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..?

 

[tomlee1986]

Ok thanks. I will finish redeeming all my points over the next three days.

Post automatically merged: Apr 11, 2020

Ok thanks.

You are very welcome

 

[pauly7]

Seems you may not have read the article before posting. AFF is specifically referenced/linked to the content of the article, hence my statement that we had made the main stream media. I could care less about who is credited as the original source of discussion.

Ok.... I did read the article.
I’ve just seen other mainstream articles well before this one
No need to be rude.

 

[Obi-run Kenobi]

Gift card options are uninspiring. Most of the good stuff has gone. I'm staying on the ship with my remaining balance and will ride this out.

 

[tomlee1986]

Gift card options are uninspiring. Most of the good stuff has gone. I'm staying on the ship with my remaining balance and will ride this out.

May I kindly ask what is left in the stores?

 

[Dr Ralph]

No need to be rude.

Hardly. I assume this is a joke.

 

[Obi-run Kenobi]

May I kindly ask what is left in the stores?

From my brief look I could see JB, Rebel, EB Games, BBQ Galore. There are others.

I should clarify that's Just my opinion RE: 'uninspiring'. I'm sure others can find value in them. I'm not that fussed TBH. Most of my points are in SQ now, so I don't really care about a $50 JB voucher.

 

[Doctore1003]

I think people have naturally reached the same conclusion about Virgin and that was shared all over traditional social media - it’s been popping up in my feed for weeks.

I actually started noticing an increase in concern about Velocity Points (from non-AFFers) last year when the CEO changed and there were lots of media articles about Virgin's coughulative losses. I think community concern has been there for a while, and this crisis has amplified it and caused people to finally act.

 

[pauly7]

I actually started noticing an increase in concern about Velocity Points (from non-AFFers) last year when the CEO changed and there were lots of media articles about Virgin's coughulative losses. I think community concern has been there for a while, and this crisis has amplified it and caused people to finally act.

May well be right and the fact VA is no longer flying / asking for a bail out and advertising this really drives home that point doesn’t it and becomes the tipping point.

I wonder if the call they made to advertise they fact they want assistance has actually contributed to the rush on Velocity.

 

[Bct]

so fingers crossed for you

Thanks. I also have a $129 Virgin voucher that I have to book a flight with by 04 May that I am trying to sort out with Virgin. Yay. I really hope that Virgin survive but too much uncertainty for me to keep my points.

 

[Supersonic Swinger]

Hopefully not adding fuel to the fire but just read this elsewhere, a comment that was allegedly made from a (senior) Velocity employee to a friend.

'get out whatever you can ASAP'

Sounds like further restrictions are coming.

This situation has made me re-evaluate my whole approach to "reward" programs:

- a debit card which gives 2% cashback on Paywave purchases below $100 is better than credit card points which you can redeem with QFF or Velocity stores at 0.7 cents per points (so for a card earning 0.75 points, about 0.525 cents)
- I've cleaned out my Velocity balance - I still have about 400,000 unused Ansett Global Rewards points
- I've become much more circumspect about chasing any additional points - I'll take them if I can get them, but even if the program survives, I suspect they'll become much harder to use

- capacity - and therefore availability of seats especially in premium cabins - is likely to be tight for a few years to come​

- I wouldn't be surprised to see devaluations / hyperinflation of those programs which survive because in an environment where airlines need to preserve cash in the coming years, store redemptions = cash cost out the door, seat redemptions = marginal cost with no incremental cash inflow, and in a world with rolling travel restrictions, elevated unemployment and fundamental economic reordering underway, chasing frequent flyer points is going to be a much lower priority for many.​

 

[SOPOOR]

i know a few people have said that the orders stay pending until they are delivered or last minute

but ive basically emptied my account in 1-2 days with gift cards,
so im a bit "aware" that my orders might be cancelled, so fingers crossed they will turn up

 

[knagelli]

but ive basically emptied my account in 1-2 days with gift cards,

Same with me , I have done that a day/two before you. The status still shows pending , so not sure if they are being processed or may be cancelled.

 

[SOPOOR]

Same with me , I have done that a day/two before you. The status still shows pending , so not sure if they are being processed or may be cancelled.

It looks like from other accounts that the status doesnt change until you receive delivery or last minute,
I guess fingers crossed

I wouldn't call up in case they manually cancel it

 

[Dr Ralph]

Virgin in a trading halt. Speculation that it will soon go into administration:

Coronavirus: Virgin Australia forced into trading halt amid pandemic

Virgin Australia has entered into a trading halt following a board meeting with the airline’s international shareholders.

www.news.com.au

 

[knagelli]

Virgin in a trading halt. Speculation that it will soon go into administration:

I am not sure if this will have direct impact on Velocity but it does not look very good

 

[SOPOOR]

i wonder what happens to all "pending" orders?
is there any chance they will claw back, even orders that were just about to be shipped out?

 

[knagelli]

is there any chance they will claw back, even orders that were just about to be shipped out?

I am more worried about the thousands in travel bank assuming they go into administration.

 

[Obi-run Kenobi]

Virgin in a trading halt. Speculation that it will soon go into administration:

Coronavirus: Virgin Australia forced into trading halt amid pandemic

Virgin Australia has entered into a trading halt following a board meeting with the airline’s international shareholders.

www.news.com.au

Two halts in as many weeks is bad news.

As for Velocity, the program and it's points will be worthless if there's no airline on which to redeem.

 

[SOPOOR]

I am more worried about the thousands in travel bank assuming they go into administration.

I don't have travel bank, but i can understand the concern

Virgin have made it sound theyre fine and just "disucussing" how to go fwd. But who knows what that means

 

[Mattg]

I had already transferred many of my Velocity points to KrisFlyer last month (as I regularly do - I find KrisFlyer a better program for my needs in general). But I was left with some Velocity points still in my account after those transfers were suspended due to an award booking refund.

It gives me no pleasure to say that I've now redeemed the leftover points for some wine and a gift card. I can't believe it's come to that, but at least I'll get something for them.