Effective immediately, you can now swap 1,000 flybuys points for 500 Velocity Points online, at any time. This rate was previously a limited-time offer with the introduction of auto-redemptions in December 2020, but is now a permanent fixture across the board.
The previous rate was 2,000 flybuys points to 870 Velocity Points, so members now benefit from having a lower threshold to redeem, as well as earning more points per transaction than before.
Is this the end of flybuys/Velocity transfer bonuses?
Previously, members had to rely on 15% transfer bonuses in order to boost their points haul from flybuys-to-Velocity-conversions. But with the new transfer rate effectively 15% higher than before, this could suggest that we won’t be seeing any more transfer bonuses for a while.
Rivals Qantas and Woolworths Everyday Rewards has offered a similar transfer rate for longer (2,000 Everyday Rewards points to 1,000 Qantas Points) but has notably not run any promotions to increase this exchange rate in recent times.
This development is a great win for flybuys members, as everyone can benefit from the boosted transfer rate straight away, and the change from 2,000-point blocks to 1,000-point blocks means consumers have more control when it comes to redeeming those points.
Once travel opens up once more, patient Velocity members will hopefully be able to redeem those points on international partner airlines again, including the newest recruit, Air Canada Aeroplan.
New to flybuys? Read our ultimate guide to the flybuys program and also how to transfer flybuys points to Velocity Frequent Flyer.