Article: Can You Convert Qantas Points to Velocity Points?

Illegitimately, its possible.
You use QFF points as a favour for a friend to fly on a VFF plane (flight).
Then your friend uses VFF points to fly you around, maybe just one flight to square it up.
This is good if you or your friend has to fly to where each of the opposing Aust airlines do not fly.
Or you can use QFF QTMCard or any QFF branded card, to buy a VAd or VAi flight, and earn points 2 ways, one by using the Qantas branded card points earn, and the other for putting your bum on a VAd or VAi flight, by putting your VFF # into the booking.
But I do agree, points transfer itself between the 2 opposing Aust airlines is not possible.
 
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