Sydney to Europe using Velocity points

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Okay, I have no idea on if you can upgrade SQ economy flights. But imagine it will be an incredibly poor value use of your Velocity points by the time you transfer them to SQ and pay for an economy ticket in an upgradeable class. Probably deserves it's own thread.

You might be right. Maybe I'll buy one Economy SQ Syd-Sin ticket in cash, and buy the second on points, and get both the Sin-Ams legs on points. At least then I get some SCs as well as most of the benefit ofmy points.
 
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