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..?

 

[AustraliaPoochie]

Looking at flights from WLG to MEL to ADL, in 2021 there is still, on the SQ website, a linkage between SQ and VA.
Of course things can change, and probably will, we will know by Fri this week, to see what pans out, and guess go from there.

Just saw that flights with SQ MEL - WLG "suspended", even after 2021... long term according to Executive Traveller..., sad.

 

[diningdecadence]

need to spend 12k points tonight before they expire.

Any suggestions on best bang for (admittedly low) buck?

Does a family transfer keep the points active? I could transfer some over from flybuys to the wife, and then into my account?

 

[HappyFlyerFamily]

need to spend 12k points tonight before they expire.

Any suggestions on best bang for (admittedly low) buck?

Does a family transfer keep the points active? I could transfer some over from flybuys to the wife, and then into my account?

I believe that if you earn or redeem points (but not family transfers) your points will continue.

Did you want to use a little bit and keep most of them or use most of them?

In the great deluge of using points due to the risk of Virgin folding back a few months ago, many used lots of points on the Rewards Store - many buying gift cards (about 1/2c per point) - or the Wine Store (but that is minimum 16K).

Perhaps others might have better ideas in the next 3 hours.....lol

Good luck whatever you decide.

 

[Mattg]

I believe that if you earn or redeem points (but not family transfers) your points will continue.

Yes, this is the case.

@diningdecadence if you just purchased the cheapest gift card you can get, the validity of the remainder of your points should be extended for another 2 years.

 

[trippin_the_rift]

Yes, this is the case.

@diningdecadence if you just purchased the cheapest gift card you can get, the validity of the remainder of your points should be extended for another 2 years.

Keep those points alive long enough to see another devaluation? ;-)

Get out while you can folks!

 

[jakeseven7]

need to spend 12k points tonight before they expire.

Any suggestions on best bang for (admittedly low) buck?

Does a family transfer keep the points active? I could transfer some over from flybuys to the wife, and then into my account?

Gift vouchers just get them out and be done with it

 

[ozstamps]

Looking at flights from WLG to MEL to ADL, in 2021 there is still, on the SQ website, a linkage between SQ and VA.
Of course things can change, and probably will, we will know by Fri this week, to see what pans out, and guess go from there.

We can use SQ points to fly oz to NZ?

 

[skylab]

Hi All,

on Velocity redemption website, they are offering "Ultimate Home" JB Hifi / House/ The Good guys gift cards.

Can anyone please verify if these are the normal JB HIFI gift cards, and be redeemed for any JB HIFI product ?

They used to only have JB HIFI gift cards, so i am not sure, and want to be sure before i spend all my points to claim this card.

thank you !

 

[SydneySwan]

Not sure what you mean by 'normal' gcs but I have used these instore at JB Hi-fi without any problem.

 

[Dr Ralph]

Hi All,

on Velocity redemption website, they are offering "Ultimate Home" JB Hifi / House/ The Good guys gift cards.

Can anyone please verify if these are the normal JB HIFI gift cards, and be redeemed for any JB HIFI product ?

They used to only have JB HIFI gift cards, so i am not sure, and want to be sure before i spend all my points to claim this card.

thank you !

'Normal'. Unclear what you mean by this. These are a gift card in every 'normal' sense of the word.

They aren't issued by JB, but can definitely be used at JB (as well as the associated named businesses). They'll often be sold with bonus points at Coles or Woolworths and are quite popular for people wanting to save 5% or more on an upcoming purchase at the places listed on the card. See for example:

Coles gift card offers

You read my tiny mind!!! Other than there being a dearth of anything reasonable to buy, the 2000pt/$100 applies to online only and the 1500pt/$20 is instore only. All too hard IMO. *waves this one through*

www.australianfrequentflyer.com.au

I have purchased more than 100 of these in the last 12 months with zero issues.

Also note, that these cards can only be used in store.

 

[piratematerial]

I ordered some a few weeks ago. Came quickly via registered post.

Yes can be used for anything at JB and the other retailers but not redeemable online and valid for 3 years from purchase.

 

[skylab]

Thanks all.

Bit of a problem based in Victoria where all retail stores are closed, and since this cannot be used online, i have to wait until stores open to use them (with 3 years validity this won't be a problem).

thank you for your assistance here

 

[Nathant123]

i have to wait until stores open to use them (with 3 years validity this won't be a problem).

Don't be so sure if Dan Andrews remains at the helm..

I've lost complete confidence in Virgin ever returning with decent international offerings or even reasonable partner alliances. I'm going to burn the remainder of my Velocity points on gift cards and write them off for good. Its a shame really but Qatar did honour the platinum status match and I may as well continue to earn with Qantas and other one world airlines when borders open again.

 

[adampenrith]

I felt quite comfortable holding and adding to my Velocity points until yesterdays announcements.
I have just under 300K points with velocity, and about the same with SQ.

I am torn between supporting Velocity and Virgin moving forward and just moving away.

We do not do much domestic travel, mainly international so SQ works for us.

Currently I earn with

Velocity Amex
Westpac Black
ANZ Black,
we use flybuys for groceries and have 70,000 points there currently,
and I have a Coles MasterCard.

so thinking how can I move my credit card earn to SQ, I know there are some cards which do.

It was all working well for me, times are a changing

 

[jakeseven7]

I felt quite comfortable holding and adding to my Velocity points until yesterdays announcements.
I have just under 300K points with velocity, and about the same with SQ.

I am torn between supporting Velocity and Virgin moving forward and just moving away.

We do not do much domestic travel, mainly international so SQ works for us.

Currently I earn with

Velocity Amex
Westpac Black
ANZ Black,
we use flybuys for groceries and have 70,000 points there currently,
and I have a Coles MasterCard.

so thinking how can I move my credit card earn to SQ, I know there are some cards which do.

It was all working well for me, times are a changing

Its hard right but, its not really Virgin anymore.

Its Bain operating a new airline with the same name - Virgin. So I feel my loyalty has been 'reset' so to speak.

Will wait to see what Bain-VA2 offer...

 

[adampenrith]

Yes very much so. We are at the mercy of whoever is running the program.

On paper you would not take the gamble but in real life we do.

the lure of those free long haul flights in business is just too good.

 

[trippin_the_rift]

I felt quite comfortable holding and adding to my Velocity points until yesterdays announcements.
I have just under 300K points with velocity, and about the same with SQ.

I am torn between supporting Velocity and Virgin moving forward and just moving away.

We do not do much domestic travel, mainly international so SQ works for us.

Currently I earn with

Velocity Amex
Westpac Black
ANZ Black,
we use flybuys for groceries and have 70,000 points there currently,
and I have a Coles MasterCard.

so thinking how can I move my credit card earn to SQ, I know there are some cards which do.

It was all working well for me, times are a changing

Do what will be best for you within the next 12 months. Don't think long-term (ie: business class redemptions to NY in 3 years from now). Many things will change in the next 3 years, and that includes new airlines, folding airlines, and more airline management changes than you've had cold lunches.

Saving points for aspirational travel, in my professional opinion, is a poor financial move.

Yes very much so. We are at the mercy of whoever is running the program.

On paper you would not take the gamble but in real life we do.

the lure of those free long haul flights in business is just too good.

Singapore Airlines has $6B in Gov cash. United, Delta, American, Southwest, IAG, Cathay Pacific, Air NZ............many others all have Government security.

What does Virgin Australia have?

Consider where you park YOUR points.

 

[adampenrith]

My gut feeling is to move everything to SQ, but those Velocity points i hold cannot go anywhere at the moment.
I have moved my Visa and MasterCard spend to where I can send to SQ (westpac and ANZ), now i just need to work out what to do with my Velocity Amex. Will try and see if Amex will move my card to a different one without reapplying.

I love Virgin, and I have many friends who worked there (a few still have jobs) but I have to look after me. We do use points regularly ...

Thanks for the response and the advice ..... open to suggestions from people how I can benefit the most from ways to earn SQ points

 

[jakeseven7]

My gut feeling is to move everything to SQ, but those Velocity points i hold cannot go anywhere at the moment.
I have moved my Visa and MasterCard spend to where I can send to SQ (westpac and ANZ), now i just need to work out what to do with my Velocity Amex. Will try and see if Amex will move my card to a different one without reapplying.

I love Virgin, and I have many friends who worked there (a few still have jobs) but I have to look after me. We do use points regularly ...

Thanks for the response and the advice ..... open to suggestions from people how I can benefit the most from ways to earn SQ points

Virgin isn’t really Virgin anymore if it makes you feel any better about leaving them behind. It’s being hollowed out by an American PE firm. I really hope they put the SQ escape hatch back for people like you

 

[ozstamps]

.
And I really hope the Sydney Swans win the 2020 Grand Final.

But like the Virgin to SQ points transfer that opportunity also died 6 months back.

BAIN will be finished here in the next 6 months and lose a small fortune in the process. Get those gift cards NOW I suggest, or buy a new toaster etc.

Velocity will cease to be a cash cow *SUPER* fast of course, which BAIN fail to realise, as the only reasons folks bother to actively acquire points via Velocity cards, ebay spends, partner offers, FlyBuys etc, (all of which earns Velocity their money) is to ASPIRE for a lay flat biz flight award sear to Perth, Hong Kong, Fiji, LA, Japan or NZ etc, and none of that is ever going to occur going forward, and the public are smart enough to work that out VERY fast.

Like many other older heads, who lived through the Ansett collapse and lost the lot, I moved my million + Velocity points to SQ 6 months back, and urged others here to consider doing the same. THEY still have long haul lie-flat seat planes flying to burn points on - that much is already evident.