Is your Velocity Points balance in need of a top-up? Velocity usually runs a twice-yearly points transfer promotion with most bank partners in May and November. Just like clockwork, the May 2024 bonus is here. This deal covers most bank reward programs, but you need to transfer over two months for 15% or enable auto transfers for 20%.

Here’s what you need to know.

Velocity May 2024 | 15% transfer offer

Expiry: Transfer at least once in May and June 2024

Simply transfer from participating partners to Velocity at least once in May and June 2024. You need to make a manual transfer for it to be eligible. Participating partners are:

  • American Express
  • ANZ Rewards
  • ANZ Business Rewards
  • Bank of Melbourne
  • BOQ
  • Bank SA
  • Card Services
  • Citi
  • Commonwealth Bank
  • Diner’s Club
  • HSBC
  • NAB
  • St.George
  • Suncorp
  • Westpac

Our suggestion is to simply transfer the minimum amount in May and then whatever you need in June to reach a redemption goal. Make sure to leave some points in your existing balance so you have enough to transfer in June.

Velocity May 2024 | 20% transfer offer

Expiry: Enable Auto Transfer by 30 June 2024

Simply enable auto transfers from participating partners to Velocity by 30 June 2024. Any transactions that happen between 1 May and 30 June will get the bonus.

  • ANZ Rewards
  • ANZ Business Rewards
  • Bank of Melbourne
  • Bank SA
  • NAB
  • St.George
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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’s the offer history since 2023.

  • May 2024: 15-20% bonus for most bank rewards (2-month offer)
  • 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.

Offer history before 2023:

  • 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 Chris Chamberlin. 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 points to Velocity for a 15-20% bonus was last modified: May 1st, 2024 by Brandon Loo