Should I transfer my Amex points to Velocity during the 20% bonus promotion?

I got about 100k in Amex points.

Got 260k in Velocity.
Got 47k in KF.

Originally I was planning to save KF miles for a flight to Israel.
Now, who knows…

I was thinking to focus on Velocity as I got a bigger balance there, what do you think?

I am planning to cancel my Amex in the next 3 months anyway.

Hi @birenbaum

If you were already intending to transfer points to Velocity, then yes, of course, now would be a good time to do it as you can take advantage of the 20% bonus.

In terms of whether you should transfer to Velocity of KrisFlyer, only you can answer that question. My personal opinion is that 50,000 KF points is worth more than 60,000 Velocity points. But if you’re focussing on travelling domestically, then you might want to transfer to Velocity. Again, that’s up to you.

I’d seriously consider a third option: opening an American Express Essential credit card with the lowest possible credit limit ($2000). It has no annual fee, and it means that you can keep your AmEx points when you cancel your other card without the need to speculatively transfer your points. Speculatively transferring Membership Rewards points (ie. transferring them without a specific redemption in mind) is never a good idea, but particularly at the moment.

Thank you for taking the time to answer my question!

My redemption is a return J flight to Israel from SYD. I can fly with SIA but I have a bigger balance with Velocity and in case they won’t be cooperating again, I have a higher chance of flying using Velocity points.

I spoke to ANZ today and they haven’t got a commitment date but said it could happen soon as other banks were now able to transfer to Velocity.
I’ve got a stack I want to transfer and its frustrating they aren’t allowing much as yet!