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..?

 

[tomlee1986]

I got the Velocity 15% extra VFF points offer email, 15% on top of the FB resultant transfer rate, for moving my FB points into VFF.
2000 FB points, ((870 x 1.15 = 1000 VFF points))
I am holding off on doing the transfer, till we find out what plans Bain has for VFF.
Feel a bit bad that VFF is in the middle of this, though.
Must be a bit hard to decide.
Now that we know VA has a new owner, but they (Bain) does not as yet want to say what plans they have for VA, as in if it will continue to have a FF system.
August is so long to go though, next hurdle, ... 2nd creditors (Bond holders) meeting.
About 18000 VFF points balance, and 8000 FB points.

I got that email as well... I am not earning any points on Velocity for a while until the situation is more clear

 

[jakeseven7]

I doubt people will be earning points until Bain formally takes over VA1, why take the risk.

Hopefully Bain injects enough money for them to reopen the Velocity store soon so people can start cashing in their points if they want to.

Speculation is though that the SQ connection may never be restored though

 

[Aus ATC]

Just trying to get my head around this.
Apparently the VFF trustee 'loaned' VA1in the order of $200M (bought a bond or such like). Presumably that is now toast.
They have been quite deliberate in their communications that VFF is a separate entity. So how does VFF recover a $200M loss? Does Bain drop some money into that entity to take over it's ownership (rather than paying back the loan) - and what would the other bond holders think of that?

 

[Mr H]

The AFF Round Robin email asked whether anyone was actively chasing Velocity points.

From my perspective, I transferred by balance to Kris Flyer before this avenue was closed - I now have 80,000 KF points.

Since then, I have earned 32,000 Velocity points with the Velocity Wine store and 22,000 Flybuys points. I'm tempted to move the flybuys across, but I probably won't as I believe the 15% bonus will return before I want to redeem Velocity points.

I haven't actively been chasing Velocity points, but where the opportunity has arisen to get them, I have taken that opportunity. I see it as a chance to get something I like but would never pay for (first class or business class flights) with a risk of losing relatively little (the wine might have been slightly more expensive to include the cost of the Velocity points, and I have little interest in discounts on my Coles shopping. So I see the Velocity points as a gamble, yes, but with very low stakes and potentially high gains.

But, I also have 120,000 ANZ reward points and I have no intention of cashing them in unless/until there is a specific redemption flight I want. At the moment, they have value with Kris Flyer and if the Velocity-Kris Flyer exchange is dead forever, I will want a way to increase my 80,000 Kris Flyer points to reach a juicy first class one way redemption to somewhere interesting.

So that's me. Oh, and I have 1,500,000 QF points that might one day get used. I had 200,000 returned when a redemption flight was cancelled and have earned about 100,000 since the start of Covid thanks to spend bonuses with their Qantas Money Platinum card.

 

[AustraliaPoochie]

...take over it's ownership (rather than paying back the loan) - and what would the other bond holders think of that?

I read somewhere (ExecutiveTraveller) that they (Bain) are planning to join the IT systems of VA and VFF... guess this would depend on what happens at the 2nd creditors meeting.
Edit: does making VA and VFF have the same website and same app mean making both the same IT systems, or not.
***Maybe*** Bain is eyeing on taking over VFF.
For Mr H, lots of points there indeed.

 

[AIRwin]

Velocity has increased the number of routes available for redemptions:
https://experience.velocityfrequentflyer.com/member-support/velocity-update/domestic-redemptions

 

[jakeseven7]

Still no news on when the Velocity store will reopen....?

 

[Deleted member 26544]

Velocity has increased the number of routes available for redemptions:
https://experience.velocityfrequentflyer.com/member-support/velocity-update/domestic-redemptions

One can also use points to book hotels though the options probably aren’t that great. Searching across a range of dates over the next few months, only 2 hotels show as available in Canberra. Neither near the city centre nor are they that high quality.

 

[theblank]

I cannot see any reason why a new owner would close a profitable business. VFF is just that...profitable

I am fairly sure that every airline I have ever flown has some sort of FF system. It makes no sense to even ponder if Bain will retain VFF or not.

 

[Deleted member 26544]

I’m not sure if it has been posted elsewhere but Velocity Wine Store by Laithwaites is again allowing orders to be paid for with points.

Used my remaining small stash for 2 bottles of gin.

 

[jakeseven7]

I’m not sure if it has been posted elsewhere but Velocity Wine Store by Laithwaites is again allowing orders to be paid for with points.

Used my remaining small stash for 2 bottles of gin.

That is a start!

Hopefully the full Velocity store opens soon so people can evacuate their points.

Thank you for letting us know!

 

[SOPOOR]

im going agains the trend, are we currently able to transfer amex points to velocity?
trying to make a wine order, but just a few points short, and going to transfer it, unfortuantely, the site wont let me pay the rest with card, only the whole order,

and im only 3000 points short!

I’m not sure if it has been posted elsewhere but Velocity Wine Store by Laithwaites is again allowing orders to be paid for with points.

Used my remaining small stash for 2 bottles of gin.

EDIT: sorry folks, found the transfer option, buried within the amex site, all good

 

[Mexpirate]

.625c per points, this is probably better value than the main store anyway - although the delivery fee of 2400 points is a bit steep.

With no chance of flying anything other than a 737 business I'm not sure there is much value left with flight redemptions for me now so considering just stocking up the bar

 

[AustraliaPoochie]

Going the other way, I am putting my 2000 FB points into the pool.
Counts as VFF activity, if all goes well, I can use these VFF points down the runway, if not, not much lost.
Makes my VFF balance a bit higher, whats there to loose if the whole ship goes down, only a loss of 20,000 VFF points.
There is always the opposition airline, of the VFF/VA2 ship goes down the loo.

 

[SOPOOR]

Wow, order from Virgin wine store took only 3 business days

Super impressed,
Compared to 6 weeks last time

Feels a bit funny to see my virgin account with 4 points left

 

[AIRwin]

Feels a bit funny to see my virgin account with 4 points left

By Sheraton?

 

[SOPOOR]

By Sheraton?

virgin account, after ordering from laithwaites wine store

 

[jakeseven7]

I keep on seeing activity in this thread hoping its someone saying the shop is open again, so I can tell my friends who have hundreds of thousands of points they want to use up ASAP.....

 

[Happy Dude]

I keep on seeing activity in this thread hoping its someone saying the shop is open again, so I can tell my friends who have hundreds of thousands of points they want to use up ASAP.....

FWIW, They could book domestic flights too. Awards can be reasonable value compared to GCs etc.

 

[jakeseven7]

FWIW, They could book domestic flights too. Awards can be reasonable value compared to GCs etc.

Thanks, they know but they don't want to travel at the moment the places they do want to go, Virgin don't fly to anyway and most certainly won't after they lose half their fleet!

They just want to exit VFF like many tried to before the collapse...