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..?

 

[Scr77]

Ipad ordered on 05April arrived today. Reading posts here was taking the optimism away and at times I started doubting if that order will ever be fulfilled. The fact that Velocity are not prompt enough to update the order status from pending to processed/complete was not helping either

Anyways, to all 'penders' out there, just ignore the order status on velocity website and hang in there. There appear to be 10-14 days lead time in deliveries.

Thanks velocity for fulfilling the order, despite the fact this will deplete unearned revenue from the balance sheet. I sincerely hope VA will survive and come out the other side. Will fly VA again whenever the opportunity arrive.

Ordered an iPad on 03/04/2020 - only received the confirmed order email - never received any shipping notice, and I received it today - status was still showing pending too

Online parcel orders are through the roof. I have multiple orders through Qantas store. 2 seperate deliveries arrived today, even though the courier online systems shows as waiting for collection from the seller. You only have to drive past a AusPost and see the queues to realise there’s a lot of stuff being shipped!

 

[trippin_the_rift]

Personally I think you'd be nuts to leave large balances of points sitting in Velocity.

I have 4 points in my Velocity account. Will be sad to see them go /and/or/ be devalued in coming months.

For those who are betting on the future of the airline and keeping points in there... do you really think airlines will increase award seat availability in the future when demand picks up? It's going to be about cash-cash-cash-cash. Partners of Velocity will jack-up their award seat rates to Velocity - thus increasing redemption costs to members, and/or limit availability. Velocity doesn't have the protection around award seat inventory pricing that Qantas and oneworld have.

Right now your points are safest being warehoused in a bank.

Wait 6 months -- and you'll see the most amazing deals in the history of aviation.

Or a Great Awakening and Trump will release all the amazing alien technology so we can teleport everywhere - which case airlines will be a thing of the past.
Either way - fun times ahead!

 

[SOPOOR]

Personally I think you'd be nuts to leave large balances of points sitting in Velocity.

I have 4 points in my Velocity account. Will be sad to see them go /and/or/ be devalued in coming months.

For those who are betting on the future of the airline and keeping points in there... do you really think airlines will increase award seat availability in the future when demand picks up? It's going to be about cash-cash-cash-cash. Partners of Velocity will jack-up their award seat rates to Velocity - thus increasing redemption costs to members, and/or limit availability. Velocity doesn't have the protection around award seat inventory pricing that Qantas and oneworld have.

Right now your points are safest being warehoused in a bank.

Wait 6 months -- and you'll see the most amazing deals in the history of aviation.

Or a Great Awakening and Trump will release all the amazing alien technology so we can teleport everywhere - which case airlines will be a thing of the past.
Either way - fun times ahead!

I have no idea what the airlines are going to do but I thought it was possible that they do heaps of cheap fares just to fill seats and get confidence back when the restrictions are lifted

 

[trippin_the_rift]

I have no idea what the airlines are going to do but I thought it was possible that they do heaps of cheap fares just to fill seats and get confidence back when the restrictions are lifted

Best guess at this point in time - when demand picks up Domestically, Qantas will discount award inventory and discount cash seats at the same time.
This puts Virgin in a position where -- to compete - they need to bleed cash. Qantas will steer their RM and pricing in a way that bleeds Virgin just enough that it's not worth shutting down the airline, and too expensive to compete with Qantas on cash or points pricing.

Qantas needs a competitor around, so it will be a slow and painful eventual death for Virgin. Their investors will pull the plug at some point, and perhaps even try and ditch the 'Virgin' name which I bet is costing them a fortune in royalties.

Wouldn't surprise me if Mr Godfrey made a surprise comeback.

Compass Mk III ?

 

[Bct]

I still have not received my points credited for the month from Virgin Money. Always credited by 14th of month or earlier. Anyone else have a delay in crediting.

 

[hydrabyss]

Best guess at this point in time - when demand picks up Domestically, Qantas will discount award inventory and discount cash seats at the same time.
This puts Virgin in a position where -- to compete - they need to bleed cash. Qantas will steer their RM and pricing in a way that bleeds Virgin just enough that it's not worth shutting down the airline, and too expensive to compete with Qantas on cash or points pricing.

Qantas needs a competitor around, so it will be a slow and painful eventual death for Virgin. Their investors will pull the plug at some point, and perhaps even try and ditch the 'Virgin' name which I bet is costing them a fortune in royalties.

Wouldn't surprise me if Mr Godfrey made a surprise comeback.

Compass Mk III ?

Last time this happened Qantas did not fare to well what makes you think this time will be different.

 

[SOPOOR]

Just had a look at velocity wine store

Only 3 gins left
Half the reds that were there last week are more not there or unavailable

 

[clarkkent]

Just had a look at velocity wine store

Only 3 gins left
Half the reds that were there last week are more not there or unavailable

Actually earlier this week there were 0 spirits left. This morning there was only one gin (Four Pillars), now that's gone and there's 3 others. So stock levels are not strictly decreasing, some items are being replenished.

 

[p--and--t]

Actually earlier this week there were 0 spirits left. This morning there was only one gin (Four Pillars), now that's gone and there's 3 others. So stock levels are not strictly decreasing, some items are being replenished.

So panic buying has gone from toilet rolls to alcohol from the Velocity store, the pandemic is certainly having some unexpected effects

 

[hydrabyss]

Just had a look at velocity wine store

Only 3 gins left
Half the reds that were there last week are more not there or unavailable

So panic buying has gone from toilet rolls to alcohol from the Velocity store, the pandemic is certainly having some unexpected effects

I realised last month how much Australia has changed since the 90's when VB was not the first thing to fly off the shelves when it came to panic buying.

 

[AustraliaPoochie]

Any one NOT redeeming? why? (just heard on the news that it's likely they'll go into receivership.)

I am not redeeming any points for GV or anything else.
My VFF balance is small, about 20k.
I am happy to loose that, its no biggie.
But on the other hand, I am not transferring any FB points across.
Guess my VGW card would go off too, once VA goes into bankruptcy.
My balance there is only about Aud$50 or so.
Its like playing chicken.
Or poker... straight face, who falls first.

 

[Lomandriel]

Actually earlier this week there were 0 spirits left. This morning there was only one gin (Four Pillars), now that's gone and there's 3 others. So stock levels are not strictly decreasing, some items are being replenished.

I went for dinner and 3 hrs later all the mixed red case and 4 pillars rare dry gin are gone. Mine are still in the cart. I can checkout still... does anyone know what will happen if i put the order through?? Has anyone had orders honoured in past as it let them complete their shopping cart even when the advertised items were taken off?

 

[odysseus]

Any one NOT redeeming? why? (just heard on the news that it's likely they'll go into receivership.)

Also me. I have a significant stash of points, but the alternatives just don't appeal. Velocity points are most worthwhile to me, and I'm not going to order something (or transfer, when KF was available, which had restrictions and automatic loss of value) just for the sake of redeeming. In fact, I'm still crediting points with a few online purchases through there including up to yesterday.

I wouldn't say "it's likely", but it's a possibility.

 

[Happy Dude]

For those that ordered more than one GC on any day (since that limitation started), did the order get amended in any way?

I have been ordering one a day from each account in my family and I accidentally placed two orders from one account.

Here is the activity from the Velocity account:



But this is what shows up in the rewards store order history (showing only one order for the 16th):



Hopefully the points will be re-credited or the order comes through......

 

[mickfrombris]

Ipad ordered on 05April arrived today. Reading posts here was taking the optimism away and at times I started doubting if that order will ever be fulfilled. The fact that Velocity are not prompt enough to update the order status from pending to processed/complete was not helping either

Anyways, to all 'penders' out there, just ignore the order status on velocity website and hang in there. There appear to be 10-14 days lead time in deliveries.

Thanks velocity for fulfilling the order, despite the fact this will deplete unearned revenue from the balance sheet. I sincerely hope VA will survive and come out the other side. Will fly VA again whenever the opportunity arrive.

Ordered an iPad on 03/04/2020 - only received the confirmed order email - never received any shipping notice, and I received it today - status was still showing pending too

How long did it take to receive the email confirming the order ? I ordered yesterday. Would have thought confirmation email would have been automatic. ?

 

[tomlee1986]

How long did it take to receive the email confirming the order ? I ordered yesterday. Would have thought confirmation email would have been automatic. ?

When I ordered... it was almost immediate.. check the junk folder as mine went there

 

[jakeseven7]

When I ordered... it was almost immediate.. check the junk folder as mine went there

Alot of people aren't getting any emails whatsoever - seems to be common with Collinson group orders perhaps

 

[mickfrombris]

Alot of people aren't getting any emails whatsoever - seems to be common with Collinson group orders perhaps

When I ordered... it was almost immediate.. check the junk folder as mine went there

Nothing in the junk email. Maybe they are just a bit overwhelmed with the workload ? Will keep an eye out today. Glad to know it’s not just me.

 

[tomlee1986]

Nothing in the junk email. Maybe they are just a bit overwhelmed with the workload ? Will keep an eye out today. Glad to know it’s not just me.

I hope you can get that confirmation email soon

 

[jakeseven7]

Nothing in the junk email. Maybe they are just a bit overwhelmed with the workload ? Will keep an eye out today. Glad to know it’s not just me.

You are definitely not alone, I've been helping family members redeem and ZERO confirmation letters from Collinson group orders.

We did get some for Wine orders though.