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..?

 

[TheInsider]

I don't have many VA points - but I've converted all mine to JB cards.

 

[ols]

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?

On per day you would assume includes weekend.
I'll find out tomorrow.
Might end up hitting the Braithwaites bottle shop

 

[hada88]

I have a pre-existing VFF redemption booking on SQ for October (booked at end of Jan).

I have just gone into the booking on SQ's website and it shows as confirmed but ticket not issued. This worries me greatly. Thinking of cancelling for the $60 fee and then transferring to SQ.

Am I being paranoid that the ticket has not been issued over two months since my booking?

 

[EzioAuditore]

I have a pre-existing VFF redemption booking on SQ for October (booked at end of Jan).

I have just gone into the booking on SQ's website and it shows as confirmed but ticket not issued. This worries me greatly. Thinking of cancelling for the $60 fee and then transferring to SQ.

Am I being paranoid that the ticket has not been issued over two months since my booking?

Have you called VA and get a SQ booking reference code ? It will be a different one compared to your VA booking code. After that you can use SQ booking code to log into SQ website to select seats and meals etc.

But it doesn't matter if you want to cancel it now, just need to call/message VA and request it .

I had a booking in Nov made in Feb, facebooked them and got full refund of points and taxes back in 2 weeks. They didn't charge me for the $60 fee which is nice. Mine was ticketed as well, got a booking code and seat selected on SQ site.

 

[TheInsider]

I have a pre-existing VFF redemption booking on SQ for October (booked at end of Jan).

I have just gone into the booking on SQ's website and it shows as confirmed but ticket not issued. This worries me greatly. Thinking of cancelling for the $60 fee and then transferring to SQ.

Am I being paranoid that the ticket has not been issued over two months since my booking?

If it's not even ticketed, then they couldn't even charge the $60 fee!

 

[hada88]

If it's not even ticketed, then they couldn't even charge the $60 fee!

I have just checked my SQ ios app, and it is showing as ticketed! Could be a website issue... I hope.

 

[bulldog88]

It might be too late, transferring to KF has been suspended...

 

[Clause]

Wow.. Lucky I transferred earlier. Still left 300k in there unfortunately. Hmmm...

 

[futaris]

Singapore Airlines

Earn Points with Singapore Airlines when you travel in an eligible fare class on flights with a SQ flight number that are operated by Singapore Airlines. You can also earn Status Credits and redeem Reward Seat. Learn more now.

experience.velocityfrequentflyer.com

Velocity Frequent Flyer and Singapore KrisFlyer are temporarily suspending conversion of Points and Miles between the two programs.
We're looking forward to providing you with this program feature once flight schedules return to normal.

 

[Must...Fly!]

Indeed that is what now appears on the Velocity website.

Makes sense, glad that those who did not want to take any risks in Velocity managed to transfer when they could. SQ probably didn't want the liability of more points on their books either at this stage, as much as VA didn't want to pay SQ (assuming they have to pay - no one at all knows this to be true, other than those working in KF/VFF).

I personally remain comfortable with taking the risk with my points balance (admittedly not in the millions...).

For those reading my post, just a PSA that no doubt a lot of bold, big, and red lettering will appear shortly down below.

 

[Maccaj73]

Now the question will be if SQ dishonour the VA transfers and they disappear from our Krisflyer Account (VA don’t or can’t pay for them) ..or VA tells SQ to return the points back to the Velocity Accounts (VA doesn’t want to pay for them)...

 

[bulldog88]

If the transfer was legitimate, there is no fraud, why would they reverse?
The $$ involved are peanuts in the context of SQ's operations.

 

[TheInsider]

If the transfer was legitimate, there is no fraud, why would they reverse?
The $$ involved are peanuts in the context of SQ's operations.

Not really peanuts if thousands or hundreds of thousands of people are doing it.
Otherwise what is the reason as to why they have stopped the transfers. It can only be financial.

 

[ozstamps]

Velocity Frequent Flyer and Singapore KrisFlyer are temporarily suspending conversion of Points and Miles between the two programs.

We're looking forward to providing you with this program feature once flight schedules return to normal.

This was clearly 100% on the cards. Wiser members here have made that prediction for a week.

Back to the one a day Gift Card purchase (the current rules, and which may also be blocked entirely with no notice) at terrible points rates, that may or may not ever be mailed, drawn on merchants who often are not trading.

I lost a million Ansett points - once bitten, twice shy.

 

[futaris]

Virgin Australia unlocks Singapore Airlines premium economy rewards

Get ready to get more from your Virgin Australia Velocity Points on Singapore Airlines.

www.executivetraveller.com

 

[PDog]

Looks like my remaining velocity points stash coverts to a case of Veuve.... never thought I’d entertain that idea, let alone sneak it past the husband!!

Seriously, good luck Virgin. My fingers are firmly crossed.

 

[ols]

Looks like my remaining velocity points stash coverts to a case of Veuve.... never thought I’d entertain that idea, let alone sneak it past the husband!!

Seriously, good luck Virgin. My fingers are firmly crossed.

Will need to be Rose.
Better value in the Moet

 

[PDog]

Will need to be Rose.
Better value in the Moet

ha, it was!

 

[Nathant123]

Do transfers between flybuys and velocity still work? I've noticed flybuys offers have decreased greatly which is surprising as I reckon Coles are making more money now than ever before.. but I suppose they don't want people to be making the minimum spend by bulk buying essentials that are hard enough to find.

 

[hada88]

Bit the bullet and transferred before the above. VA are in trouble.