Velocity Frequent Flyer has made the unusual move of extending last month’s transfer bonus promotion by offering bonus points for transfers from a range of partner points programs.
This new maximum bonus of 30% is above-average but it is worth noting that Velocity has been aggressively promoting transfer bonuses over the past year.
This is a great deal for those who had a specific Virgin Australia or partner flight redemption in mind, and for those with large points balances outside of Velocity who know they will want to redeem Velocity points sometime in the future, it could be worth transferring speculatively.
Current offer: 15-30% bonus on Velocity transfers from most bank programs and flybuys
Until 10 December, you can transfer bank rewards points to Velocity at the following rates:
- 1-50,000 Velocity Points = 15% Bonus
- 50,001-100,000 Velocity Points = 20% Bonus
- 100,001-250,000 Velocity Points = 25% Bonus
- 250,000+ Velocity Points = 30% Bonus
This time around, the usual bank rewards programs are included, however, there are no additional bonuses for ANZ or Amex Platinum Charge cardholders, which tends to be the case. Hotel programs like Starwood Preferred Guest are not included in this promotion.
Here is the list of bank programs included:
- American Express Membership Rewards, including David Jones American Express Card Members enrolled in the Membership Rewards program
- ANZ Rewards & ANZ Business Rewards
- Bank of Queensland Q Rewards (Platinum cardholders only)
- Card Services Rewards
- Citibank Citi Rewards
- Diners Club Rewards
- HSBC Rewards accounts (Platinum and Premier cardholders only)
- NAB Rewards
- Suncorp Bank Rewards
as well as:
- flybuys (only 15% bonus)
There are reports that some CommBank and Westpac customers received bonuses last month even though they weren’t officially included in the offer. This month it could be the same, but there are no guarantees of that.
Eligible transfers must be made between 1 and 10 December 2017.
Singapore Airlines Business Class is one of the best uses of Velocity Points
General tips and hints for Velocity’s transfer and redemption promotions
I’m a big fan of the bonus points for transfers from partner 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 or flybuys 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 promotions – 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 15% seems to be the norm.
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 it opens up the calendar for you. 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 Velocity 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:
- December 2017 (current offer): 15-30% bonus for bank rewards programs (tiered); 15% for flybuys
- November 2017: 15% bonus for bank and hotel rewards programs and flybuys; 20% bonus for Amex Platinum Charge; 30% bonus for ANZ Rewards; earn Velocity Gold or Platinum status by transferring Amex Ascent points
- July 2017: 10% bonus for flybuys; 15% for Amex; 25% bonus for Amex Platinum Charge
- June 2017: 15% bonus for bank rewards programs; 20% bonus for hotel rewards programs
- May 2017: 15% bonus for bank and hotel rewards programs; 25% for Amex Platinum, Business Platinum and Centurion; 50% bonus for ANZ Rewards
- March 2017: 15% bonus for flybuys
- November-December 2016: 15% bonus for Amex and flybuys; 30% bonus for Amex Platinum Charge
- May 2016: 15% bonusfor bank and hotel rewards programs; 25% bonus for Amex Platinum Charge & tiered bonuses for ANZ Rewards
- November 2015: 15% bonus
- May 2015: 15% bonus, 15% discount
- November 2014: 15% bonus
- May 2014: 10% bonus, 10% discount
- October 2013: 15% bonus, 15% discount
- April 2013: 15% bonus
- October 2012: 15% bonus
- February 2012: 30% discount on domestic redemptions
- September 2011: 20% bonus
Is this a good deal?
These Velocity promotions are a usually 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 times 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: primarily, if you have card in a credit card rewards program that has few transfer partners, like Commbank Awards – and know you won’t be cashing them out for gift cards or other merchandise and want frequent flyer points instead, then you might as well transfer now and pick up the bonus.
Secondly, if you have a large points balance outside of Velocity and a low Velocity balance, then it could make sense to move some points over speculatively in advance of redeeming them in future.
What about Velocity to KrisFlyer transfers?
Another transfer option/incentive to note 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.