You probably noticed a lot of fanfare last month from Velocity Frequent Flyer about the 15% bonus transfer on points from your reward credit card.
If you did take up the offer, you might be really annoyed right now as Virgin has increased the transfer bonus to (up to) 30% on points transferred from your American Express, ANZ rewards, HSBC, Citi, NAB, Diners Club, Suncorp, BOQ and Card Services reward credit card.
The bonus transfer works in tiers so at the lower end of the spectrum there’s only a 15% transfer bonus and at the higher end there is 30% up for grabs.
- 1 to 50,000 Velocity Points = 15% Bonus
- 50,001 to 100,000 Velocity Points = 20% Bonus
- 100,001 to 250,000 Velocity Points = 25% Bonus
- 250,000+ Velocity Points = 30% Bonus
Last month Westpac and Commonwealth Bank issued reward cards were not included in the marketing material, but from reports, points transferred did receive the bonus. It’s unclear at this stage if they are included this time around or not (unofficially that is).
Here are the terms and conditions of this promotion:
Velocity members will receive the Tiered Bonus offer on Points when they transfer eligible points from Participating Card Partners to Velocity between 1 and 10 December 2017. The following percentage bonus will be applied based on a minimum number of Velocity Points transferred during the offer period:
1 – 50,000 Velocity Points = 15% Bonus Velocity Frequent Flyer Points
50,001 to 100,000 Velocity Points = 20% Bonus Velocity Frequent Flyer Points
100,001 to 250,000 Velocity Points = 25% Bonus Velocity Frequent Flyer Points
250,001 Plus Velocity Points = 30% Bonus Velocity Frequent Flyer Points
The bonus Velocity Points offer is only available for points transfers from ANZ Rewards accounts, ANZ Business Rewards accounts, Citibank Citi Rewards accounts, Diners Club Reward accounts, Bank of Queensland Q Rewards accounts (Platinum credit card holders only), Suncorp Bank Rewards accounts, Card Services Rewards Accounts, HSBC Rewards accounts (Platinum and Premier credit card holders only), NAB Rewards accounts, and Australian American Express Card Members, including David Jones American Express Card Members enrolled in the Membership Rewards program (this offer excludes American Express New Zealand Card Members) (“the Participating Card Partners”). Minimum points transfer required. For full details on points transfers, including eligibility criteria, minimum points transfer requirements, applicable conversion rate see the Participating Card Partner Terms and Conditions. The earning and redemption of Card Partner points is subject to the Terms and Conditions of the Participating Card Partner reward program. Once the Participating Card Partner points have been redeemed for Velocity Points, they are governed by the Velocity Membership Terms and Conditions and cannot be reversed. Transferred Velocity Points and bonus Velocity Points will be available in your Velocity Account subject to the applicable Card Partner points transfer timeframes. Bonus Velocity Points are calculated on the total number of Velocity Points transferred to the Velocity Account in accordance with the offer.