Given the precarious position Virgin finds itself in is there any way of transferring Velocity Points to anywhere else ?? They have closed the option of transferring to Krisflyer . I wasn’t quick enough to do it before this all became problematic. We have quite a few points and I can see them all just disappearing if Virgin is placed into administration
If you’re worried that you might lose your Velocity points, you have three options (or some combination of all three):
Hold on to your points and hope for the best.
Use your points to purchase what merchandise you can from the Velocity Rewards Store.
Redeem your points for travel in 2021 on Velocity’s partner airlines such as Singapore Airlines, Delta or Etihad, and hope that if Virgin collapses those airlines will still honour the bookings.
There is now no way to transfer your points. Your only options are to use them, or to keep them.
Echoing what @sixtyeight said, I have advised some family members who are worried to cash out their points for gift cards from the Velocity Rewards Store to places they would definitely shop at in the next few months. It is now limited to cash out 1 giftcard per day so a maximum of $200 but most will only be upto $100.
Some of my friends have gone for redeeming Westfield giftcards, JB Hifi or David Jones gift vouchers. You’ll be getting around 0.5 cents per point in value but that’s I guess better than nothing if the airline goes bust.
@sixtyeight raised some good tips, but is missing one.
Towster.co allows you to get paid in cash for using your loyalty points to resell products but it requires that the Velocity Rewards Store be operational.
I’m interested as well what’s the approach people here are planning to take. Not just opinion on what others would do, but what they will do themselves.
FWIW, I put all my Velocity points into a business class Singapore Airlines flight to London for the family in March 2021 yesterday evening. Hoping this will be safer than the points being in limbo during this administration phase.
I’m very much hoping the programme and the carrier comes out the other end intact.