Is it Time to transfer/withdraw points from Velocity? | Page 76 | Australian Frequent Flyer
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Is it Time to transfer/withdraw points from Velocity?

tomcut2000

Active Member
Joined
Feb 27, 2014
Messages
768
I got the Velocity 15% extra VFF points offer email, 15% on top of the FB resultant transfer rate, for moving my FB points into VFF.
2000 FB points, ((870 x 1.15 = 1000 VFF points))
I am holding off on doing the transfer, till we find out what plans Bain has for VFF.
Feel a bit bad that VFF is in the middle of this, though.
Must be a bit hard to decide.
Now that we know VA has a new owner, but they (Bain) does not as yet want to say what plans they have for VA, as in if it will continue to have a FF system.
August is so long to go though, next hurdle, ... 2nd creditors (Bond holders) meeting.
About 18000 VFF points balance, and 8000 FB points.
I got that email as well... I am not earning any points on Velocity for a while until the situation is more clear
 

jakeseven7

Established Member
Joined
Sep 9, 2005
Messages
2,691
I doubt people will be earning points until Bain formally takes over VA1, why take the risk.

Hopefully Bain injects enough money for them to reopen the Velocity store soon so people can start cashing in their points if they want to.

Speculation is though that the SQ connection may never be restored though :(
 

Aus ATC

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Just trying to get my head around this.
Apparently the VFF trustee 'loaned' VA1in the order of $200M (bought a bond or such like). Presumably that is now toast.
They have been quite deliberate in their communications that VFF is a separate entity. So how does VFF recover a $200M loss? Does Bain drop some money into that entity to take over it's ownership (rather than paying back the loan) - and what would the other bond holders think of that?
 

Mr H

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Dec 5, 2013
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The AFF Round Robin email asked whether anyone was actively chasing Velocity points.

From my perspective, I transferred by balance to Kris Flyer before this avenue was closed - I now have 80,000 KF points.

Since then, I have earned 32,000 Velocity points with the Velocity Wine store and 22,000 Flybuys points. I'm tempted to move the flybuys across, but I probably won't as I believe the 15% bonus will return before I want to redeem Velocity points.

I haven't actively been chasing Velocity points, but where the opportunity has arisen to get them, I have taken that opportunity. I see it as a chance to get something I like but would never pay for (first class or business class flights) with a risk of losing relatively little (the wine might have been slightly more expensive to include the cost of the Velocity points, and I have little interest in discounts on my Coles shopping. So I see the Velocity points as a gamble, yes, but with very low stakes and potentially high gains.

But, I also have 120,000 ANZ reward points and I have no intention of cashing them in unless/until there is a specific redemption flight I want. At the moment, they have value with Kris Flyer and if the Velocity-Kris Flyer exchange is dead forever, I will want a way to increase my 80,000 Kris Flyer points to reach a juicy first class one way redemption to somewhere interesting.

So that's me. Oh, and I have 1,500,000 QF points that might one day get used. I had 200,000 returned when a redemption flight was cancelled and have earned about 100,000 since the start of Covid thanks to spend bonuses with their Qantas Money Platinum card.
 

AustraliaPoochie

Established Member
Joined
Feb 9, 2014
Messages
4,289
...take over it's ownership (rather than paying back the loan) - and what would the other bond holders think of that?
I read somewhere (ExecutiveTraveller) that they (Bain) are planning to join the IT systems of VA and VFF... guess this would depend on what happens at the 2nd creditors meeting.
Edit: does making VA and VFF have the same website and same app mean making both the same IT systems, or not.
***Maybe*** Bain is eyeing on taking over VFF.
For Mr H, lots of points there indeed.
 
Last edited:

RG1

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Aug 7, 2010
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229

theblank

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Aug 3, 2014
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1,443
I cannot see any reason why a new owner would close a profitable business. VFF is just that...profitable
I am fairly sure that every airline I have ever flown has some sort of FF system. It makes no sense to even ponder if Bain will retain VFF or not.
 

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