I've been sitting on the fence about this one, figuring that I still have a couple of weeks to decide. If not transferring to Velocity, I'd have probably sent my MR points to KrisFlyer, so a few quick sums assuming a transfer of 500,001 MR points (the minimum required for Platinum status):
- 500,001 MR = 500,001 SQ miles
- 500,001 MR = 625,000 Velocity points (=403,225 SQ miles when converting Velocity to SQ at the new 1.55:1 rate)
So, 'net loss' through Velocity of 96,776 SQ miles, in exchange for three years of VA status (Platinum in year 1, Gold in year 2, Silver in year 3 via Velocity's soft drop each year).
Silver has little benefit beyond international priority check-in, Gold isn't that much better because it gives VA lounge access with 1 guest - same as presenting the AMEX card - although Platinum includes those 4 business class upgrades (which are worth about 10,000 Velocity points each when used on a flight to Perth, for example), and VA Platinum also gives you Hilton Diamond status for a year (versus HH Gold via AMEX - the biggest difference being guaranteed exec lounge access at hotels that have it), so I guess there's a little bit of value there too, and when accessing VA lounges, you get 3 guests instead of just 1 with VA Gold or AMEX Plat. You also get VA lounge access on arrival (as VA Gold also gets).
My biggest concern with getting the Velocity Platinum though is that I mainly travel internationally, and that's where Velocity Gold has mostly disappointed me in the past - there would be plenty of times when I'd be flying on partner airlines and would have access to no lounge at all, instead relying on one of the lounge perks from my AMEX Platinum card instead (e.g. no lounge access flying Hawaiian, which I'm planning to do again later this year, and then limited access with most other partners that excludes third-party contract lounges, other than when flying
Etihad - so fly SQ from Paris, no lounge, fly HK Airlines from Auckland, no lounge, and the list goes on... that, and the lounge VA elites can use in Singapore when flying SQ is also disappointing.)
They've made some very small improvements on that front with Virgin Atlantic (now get lounge access again in HK before the London flight, and VA Plats can now use the Revivals Lounge at LHR on arrival), but there are still some very big holes, and other than the
Etihad first class lounge in AUH when flying
Etihad, there aren't many lounges that VA Plat can access that VA Gold cannot, and the lounges that VA Gold can access are often available by other means (via AMEX), or are in airports where there are acceptable alternatives.
Moreover, the fact that VA still doesn't have lounges in all their international ports is laughable. I recently flew VA from Vanuatu: no lounge access at all for business class/Gold/Plat. Had to whip out my Priority Pass card for access to the small lounge in the corner, which was much nicer than the crowded terminal but nothing flash, but if VA can't even get the lounge access right when flying VA metal, I have little hope when flying with partner airlines!
As much as I'd like to get 'free' Platinum, I'm not sure I'd get enough back in return versus the 'loss' of miles which could be sent elsewhere. Still have a week or two to ponder, but I'm probably 60% likely not to do it. The other 40% is still weighing it all up!