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..?

 

[CPMaverick]

Thanks. I didn't realize you lost that much both ways, silly me.

 

[serfty]

Thanks. I didn't realize you lost that much both ways, silly me.

Yes, it's one way to turn 100,000 into 41,624 Velocity Points.

Of course, if velocity does fail (I doubt it) then it's one way of Turning 100,000 into 64517 KrisFlyers which will expire in 36 months if unused

 

[Obi-run Kenobi]

Well, here's yet another unsettling thread to add to the current turmoil.

I currently hold over 900k in VFF, so transferring to SQ is definitely on the cards for me if things don't improve. 580k Kris vs 0 VFF is a no-brainer.

I won't be panic-transferring any time soon but I do wonder when we will all reach 'The Point of No Return' by holding our points in Velocity.

 

[Dr Ralph]

I'm very concerned about loosing all of my Velocity points. Not prepared to take the risk.

I have today cashed out my 750,000 points for gift vouchers. Something that I wouldn't normally ever consider as I know it's such a poor use of the points. But at this time I think it is take the value now however I can best make use of it or very much risk never seeing those points again.

So for me I'll take the new TV, washing machine and perhaps a fridge as well from JB Hi Fi gift cards.

 

[Obi-run Kenobi]

I'm very concerned about loosing all of my Velocity points. Not prepared to take the risk.

I have today cashed out my 750,000 points for gift vouchers. Something that I wouldn't normally ever consider as I know it's such a poor use of the points. But at this time I think it is take the value now however I can best make use of it or very much risk never seeing those points again.

So for me I'll take the new TV, washing machine and perhaps a fridge as well from JB Hi Fi gift cards.

Interesting that you chose gift vouchers and not Kris miles. Worried about SQ also?

 

[Dr Ralph]

Interesting that you chose gift vouchers and not Kris miles. Worried about SQ also?

Several reasons for this:

1) The time limit on SQ miles. I have a very large bank of QF points. For me Velocity and the potential to transfer to SQ were only ever back up points. I have actually never used any Velocity points up until now.
2) SQ and/or Velocity points are of little use to me. I can't redeem for flights that I usually want with the ease that I can with QF.
3) Gift vouchers have value now and are more secure than may be being able to use points in the future.

 

[Jet L]

I have transferred 234,050 velocity points out to krisflyer (just enough to top me up to 240,000 miles) leaving me with 47,469 velocity points.

 

[BettyB]

I haven't got many Virgin points. I prepared to sit back and see what happens.

 

[Matt_01]

I only use VA points for redemptions on SQ or transfer to SQ and move them out regularly. Although I did not have that many at the moment but what I had have already gone to SQ. My current VA points balance is 3.

 

[jonboixxx]

Several reasons for this:

1) The time limit on SQ miles. I have a very large bank of QF points. For me Velocity and the potential to transfer to SQ were only ever back up points. I have actually never used any Velocity points up until now.
2) SQ and/or Velocity points are of little use to me. I can't redeem for flights that I usually want with the ease that I can with QF.
3) Gift vouchers have value now and are more secure than may be being able to use points in the future.

I am not trying to be contrary, but also consider that a raft of retailers will not exist after this and may not be able honour gift cards. Bank holiday on capital and interest payments will not be enough to save some businesses where their revenues have already been decimated. A mate who is in big4 corporate banking says he is extremely worried about some of his clients who he says are " haemorrhaging". Some will be seem as non-essential and left to fail.

 

[Dr Ralph]

but also consider that a raft of retailers will not exist after this and may not be able honour gift cards.

Definitely. Hence why I chose the gift cards carefully. I will spend them within a week of them arriving.

 

[Wezza]

I've got just under 800k in Velocity, when I tried to transfer to KF yesterday I got an error message. So I delinked my account then tried to link again, but now I'm getting a message saying the KF account is already linked to another Velocity account. I don't know what's going on. Don't wanna lose these points and I don't wanna cash out on coughpy gift cards.

 

[Doctore1003]

I'm hoping/expecting SQ will be extending points expiry dates given the circumstances.

 

[daft009]

I've got just under 800k in Velocity, when I tried to transfer to KF yesterday I got an error message. So I delinked my account then tried to link again, but now I'm getting a message saying the KF account is already linked to another Velocity account. I don't know what's going on. Don't wanna lose these points and I don't wanna cash out on coughpy gift cards.

I have exactly the same amount.. Will give it a go tonight

 

[serfty]

I've got just under 800k in Velocity, when I tried to transfer to KF yesterday I got an error message. So I delinked my account then tried to link again, but now I'm getting a message saying the KF account is already linked to another Velocity account. I don't know what's going on. Don't wanna lose these points and I don't wanna cash out on coughpy gift cards.

I had a similar problem ... it was fixed about 36 hours after an online chat with SQ customer care.

 

[Fortheloveofflying]

Definitely. Hence why I chose the gift cards carefully. I will spend them within a week of them arriving.

Just an FYI - my colleagues and I have all redeemed our points for various gift cards, including JB Hi Fi and all orders have been "Pending" for over 10 days now.

 

[Wezza]

I had a similar problem ... it was fixed about 36 hours after an online chat with SQ customer care.

Okay thanks. Is that accessed through the chat now box on their website? I tried calling their Australian number but it won't even ring. I tried the contact now part on the website but kept on telling me I needed to add my title even though I did that. So frustrating.

 

[Harthagan]

I just transfered my points across. It may not make a difference in the end but at least I've done what I can lol.

I'm gonna end up with a travel bank in excess of 5k as it seems virgin is intent on turning it's customers into creditors so thay they can continue to pay out salaries for a few more weeks/months. Last thing I need is more exposure than that

 

[Obi-run Kenobi]

WA and SA are closing their borders from Tuesday. Now VA's remaining domestic routes are going to suffer even further. Time to call the priest on VA?

WA, SA to close borders over coronavirus, Rottnest Island investigated as quarantine zone

Authorities in Western Australia and South Australia announce tough new measures that will see both states close their borders to slow the spread of COVID-19.

www.abc.net.au

 

[CPMaverick]

My personal opinion, the government may have let Ansett fail, but that was a failure due to the fault of the airline. It was unpopular to support a business that can't survive on its own.

This is different. No airline can survive this. The government will keep VA and QF afloat.