Virgin Australia is ramping up Velocity Frequent Flyer promotions yet again under new owners Bain Capital. Right now, you can score up to 40% bonus points on Velocity transfers, plus an additional 50 Status Credits on larger transfers.
Velocity is known to run transfer bonus promotions quite regularly, with the preceding offer of a 20% bonus back in September.
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Should I transfer my points?
Well yes, but no.
Given the current climate, it’s advisable to transfer points only when you have a need for them. If you have a specific Virgin Australia redemption flight in mind, this offer might help you achieve that, but transferring points just because it’s a generous offer might not be the way to go.
The truth is we don’t know what will happen to Virgin Australia. Theories that the airline will transition to a low-cost model under forthcoming CEO Jayne Hrdlicka, who was previously Jetstar’s CEO, or that Velocity will be devalued make it much safer to hold your points elsewhere for now.
What’s the current bonus transfer offer?
This Velocity bonus transfer promotion comes as four separate offers. In all cases, minimum reward point transfers will still apply, depending on the rules of each partner. This offer runs until 11:59pm AEST on 30 November 2020.
Tiered 15% to 40% bonus at participating partners
Members will receive 15-40% bonus Velocity Points when transferring from the following eligible banking and hotel partners:
- American Express Membership Rewards
- NAB Rewards
- Citi Rewards
- Diners Club International
- Card Services
- Suncorp Rewards
- BOQ Q Rewards
The bonus received is based on how many points you transfer to Velocity Frequent Flyer, with larger transfers earning a higher bonus:
- 15% bonus: 1 to 100,000 Velocity Points
- 20% bonus: 100,001 to 250,000 Velocity Points
- 25% bonus: 250,001 to 500,000 Velocity Points
- 30% bonus: 500,001 to 750,000 Velocity Points
- 40% bonus: 750,001+ Velocity Points
Flat 20% bonus with other partners
For most other partners, you’ll receive 20% bonus Velocity Points. Eligible partners are:
- Commonwealth Bank Awards
- Westpac Rewards
- Marriott Bonvoy
- Accor Live Limitless
- IHG Rewards Club
- Hilton Honors
- Shangri-La Golden Circle
- Choice Privileges
15% FlyBuys transfer bonus
When transferring Flybuys points, you’ll receive 15% bonus Velocity points. That means 2,000 flybuys points will get you 1,000 Velocity Points.
50 bonus Status Credits
Members can also rack up 50 bonus Status Credits for transferring the equivalent of at least 50,000 Velocity Points in a single transaction from a partner. Plus, you can earn this 50 Status Credits bonus multiple times if you transfer from different partners.
Partner programs eligible for the offer are limited to:
- American Express Membership Rewards
- Westpac Altitude Rewards
- NAB Rewards
- Commonwealth Bank Awards
- Westpac Altitude Rewards
- Citibank Rewards
- Diners Club Rewards
- Suncorp Credit Card Rewards
- BOQ Q Rewards
- Card Services
- Marriott Bonvoy
- Accor Live Limitless
- IHG Rewards Club
- Hilton Honors
- Shangri-La Golden Circle
- Choice Privileges
- Flybuys
Summing up: my take
As always, this won’t be the last Velocity transfer bonus offer we see. While these promotions are normally a good deal if you have a stash of hotel or credit card loyalty program points sitting around, 20% isn’t a great offer in the current climate. Sure, you can earn up to a 40% bonus, but you’d have to be drowning in points to achieve that.
That said, you could get yourself a good deal by coupling this promotion with Velocity’s extended 30% business class redemption discounts! To take advantage of that offer you’ll need to book by 22 November 2020 for travel until 31 December 2020.
