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..?

 

[Aus ATC]

It kind of saddens me to do it, but I have pulled the pin on transferring to KF (around 200k points). I have a couple of VFF redemptions currently booked that may end up returning around 80k points back (assuming I can't fly the sectors), so will still have some points "in the bank" - assuming the bank still exists.....

 

[ols]

Trying to get Coles Myer $100 gift cards.
Limited to one per day.
However when you click on it there is no option to add to basket.
You do get this option for JB HiFi but again limit of one per day

 

[bigbadbyrnes]

Trying to get Coles Myer $100 gift cards.
Limited to one per day.
However when you click on it there is no option to add to basket.
You do get this option for JB HiFi but again limit of one per day

This is a new development. Just yesterday at 6pm QLD time I took 60k points in the form of JB Hifi and DJs vouchers, and transferred the rest to SQ.

Edit: the changes are happening rapidly - the restriction was applied in the last 12 hours, and Coles Myer temporarily returned, but now appears unavailable. Bunnings no longer available.

 

[akaoka]

This is a new development. Just yesterday at 6pm QLD time I took 60k points in the form of JB Hifi and DJs vouchers, and transferred the rest to SQ.

Edit: the changes are happening rapidly - the restriction was applied in the last 12 hours, and Coles Myer temporarily returned, but now appears unavailable. Bunnings no longer available.

I have ordered 5 $100 JB Hifi and one $250 Di vouchers yesterday. Use your points when you can.
Look at the VA share price, it tells the story.

 

[Obi-run Kenobi]

This is a new development. Just yesterday at 6pm QLD time I took 60k points in the form of JB Hifi and DJs vouchers, and transferred the rest to SQ.

Edit: the changes are happening rapidly - the restriction was applied in the last 12 hours, and Coles Myer temporarily returned, but now appears unavailable. Bunnings no longer available.

Well, if VA are cutting cheese and crackers from domestic routes then I can't imagine they'll want to shell out for gift cards for much longer. Another sign of a tightening noose.

 

[Shepp]

I'm attempting to transfer 50% of my points to Singapore, but the links on the Velocity/Virgin site don't seem to be active. I'm hoping I've looked in the wrong place, since reading this thread, people seem to have made successful transfers very recently. Could anyone assist with directions to the relevant page.

 

[Obi-run Kenobi]

I'm attempting to transfer 50% of my points to Singapore, but the links on the Velocity/Virgin site don't seem to be active. I'm hoping I've looked in the wrong place, since reading this thread, people seem to have made successful transfers very recently. Could anyone assist with directions to the relevant page.

Have you linked you Krisflyer account in Velocity through the Link & Transfer > Airline Points Transfer menus?

 

[Icy]

I transferred mine last evening without a hitch.

The Transfer Now link seems to still be working on my account in Velocity.

 

[Shepp]

Thank you. I have an email from Virgin confirming successful transfer.

 

[hada88]

All - I wonder is an alternative to transferring to SQ, is rather to book a redemption on a partner airline for some time next year. If i'm correct (and open to correction), you could:

(1) take the flight as booked;
(2) pay a fee of $60 (per passenger) to cancel the redemption and have the points rebanked into VFF (if it is still around?).... Is that correct for all partner airlines (eg Delta, Etihad, SQ etc?); or
(3) Assume an option might also be change date of the redemption (not sure if this is for a fee?).

Would rather do this, than suffer the conversion rate on a transfer to SQ.

 

[bcworld]

All - I wonder is an alternative to transferring to SQ, is rather to book a redemption on a partner airline for some time next year.

People are transferring to KF because they fear VA is going to disappear.

If you make a partner award booking, I believe that generally the partner is not paid UNTIL YOU FLY. Therefore, partner award bookings are susceptible to cancellation if there is no more VA / Velocity to pay for them.

I was always going to end up transferring mine to KF anyway because the SQ availability via Velocity just became really terrible, when once it was very good.

 

[hada88]

People are transferring to KF because they fear VA is going to disappear.

If you make a partner award booking, I believe that generally the partner is not paid UNTIL YOU FLY. Therefore, partner award bookings are susceptible to cancellation if there is no more VA / Velocity to pay for them.

I was always going to end up transferring mine to KF anyway because the SQ availability via Velocity just became really terrible, when once it was very good.

Is that correct? The points leave your balance and fees are paid at point of redemption, then flight is confirmed with partner airline? Does VA hold on to same until the flight?

 

[grubbidok]

I had been looking at buying a pair of RM Williams Comfort Craftsman boots for a while. I see they've just come up in the Velocity store and I think now might be the time - the only issue is I assume I have to be spot on re sizing in case they can't go back! A little bit expensive in terms of points, but bird in hand, etc.

Edit: might also look at using rest of the 400k balance to stock up on some nice whiskeys - anyone had experience on redeeming via Lathwaites?

 

[beersandwich]

one per day. Is that business day or weekend included? It might take me more time to get the gift cards then Virgin will be around for...
If they go under, what are the chances all these gifts and orders will be honoured?

 

[ozstamps]

 

[hada88]

Is that correct? The points leave your balance and fees are paid at point of redemption, then flight is confirmed with partner airline? Does VA hold on to same until the flight?

Keen to hear people's views on whether booking a partner airline award with VFF points is a viable alternative to transferring to KF?

 

[davidj]

Keen to hear people's views on whether booking a partner airline award with VFF points is a viable alternative to transferring to KF?

There was a post earlier in this thread about this. Perhaps do a search?

 

[bellsux]

Just transferred all of my VA points to SQ. I lost a bucket of Ansett points back in the day.

 

[hada88]

There was a post earlier in this thread about this. Perhaps do a search?

Yes, I'm aware. I quoted it above. Of which I queried the accuracy and sought other' views.

I didn't search for an answer elsewhere, given it's my view that this is esoteric query (when are partner awards confirmed and irrevocable - when you book or when you fly?). Happy to be contradicted if you think it's been previously discussed.

 

[TheInsider]

Keen to hear people's views on whether booking a partner airline award with VFF points is a viable alternative to transferring to KF?

Depends - in this case VA is just like a booking agent (or travel agent). Like all these OTA's that have gone bust recently - some bookings have stayed because the airlines have got paid, others are just cancelled.