Velocity’s 15% bonus on transfers into Velocity Frequent Flyer has been extended for both American Express Membership Rewards cardholders until 7th December, and flybuys members until 10th December, just in case you forgot to make a transfer.
The extension of the flybuys bonus could be targeted to those who have already linked their accounts, given the wording of the email we received from Velocity:
It’s not clear, as the extension of the flybuys bonus is not mentioned anywhere on the Velocity or flybuys websites.
Previously: the included credit card program / bank transfer partners for the 15% bonus promotion in November 2016:
- American Express Membership Rewards including David Jones Membership Rewards
- ANZ Rewards (ANZ also has their own promo running)
- CommBank Awards
- Citi Rewards including Card Services
- Altitude Rewards
- Amplify Rewards
- Diners Club
- Bank of Queensland
Not shown on the promo page, but flybuys are also included with the launch of their partnership in October.
A general guide to Velocity’s transfer and redemption promotions
I’m a big fan of the bonus points for transfers from credit card programs, and redemption discount promotions from Virgin Australia’s Velocity program, which run around twice per year.
The transfer bonus points are usually credited alongside the main stash of points you transfer over, so you don’t have to wait around for them to show up.
If you’re planning on making a transfer to empty out one of your credit card program accounts, then you’ll probably want to wait as late as possible in the promo period to ensure you can transfer the most possible points.
They have previously offered double the benefit – encouraging those of you with stockpiled credit card program points an incentive to move them over to Velocity, whilst also rewarding those with points in their accounts already – although the 15% discount on redemptions has not been seen for a while.
Any discount on redemptions is usually for around 12 months from the date of booking, so if you hold on until the end of the promotion you can book using the discount up to the end of November. The redemption discount is applicable to any Virgin operated flight, both domestic and international.
Other ways to take advantage of redemption deals for future travel on Virgin Australia
You can also book travel and change the date after the discount promotion ends, copping a change fee ($60 change fee on international flights) but additional points will be charged if this is done outside the promotional period.
This is a significant boost to the value of Velocity points during the promotional period, so well worth considering a redemption if you have upcoming travel in mind for the promo period.
Sometimes knowing how Virgin has run this offer in the past may help you to decide if you should take advantage of it now. Here’s the offer history:
- November 2016: 15% transfer bonus
- May 2016: 15% transfer bonus with 25% for Amex Platinum Charge & tiered bonuses for ANZ Rewards
- November 2015: 15% transfer bonus
- May 2015: 15% transfer bonus, 15% discount
- November 2014: 15% transfer bonus
- May 2014: 10% transfer bonus, 10% discount
- October 2013: 15% transfer bonus, 15% discount
- April 2013: 15% transfer bonus
- October 2012: 15% transfer bonus
- February 2012: 30% discount on domestic redemptions
- September 2011: 20% bonus
Is this a good deal?
These Velocity promotions are a great deal if you have stash of credit card program points you know you want to transfer over to Velocity.
The 15% bonus is becoming common now, running at the same time each year – it makes a great benefit for those who can plan ahead and hold cards from one of the included credit card rewards program partners that usually benefit.
If you have no short term plans to redeem points with Velocity, then it’s probably not worth making the transfer though – the loss in flexibility of your points (because they then can’t be transferred to be used anywhere else) is not usually going to be worth picking up the bonus.
There are two exceptions to this – first, if you have card in a credit card rewards program that has few transfer partners, like Commbank Awards – and you know you won’t be cashing them out for gift cards or other merchandise and want frequent flyer points instead – you might as well transfer now and pick up the bonus.
What about Velocity -> KrisFlyer Miles transfers?
The second exception is if you have plans to redeem KrisFlyer Miles. If you have a card which has a lower transfer rate to KrisFlyer than to Velocity, then the 15% bonus may be enough to take the maths over the edge where transferring to KrisFlyer via Velocity during a bonus period gives you more KrisFlyer miles than if you transferred direct to KrisFlyer.
In short – it’s complex, but there’s room for some marginal gains for those cards moving points to KrisFlyer Miles via Velocity during these promo periods.