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..?

 

[mickismick]

Does that apply to people who apply now for status though?

Their queues are a bit long to ring and confirm! but I'd assume, that yes, as it's extending your 2020 status, then it would be inclusive of any status earned in the 2020 year. The 2020 member status is March 31 2020 to March 31 2021, inclusive.

 

[Foreigner]

I have four points in my Velocity account following transfer of bulk of points to SQ KF account today

 

[bcworld]

Also sent 465k points to KF last night.

 

[ff-jr]

I've decided to hedge my bets and keep my 250k points in VFF. Fingers crossed!

I considered buying gift cards but I don't have any faith in retail at the moment. Of the few brands available, I'd personally avoid EB Games, Hoyts, Drummond and DJs (although I believe Myer will fold before DJ). JB Hifi should be fine.

 

[Chicken]

I considered buying gift cards but I don't have any faith in retail at the moment. Of the few brands available, I'd personally avoid EB Games, Hoyts, Drummond and DJs (although I believe Myer will fold before DJ). JB Hifi should be fine.

Exactly my thought, only get a gift card when you need it.

Premier Investments
Accent
Factory X = Gorman, Dangerfield, Princess Highway and Jack London

All these just announced they are closing all stores and standing down most staffs.

I don't believe the government would allow QF to become a monopoly again, and even if VA were to collapse, you would lose your points either way.

Hence, there is no point to panic. Be a model, take proactive action, not reactive actions, and don't be those people who hoard things and spread fake news, causing pain to others.

 

[Mr H]

Just changed 124k Velocity to 80k KF.

 

[Jack_OC]

I've decided to hedge my bets and keep my 250k points in VFF. Fingers crossed!

I considered buying gift cards but I don't have any faith in retail at the moment. Of the few brands available, I'd personally avoid EB Games, Hoyts, Drummond and DJs (although I believe Myer will fold before DJ). JB Hifi should be fine.

I have no interest in redeeming for gift cards, but for anyone who has - I think the best option is Westfield gift cards. They are accepted in most (although not necessarily all) stores in Westfield centres, which includes a lot of supermarkets, so they're not just for buying stuff that you wouldn't buy otherwise. They are also accepted in lots of stores outside of Westfield centres. According to the Westfield website: "The Westfield Gift Card is redeemable at participating retailers in Australia with eftpos facilities. For this reason, we do not feature a definitive list of retailers outside of Westfield on our website for our card – It will work in the same capacity as an everyday debit card."

This as close as you can get to redeeming for cash, and unless you have a huge number of points you should be able to use these cards up pretty quickly.

 

[SeaWolf]

No idea what's coming, but SQ has halted trading of its shares pending an announcement.
EDIT: Managed to mangle the link somehow, fixed now.

https://www.businesstimes.com.sg/co...s-calls-for-trading-halt-pending-announcement

 

[mrmerc500]

There is an issue transferring Flybuys to Velocity currently, called their info line & they confirmed there is an issue on velocity’s IT end in relation to transferring points due to the reduction of their flights... no doubt flight availability is limited with the immediate reductions.

 

[clipped_wings]

Time to transfer/ withdraw points...?

Many members are clearly very worried about their lifetime of expensively accumulated points, and seek advice from others on what to do. They are not here to discuss WWI. Discussing the options and hearing views of other members re whether to transfer Velocity points is ON TOPIC. A gloomy prospect YES, but a real concern right now for many/most.

OT - Stop shouting please @ozstamps My eyeballs are burning from your emphatically enhanced posts. I actually agree with you, but it's hard to stay in your corner when the point size grows. Keep it standard and we will still support you my friend.

 

[clipped_wings]

I've decided to hedge my bets and keep my 250k points in VFF. Fingers crossed!

Mr Clipped and I have also decided to remain behind on Planet Velocity while the rest of humanity flees with the last airship (SS Krisflyer). We have 100,000 points, a case of Corona (not the virus) and enough toilet paper to last 2 months. See you all on the other side. Or, in the new Requiem forum if Velocity goes down.

Cue the quartet playing Nearer my God to Thee............

 

[Dr Ralph]

I have no interest in redeeming for gift cards, but for anyone who has - I think the best option is Westfield gift cards. They are accepted in most (although not necessarily all) stores in Westfield centres, which includes a lot of supermarkets, so they're not just for buying stuff that you wouldn't buy otherwise. They are also accepted in lots of stores outside of Westfield centres. According to the Westfield website: "The Westfield Gift Card is redeemable at participating retailers in Australia with eftpos facilities. For this reason, we do not feature a definitive list of retailers outside of Westfield on our website for our card – It will work in the same capacity as an everyday debit card."

This as close as you can get to redeeming for cash, and unless you have a huge number of points you should be able to use these cards up pretty quickly.

Problem is they have a poorer rate vis a vis other cards.

 

[jonboixxx]

I have four points in my Velocity account following transfer of bulk of points to SQ KF account today

I have 4 too (4M that is, a $20k non-giftcard bet against $80k). C'mon everyone, isn't this an Oz site? Where's your ticker. There's no footy to wager on. Might win $80M tonight. So much doom & gloom here; it's only valuable play money to repeat another poster. Good luck and see you on the other side.

 

[Mogul]

Everyone's assuming points will be safer with SQ, I'm not so sure.

 

[jonboixxx]

OT - Stop shouting please @ozstamps My eyeballs are burning from your emphatically enhanced posts. I actually agree with you, but it's hard to stay in your corner when the point size grows. Keep it standard and we will still support you my friend.

I like the overly dramatic font and colour, the wild gesticulations assist me to quickly skip by posts that aren't relevant.

 

[Mr H]

Everyone's assuming points will be safer with SQ, I'm not so sure.

Nothing is certain, but does anything look less safe than Velocity? SQ at least is a flag carrier, heavily backed by an interventionist government that values its connectivity and the branding it gets from SQ planes being seen around the world.

 

[Harthagan]

I want virgin to succeed as much as anyone. If they were processing refunds for cancelled flights (like Qantas and Jetstar) then I would have kept my points with them. As it stands though, a 5k travel bank is the equivalent of a doubtful debt. So for that reason I parked my points with KF just to limit my overall risk.

 

[Bagpuss]

I want virgin to succeed as much as anyone. If they were processing refunds for cancelled flights (like Qantas and Jetstar) then I would have kept my points with them. As it stands though, a 5k travel bank is the equivalent of a doubtful debt. So for that reason I parked my points with KF just to limit my overall risk.

In the event the airline collapsed, if purchased on a credit card you would seek a refund through your credit card issuer.
Don’t see the Singapore government letting Singapore Airlines fail.
I don’t think the Australian government would want Virgin to fail. If they bailed them out I would expect devaluation of points, a potential rebranding to remove “Virgin” and a MAJOR backlash from Qantas.

 

[bcworld]

No idea what's coming, but SQ has halted trading of its shares pending an announcement.
EDIT: Managed to mangle the link somehow, fixed now.

https://www.businesstimes.com.sg/co...s-calls-for-trading-halt-pending-announcement

https://links.sgx.com/1.0.0/corporate-announcements/6YIBPGKC4QA0YG8M/Rights%20Issue%20Launch%20Announcement%20.pdf

 

[Scr77]

https://links.sgx.com/1.0.0/corporate-announcements/6YIBPGKC4QA0YG8M/Rights%20Issue%20Launch%20Announcement%20.pdf

Thanks for posting.