Velocity Wallet T&C's now available

[smatho10]

http://www.virginaustralia.com/cs/g...ontent/~edisp/velocity-global-wallett-pds.pdf

While it looks like it needs editing and finishing off.. Some handy info inside.

Also the opt-in option is now available on Velocity. Only $1.00 to load funds 1pt per 1AUD overseas and 0.5pt per 1AUD in AU.

I like...

Thoughts?

 

[zinkle]

Looks good, I wonder if it is a worthy contender to the 28 degrees MC (only thing missing was a lack of FF earn - but tiny gripe on otherwise stellar card).

Pros
- $1 load fee for $1-$25K (BPay) - $1K max per POLi
- 1pt per AU$1 spent overseas (Maybe it will be a chance to recoup otherwise lost FF earning potential via internet shopping (Amazon, etc).
- No additional conversion fees for supported currencies AUD/USD/GBP/EU/NZD/CAD/HKD/SGD/JPY/THB

Neutral
- $25K limit, can be increased on request (big limit can be a bonus or a liability)
- ability to lock in exchange rate prior to purchases (could work for or against you depending on exchange rates - would have been handy 2 months ago!)

Cons
- no points for cash withdrawals (unlikely to have happened)
- AU$2.95 equivalent fee for cash withdrawals
- 1pt AU$2 for transactions in AU
- additional 3% conversion fee for other currencies

Unknown
- exchange margin unknown (this would be the single most important factor) - if on par with 28 degrees MC, I think I've found my card for online shopping, overseas spend and emergency cash.

 

[Mal]

Must be due out soon then..

 

[totd]

Must be due out soon then..

It's already possible to put in a request. It's something they must have added during the most recent maintenance. See this post: http://www.australianfrequentflyer....aintenance-2230-28-june-51709.html#post851564

(Or the My Benefits page on the VFF site.)

 

[moa999]

Appears rates will be on the website:

From s10

Applicable Exchange Rate between any two currencies is the rate that we set from time to time. The rates are updated continuously throughout the day. If you are a current holder of the Product, you can check the rates on the Website

 

[Intra]

I went in to see what my preference is, and I had my benefits set to receive one - Having requested to opt-in when they first announced the card. Looks interesting enough.

I'm curious to see the currency rate and how close it would be from the market rate/what I could get at one of the smaller Currency Conversion joints I usually go to get cash. Other than that if it means one less card to carry when overseas, I'm keeping myself "opt-in"

 

[oz_mark]

An interesting disclosure in the Financial Services Guide http://www.virginaustralia.com/cs/g...ent/~edisp/final-for-publication-velocity.pdf

Participation charge payable by Rêv to Velocity for each point earned by members on the Velocity Global Wallet TM product


$0.0180 (Australian dollars) plus GST per point