or road for the big companies

 

[Warks]

I joined KrisFlyer a few years ago thinking I'd transfer points to them for a trip that didn't happen. So a year later my account expired - zero flights, zero points transferred so no loss. Now I will need to open a new account with them and transfer my points. I've got cold feet about VA. I didn't lose out with Ansett luckily as I was 100% QF back then but going way back I got stranded by Compass mk1 so have been burned before, not points but dollars.

So I think I'll transfer at least half my points and probably all of them. Only 300K so that doesn't sound a lot but I'd hate to lose them. Got similar with QF but sitting on those for some reason. Not sure what you'd do with them anyway apart from toasters.

 

[Warks]

Can anyone gain anything from doing a referral at present? I see that's an option when signing up. PM me if you like.

 

[Wrapcity]

900k velocity points transferred to Kris-flyer
points arrived extremely quick.
had issues linking with new krisflyer account as my old krisflyer account was expired and closed.
messaged velocity on Facebook and they sorted it all (thank god) was starting to panic.

 

[Crazy Diamond]

Just an FYI - my colleagues and I have all redeemed our points for various gift cards, including JB Hi Fi and all orders have been "Pending" for over 10 days now.

I redeemed for Westfield cards yesterday - slightly higher “price” than straight JB etc, but I felt that was worth it for flexibility. Especially if they still work like an EFTPOS card outside of Westfield stores as they did when I last had them a year or so ago (the red cards too, not just the gold XS ones).

Question for all though - where are you checking online for your status of purchase, pending etc? I can’t seem to find where

 

[Fortheloveofflying]

Question for all though - where are you checking online for your status of purchase, pending etc? I can’t seem to find where

On the mobile site, log into shop.vff.com and click on your name (profile). It will take you to your orders which has its status.

 

[grilled_cheeze]

So after an email to SQ, they linked my accounts again and I've managed to transfer everything to Krisflyer.

Can I ask which email address you had success with?

Their online form doesn't seem to be working