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..?

 

[jakeseven7]

I can almost understand people wanting to cash out Velocity points for gift cards, but cashing out QFF too? This is a frequent flyer forum aimed at those who either fly frequently, or who go to extraordinary lengths to collect and extract value from FF programmes. We have members who have been willing to spend hundreds of dollars on unnecessary flights just to secure status. We have people who fly in shorthaul J even though Y would be much cheaper and not much less comfortable. Yet these same people are now worried about losing the value of a few gift cards when the prize they always wanted was long haul F or J...

Crazy times.

To be fair, there has only been about 2 people on AFF talking about burning QF points.

I don't think anyone on here is seriously worried about QF or QFF.

But everyone's circumstance is different, what if you were 90 years old and international travel you had been saving for years is now 5 years away potentially? Maybe you would want a Roomba robot vacuum cleaner

 

[Mr H]

But everyone's circumstance is different, what if you were 90 years old and international travel you had been saving for years is now 5 years away potentially? Maybe you would want a Roomba robot vacuum cleaner

That's true - although if I were in that position I probably wouldn't be coming onto this forum to talk about it.

 

[tomlee1986]

To be fair, there has only been about 2 people on AFF talking about burning QF points.

I don't think anyone on here is seriously worried about QF or QFF.

I think you are right.. I have more QF points and I am holding my points in this account.. but did a full withdrawal on my Velocity

 

[Rich]

Not looking forward to rides with Qantas. Now Perth to Syd and Darwin will just be like a bus trip. Have 200,000 Q points from cc but as a basic member will never get to use them on flights. Might spend at shop before devalued.

As a lowly Bronze too, I would say it is not that hard to use points on domestic, though I typically found Virgin flights more easily.

 

[clarkkent]

If RBA changes were enough for Amex to halve the value of their points, what might QFF do in response to COVID-19? You'd want to book some future travel at today's rates, surely...

 

[Rich]

I also assume the current relationship between Flybuys and Velocity remains unaffected with the ability to transfer points and earn status credits on shopping?

It looks like you still can transfer Flybuy points, but I am not willing to test it out!

 

[jakeseven7]

It looks like you still can transfer Flybuy points, but I am not willing to test it out!

There is a chance Flybuys could end up owning a part of Velocity.....
And Wesfarmers could own a part of VA!

 

[Rich]

There is a chance Flybuys could end up owning a part of Velocity.....
And Wesfarmers could own a part of VA!

Should I sell my WES stock?

 

[fseng]

I did order an iPad on the 7th, and I did receive the product - the box did not say it comes from there at all

Thanks for the update.

 

[tomlee1986]

Thanks for the update.

I am glad that I could help with your query

Post automatically merged: Apr 22, 2020

It looks like you still can transfer Flybuy points, but I am not willing to test it out!

I would not be stupid to do that either - I did do such transfers in the past but I am not that stupid to do it now when VA is in serious financial trouble

 

[fseng]

They come from a drop ship partner of Harvey Norman, and don’t have access to Harvey Norman stores or online. So they are at the mercy of whoever controls the processing of orders.

I am not sure how much luck I will have to receive mine but only to hope for the best. Reading a news this morning says there are over 10 companies interested in bidding for Virgin which includes Macqurie and Westfarmers. So fingers cross.

 

[tomlee1986]

I am not sure how much luck I will have to receive mine but only to hope for the best. Reading a news this morning says there are over 10 companies interested in bidding for Virgin which includes Macqurie and Westfarmers. So fingers cross.

When did you order your product?

 

[fseng]

When did you order your product?

16th April last Thursday. I think I onboard the ship too late. Also ordered 1 jb gf. No idea what status my order is. Received order confirmation email right away after placing the order. But nothing else after that.

 

[Dee#]

I really dislike Qantas after having to fly them for years in the public service. (Ansett preferred even then). Staff very offhand compared to Virgin. Even with Qantas club and status was always very hard to get upgrades and free flights on points in later years,
Not so with Virgin, always looked after. Got stuck a couple of times with delays coming back from the pacific to the west via Bris and Syd and looked after very well. The club in Perth was hopeless as it was filled with fly-in-out workers. all the time. Huge queue for coffee machine. So if no alternative I'm resolved to do Oz domestic cheap econ flights now in horror and bite the bullet and save lots of money!!! Then for overseas pay to fly Singapore or Qatar. And any other ones with decent spacious business. No sitting 2 together international.
So might as well use 200,000 Q points I have acquired by purchases on my credit card to get goods.
I have a friend who has managed around the world business a couple of times with much hassle as a Gold member but she seems to have contacts in the system.
Also can't imagine I'm going to get gold status on Q quick as flying about a lot won't be happening for a couple of years anyway.
I wonder what is going to happen in the Perth airport. Qantas has its own terminal domestic and international for its direct to London etc. T3&4. Across the other side of the runway the rest including Virgin (a large part) use a combined domestic and international building T1&2 and a regional one inc fly in fly out next door. Virgin is a large part of it!
Yes 2 sets of customs etc-crazy

 

[tomlee1986]

16th April last Thursday. I think I onboard the ship too late. Also ordered 1 jb gf. No idea what status my order is. Received order confirmation email right away after placing the order. But nothing else after that.

I hope you do get what you ordered soon

 

[Lomandriel]

16th April last Thursday. I think I onboard the ship too late. Also ordered 1 jb gf. No idea what status my order is. Received order confirmation email right away after placing the order. But nothing else after that.

A few users have already mentioned that orders cutoffs were 12th april, so after that they are not supposedly getting filled. so unfortunately your orders and likely my gift cards are never coming, unless they resolve this after 4 weeks. I'm hopeful but doubtful they will reopen in 4 weeks and start processing orders already in.

I wish they would at least honour orders already put through up until Friday prior to administration... abit of asour deal but I guess with Virgin's admin likely burning travel credits etc. we aren't the only ones wrong done.

I understand why some may want to burn Qantas FF points. The lack of competition, and global market after covid 19 may mean some reward seats to get people going, but surely in the longer run they will have less competition and a need to offer these? Not to mention virgin flyers now are competing for qantas flyers assuming virgin discontinues or has a hampered award program, then us Bronze/entry class members have next to no chance of getting award seats on desirable locations. You're also then at the whim of points devaluing. I think the posts have shifted when you see how fast virgin went, and the fact that while no one sees Qantas in the same financial position, things change in a blink of the eye, or in the case of "points" the fine word print. So now perhaps 1m in points - which coul dhav ebeen worth multiples of $10'000s in seats redemptions looks more enticing to some to just take $5,000 in gift cards. Some say there is no value to the points apart from seats (that frame of mind) but in the end you still have $5,000 on the table you can take.... so there is still an opportunity cost i suppose. And covid 19 has highlighted how fragile these things can be.

 

[MooTime]

Virgin chief stated in interview on 730pm last night that they will fulfill all orders. Orders ceased cos VolAdmin.
Also that all velocity points are safe as cash backed in trust account.
My fingers crossed all will work out, sure sounds like it. Guessing it'll happen just in New financial year, July.

Another thread going re Qantas points redemption. Not many redeeming, Gov would throw cash at Qantas to save'em, even though 36% or 46% foreign owned, depending what you read.

Those worried can't get reward seats, take a look, I'm QAN bronze n plenty reward seats over Xmas period now, even eastern states to Perth on A330 J class. It's within 320 days so all have access. If worried about devalue point scenario, book something now, or don't.
Just sayin'.

 

[jakeseven7]

A few users have already mentioned that orders cutoffs were 12th april, so after that they are not supposedly getting filled. so unfortunately your orders and likely my gift cards are never coming, unless they resolve this after 4 weeks. I'm hopeful but doubtful they will reopen in 4 weeks and start processing orders already in.

I wish they would at least honour orders already put through up until Friday prior to administration... abit of asour deal but I guess with Virgin's admin likely burning travel credits etc. we aren't the only ones wrong done.

Wasn't the 12 April cut off for VA wine only? Or did I miss something.

Up to day 19 for my gift vouchers from VA.....

Post automatically merged: Apr 22, 2020

16th April last Thursday. I think I onboard the ship too late. Also ordered 1 jb gf. No idea what status my order is. Received order confirmation email right away after placing the order. But nothing else after that.

You are lucky - a lot of people aren't getting order confirmations at all for gift cards....

 

[hydrabyss]

Not sure what to make of this.

Virgin Australia will pay out Velocity points in cash if it collapses, with money from a trust

* Virgin Australia's Velocity points will be paid out to its members if it collapses, the embattled airline has revealed to Business Insider Australia. * No matter if the airline is sold or liquidated, a secret trust is in place to protect the program against the worst case scenario. * While...

au.finance.yahoo.com

 

[Returnofthemach]

A few users have already mentioned that orders cutoffs were 12th april, so after that they are not supposedly getting filled. so unfortunately your orders and likely my gift cards are never coming, unless they resolve this after 4 weeks.

More assumptions supported by zero fact.