Is your balance of Velocity Points in need of a top-up? Velocity usually runs a twice-yearly points transfer promotion with most bank partners – in May and November. But in March, there are a couple of out-of-cycle offers on the cards.

One deal is exclusive to American Express Membership Rewards members. The other, for CommBank Awards members. Here’s what you need to know.

Amex Membership Rewards transfer offer

Expiry: Transfer by 11:59pm AEST 15 March 2024

Simply transfer at least 2,000 Membership Rewards points into Velocity Points to earn an easy bonus. For most Amex Membership Rewards members, there’s a 10% boost on these transfers. And if you make more than one eligible transfer during the promotional period, you’ll get that bonus every time.

But there’s something better for Card Members at the Ascent Premium tier of Membership Rewards. Rather than the standard 10%, these spenders qualify for a 15% transfer bonus instead – with the same minimum transfer of 2,000 Membership Rewards points.

So what ascends a Card Member to the Ascent Premium level? Simply, this tier of rewards is exclusive to Amex’s highest-level cards. This includes the Platinum Card, Platinum Business Card and Centurion Card, as well as the Rewards Advantage Card (that one’s no longer open to new applicants).

In both cases, transfers need to be made by 11:59 pm on 15 March to qualify for the relevant bonus. Transfers from Amex to Velocity are normally processed immediately, but may take up to one business day in some instances.

CommBank Awards transfer offer

Expiry: Transfer by 11:59pm AEST 29 March 2024

The offer for CommBank Awards members varies depending on the quantity of CBA Awards points converted to Velocity. In other words, the greater the transfer, the greater your potential haul.

Convert up to 30,000 Awards points to Velocity (that’s up to 15,000 Velocity Points) and fetch an easy 10% bonus. There’s no minimum conversion amount required to attain that boost. And with CommBank Awards points transferrable into Velocity Points in increments of two Awards points (= one Velocity Point), you could pocket that bonus on your entire CBA points balance.

But if you have even more points in your CommBank Awards account, you’ll want to check out this deal instead. Convert more than 30,000 Awards Points to Velocity in a single transaction and you’ll earn a greater 15% bonus instead.

Here’s what that means in practical terms, and how the two offers compare. If you converted 30,000 Awards points to Velocity, you’d get 15,000 Velocity Points as a baseline. Add 10% to that (1,500 bonus Velocity Points) and your total haul is 16,500 Velocity Points. But convert 30,002 Awards points to Velocity instead and you’d get 15,001 points at first, plus the higher 15% boost (2,250 bonus Velocity Points) and your total reward would be 17,250 Velocity Points. That’s an extra 750 Velocity Points, just for converting two extra points from CommBank Awards in the same transfer.

Just be aware, the 2:1 conversion rate we’ve used in the Velocity example here is applicable to most CBA cards. But some historic CBA Awards cards – which are no longer open to new customers – may use an older and less generous 2.5:1 conversion rate.

To convert points, you’ll need to log into CBA NetBank, click ‘View Awards’ next to your credit card and then browse to Velocity under the ‘Redeem’ tab. You’ll also see details of the transfer offer within the CommBank Awards portal.

Transfer CommBank Awards points to Velocity with a 10-15% bonus
Bonus Velocity Points aren’t reflected in the transfer calculator, but the offer is promoted front row centre.

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Why should I use a Velocity transfer promotion?

We’re big fans of transfer promotions from flexible reward programs to Velocity Frequent Flyer, particularly when the offer is 15% more points (or higher!), and you have a specific flight goal in mind.

But in general, unless you have a specific goal, our suggestion is to preserve the flexibility of your points. Just because there’s an offer running doesn’t mean you have to transfer them.

If you’re holding American Express Membership Rewards points and ultimately want KrisFlyer miles, transferring to Velocity with the bonus gives you slightly more miles now.

  • 30,000 MR points = 10,000 KrisFlyer miles with a direct conversion.
  • 30,000 MR points = 16,500 Velocity Points (inc. 10% bonus) = 10,645 KrisFlyer miles
  • 30,000 MR points = 17,250 Velocity Points (inc. 15% bonus) = 11,129 KrisFlyer miles
Virgin Australia Business Class Cabin
Why not upgrade to Business Class using Velocity Points for your trip?

Offer history

Keen to know how Velocity has run this offer in the past so you can decide if you should take advantage of it now? Here are the last three years of offer history:

  • March 2024: 10-15% bonus for American Express Membership Rewards and CommBank Awards.
  • November 2023: 20% bonus for most programs (3-month offer).
  • August 2023: 10-20% for Amex Member Month.
  • May 2023: 15-20% bonus for most programs.
  • March 2023: 15% bonus for CommBank Awards members only.
  • February 2023: 15-20% bonus for Amex Membership Rewards only.
  • October 2022: 15-25% bonus for most programs.
  • August 2022: 25% bonus for American Express Membership Rewards.
  • May 2022: 5-30% bonus for most programs.
  • February 2022: 15-20% bonus for Amex Membership Rewards only.
  • November 2021: 20-30% bonus for bank programs.
  • May 2021: 15-30% bonus for most bank programs.
  • November 2020: 15-40% bonus + 50 bonus Status Credits for most bank and hotel rewards programs, plus 15% bonus for Flybuys.
  • September 2020: 20% bonus for most bank and hotel reward programs.
  • July 2020: 15-20% bonus for Flybuys.
  • February 2020: 15% bonus for most Amex Card Members; 20% bonus + status upgrade for Platinum and Centurion Card Members; 15-20% bonus for Flybuys [targeted].

Summing up

These Velocity promotions are usually a great deal if you have a stash of credit card or hotel program points you want to transfer over to Velocity. Don’t forget, along with Virgin Australia, you can also use Velocity Points on airline partners such as Etihad, Singapore Airlines, Air Canada and more.

Additional reporting by Brandon Loo. This content contains affiliate links from which Point Hacks may earn commissions from transactions generated from new customers, bookings and general enquiries. Find out more here.

Transfer your Amex or CBA points to Velocity for a 10-15% bonus was last modified: March 7th, 2024 by Chris Chamberlin