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..?

 

[Chicken]

If Virgin ever get around to issuing them.

Costs them real CASH money each one they issue. Despite what some here oddly seem to believe. DJ's do not donate these cards to Virgin!

As posts above have clearly shown, Virgin are in no hurry at all to issue them.

What are you writing this based on?

Do you have access to the trust account of Velocity (not Virgin)? Virgin and Velocity are 2 different companies and ownerships.

Are you seeing Virgin stealing money from Velocity? Or are you seeing Velocity hoarding the money in the account? Not placing order with the gift card company? Are you seeing the gift card company taking the money and not sending your gift card orders to the 3PL warehouse?

Or is this all fake news?

I can tell you that, there are some problems with sending cards, just the logistical side. One of the most stupid yet biggest problems at one part of the gift card chain in this country, is they only have envelopes for gift cards because people used to order 1 or 2 gift cards, so they would put gift cards into envelopes. Now people are ordering gift cards in decks, so they have nothing to put your deck of gift cards into packaging, before dispatch.

 

[Diane Gallery]

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..?

It looks like Ansett Mark 2. I have ordered JBHifi and Priceline vouchers. Haven’t received them yet.

 

[little brown dog]

I am struggling with this issue on a slightly different front. I still have points in my Velocity account that I will be moving over to KF however my main issue is I currently have award bookings with Virgin flying SQ in September. Looks like we won't be taking those flights due to health concerns. Has anyone heard whether they are waiving fees for award cancellations?

 

[Denali]

Hate to jump ship but our points are 3 x J long haul flights at this stage and I have more faith in govt support for SQs so moved ours as well.

Worse case scenario, after all of this is mostly handled/history, is we're going somewhere on the SQ route and dont care at all where, just go and relax

 

[Chicken]

Has anyone heard whether they are waiving fees for award cancellations?

To be honest, none of the comms from any of the airlines I received, mentioned award bookings specifically. Or does that mean, all of them are waiving all fees for all bookings?

 

[Matt_01]

I am struggling with this issue on a slightly different front. I still have points in my Velocity account that I will be moving over to KF however my main issue is I currently have award bookings with Virgin flying SQ in September. Looks like we won't be taking those flights due to health concerns. Has anyone heard whether they are waiving fees for award cancellations?

I have similar concerns and have already written to VA on 3 occasions asking them to cancel the SQ flights and have heard nothing back. The booking is still sitting in my account. Waiting until 24-48 hours is just not that workable.

 

[mickismick]

I am struggling with this issue on a slightly different front. I still have points in my Velocity account that I will be moving over to KF however my main issue is I currently have award bookings with Virgin flying SQ in September. Looks like we won't be taking those flights due to health concerns. Has anyone heard whether they are waiving fees for award cancellations?

For flights up until June 30, all fees are waived for international award flight changes and cancellations. Any money you paid on top of your award booking will be refunded to the source of payment. There have been no communications after this date so far, so September isn't yet covered. Unfortunately it's still wait and see for the second half of the year.

 

[Auski]

I assume that when Velocity supply you a retailer gift card they pay the retailer an amount equal to or less than the value of the gift card? They are in fact buying the gift card for you.
When transferring to KrisFlyer I assume that a similar transaction takes place, ie they give KrisFlyer an amount of money to purchase points in their scheme for you.
If this is the case then Velocity are already outlaying a significant amount of money to KrisFlyer.

Anyone confirm that this is how it works.

 

[ozstamps]

I can tell you that, there are some problems with sending cards, just the logistical side. One of the most stupid yet biggest problems at one part of the gift card chain in this country, is they only have envelopes for gift cards because people used to order 1 or 2 gift cards, so they would put gift cards into envelopes. Now people are ordering gift cards in decks, so they have nothing to put your deck of gift cards into packaging, before dispatch.

So you keep telling us - but will not offer any source for this.

My hunch is someone swapping 500,000 Velocity miles for Gift cards will not care if the cards arrived in a plain envelope, so they can frantically spend them before Virgin goes broke, on stuff they do not really need, or before Kathmandu etc goes broke - or both - which is the current VERY likely scenario.

I moved a million plus points to SQ a week back, all confirmed in seconds by both Virgin and SQ, and many here hooted it was needless panicking.

I lost a million points when Ansett went bust and only idiots in life do not learn from past mistakes.

If Virgin block that transfer outlet - and others (not me) tipped that woud occur this week, it still looks prudent to me in hindsight.

A few pointy end long halt returns SYD-Europe on a top end carrier SQ in A380s is a bird in the hand to me.

A few Gift Cards that MIGHT arrive, (no guarantees whatever on that, (in fancy folders tossed away immediately or otherwise) to be spent only with a few merchants who MIGHT be still operating, never seemed logical - to me anyway.

 

[theblank]

I have similar concerns and have already written to VA on 3 occasions asking them to cancel the SQ flights and have heard nothing back. The booking is still sitting in my account. Waiting until 24-48 hours is just not that workable.

messaging them 3x only makes matters worse. they have a big enough backlog of enquiries let alone lots of people contacting them multiple times.

SQ has made it policy that there is no fees for no shows and flight can be converted to open ticket later, to reduce workload on their customer service. Seems logical SQ wont be penalising any redemption bookings for the same reasons.

 

[ozstamps]

Seems logical SQ wont be penalising any redemption bookings for the same reasons.

Really?

I lost many Ansett awards where airline partners refused to honour ticketed and confirmed flights.

Some Partners did, many did not.

If ticket is on Virgin ticket stock your contract is entirely with VIRGIN.

SQ MAY honour it - zero obligation for them to do so AFAIK.

 

[hydrabyss]

It looks like Ansett Mark 2. I have ordered JBHifi and Priceline vouchers. Haven’t received them yet.

How is this similar to Ansett.

 

[theblank]

Anyone confirm that this is how it works.

of course - the points are their inventory, they buy them, and sell them at profit.
the airlines and retailers dont pass these things on to each other for free.

 

[Matt_01]

SQ has made it policy that there is no fees for no shows and flight can be converted to open ticket later, to reduce workload on their customer service. Seems logical SQ wont be penalising any redemption bookings for the same reasons.

I am only concerned with my SQ bookings that have been made with VA points. I am not aware of any obligations that SQ will have to honour bookings made through a partner airline. I have other bookings made directly with SQ using KF miles and I have no concerns that SQ will not honour these.

Additionally I get VA will have a higher than expected workload, their Call Center is not available but the fact that they to not even respond that a request has been actioned makes matters worse.

 

[theblank]

Really?

I lost many Ansett awards where airline partners refused to honour ticketed and confirmed flights.

yes really.

Totally differnt scenario that has nothing to do with the discussion, Ansett was liquidated, it hadnt paid its bills. that willl have included the flights you booked.
If your tickets had already been paid for by Ansett, then your tickets would have been honoured.

 

[Chicken]

So you keep telling us - but will not offer any source for this.

I will tell you everything if I am in the position to do so. I am not. You know those long contracts you sign on your contract on release of information?

My hunch is someone swapping 500,000 Velocity miles for Gift cards will not care if the cards arrived in a plain envelope

Have you seen how goods are packed, and how these are invoiced?

Have you heard of the terms dead weight and cubic weight?

Do you know, how many line items are generated on an invoice (that is charged), just for a white envelope with a gift card in it?

It is not just an envelope.

so they can frantically spend them before Virgin goes broke, on stuff they do not really need, or before Kathmandu etc goes broke - or both - which is the current VERY likely scenario.

I moved a million plus points to SQ a week back, all confirmed in seconds by both Virgin and SQ, and many here hooted it was needless panicking.

I lost a million points when Ansett went bust and only idiots in life do not learn from past mistakes.

If Virgin block that transfer outlet - and others (not me) tipped that woud occur this week, it still looks prudent to me in hindsight.

Your behaviour right now are exactly like those people hoarding toilet rolls and Tim Tam at supermarket. There is nothing wrong with the FMCG supply chain, but because people lost their mind, and so they have completely destroyed a robust supply chain which is planned 12 to 18 months in advance (heard of AOP?)

A few Gift Cards that MIGHT arrive, (no guarantees whatever on that, (in fancy folders tossed away immediately or otherwise) to be spent only with a few merchants who MIGHT be still operating, never seemed logical - to me anyway.

They why did you order gift cards?

There are many hard working Australians, trying to keep things going right now, whether in a warehouse, customer service, drivers, planners. Don't make their lives harder than it already is.

 

[theblank]

I am only concerned with my SQ bookings that have been made with VA points.

understand the concern, but as I said, there isnt any reason for you to be penalised. I am confident you are not going to get ripped off. Like everyone else, we can only sit back and wait.

 

[JennyMG]

I am only concerned with my SQ bookings that have been made with VA points. I am not aware of any obligations that SQ will have to honour bookings made through a partner airline. I have other bookings made directly with SQ using KF miles and I have no concerns that SQ will not honour these.

Additionally I get VA will have a higher than expected workload, their Call Center is not available but the fact that they to not even respond that a request has been actioned makes matters worse.

i booked SQ J flights for 2 June, through Air France. I've tried to cancel them multiple times. The latest was possibly the worst. Neither SQ nor AF want anything to do with it.
The operator I got last time, asked me 'why did I want to cancel'. If only she could have seen the look on my face down the phone line! Then she asked me 'when did I decide I wanted to cancel'. when i asked why, she said she had set questions she had to ask. I had to provide a photocopy of both mine and Mr.'s passports, and since we no longer have the credit card on which this original flight was booked, I had to supply a letter from the old bank, saying we no longer have a credit card there. Then I had to find out the Swift number of my new bank (why I had to do it I don't know, surely their accounts department know all that), and supply my new bank account, even though I wanted it to go to the new credit card.
They don't know which way their own Ar$es are pointing.

And I still haven't heard anything. This was over a week ago.

Why did I want to cancel a flight from Syd>Sing>Paris in JUne? Gee, no idea.

 

[SheikYerbouti]

I cashed in every VFF point I had to KF back in Oct, and got us a trip to Iceland in SQ J at the end of this Sept. This is a big deal to us.
My understanding is that if Covid19 prevents this trip from happening, we can reschedule the trip (maybe to early 2021) or have the KF points re-credited.

Fees for award tickets and redemption upgrades

www.singaporeair.com

 

[anglais]

Just pulled the trigger. Transfer rate is horrible but better than 0.