Virgin Australia is currently running an excellent promotion on Velocity point transfers. For the month of May, Velocity members can earn at least 15% bonus points when transferring points to Velocity from most credit card rewards programs.
ANZ customers can earn even more bonus points, with up to 50% bonus points on offer for transfers to Velocity. Additionally, Amex Ascent Premium members can earn 25% bonus points when transferring points to Velocity this month.
A number of members have already taken advantage of this promotion…
As a reference to others, I did a manual transfer from ANZ to Velocity yesterday afternoon, and the points + 50% bonus were already in my account this morning. I had been holding off waiting for a decent transfer bonus from ANZ, so very happy!
Transferred 87K NAB rewards yesterday (NAB and I have a love affair) and the points and 15% bonus in my Velocity account today.
Virgin has been promoting this offer as the “Billion Point Giveaway”. The only difference between this and previous bonus point deals is that the number of bonus points on offer in this promotion is restricted to one billion. Previous promotions had an unlimited pool of bonus points on offer. Nonetheless, it is unlikely that enough points will be transferred this month that Virgin will need to give away the full allocation of one billion points.
I have no idea how many points get transferred through this sort of promotion, but I would have thought the choice of a billion would be around making sure it wasn’t reached….
Similar bonuses on Velocity point transfers have historically been given every six months. If this trend continues, we can expect Velocity’s next promotion on credit card point transfers to come around in November.
These transfers are every other month now. Velocity must be desperate for cash.
With all of the major banks cutting rewards points in the near future, this month could be a very good time to transfer your points to Velocity. This is especially the case for Citibank customers, as Citibank will retrospectively devalue its customers’ Citi Rewards points on 15 June.
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