Velocity Frequent Flyer has announced another round of transfer bonuses, specifically for those holding American Express cards. There is also a free flight benefit available to Platinum Card Members.
Every May and November, and often in between, Velocity offers bonus points when you transfer from one of its partner programmes. They are generally a great deal for those who had a specific Virgin Australia or partner flight redemption in mind.
This is the first time that I have seen this offer not specifically exclude New Zealand American Express cardholders.
Current transfer bonus offer
Transfer your American Express Membership Rewards points to Velocity by 12 August 2019 and receive 15% bonus Points or 20% bonus Points for Premium Card holders.
If you have one of the following legacy American Express cards, you will get the lower 15% bonus:
If you have a Platinum Card, you’ll get a 20% bonus and an extra offer (detailed below).
To be clear, it appears from the list of eligible cards on this page that the New Zealand-issued American Express Platinum Edge is not included in this promotion.
The regular conversion rate is 2,000 Membership Rewards points to 1,000 Velocity Points. With this offer, you’ll get 1,150/1,200 Velocity Points.
Here are the full terms and conditions:
To transfer Membership Rewards points for Velocity Points you must be enrolled in Membership Rewards Ascent, Gateway, Premium Ascent, Business Ascent or David Jones Membership Rewards program and be a member of Velocity Frequent Flyer. To receive 15% bonus Velocity Points you must transfer Membership Rewards points from the American Express Membership Rewards Program to Velocity into Velocity Points (Transferred Velocity Points) between 12:01am AEST on 29 July 2019 and 11:59pm AEST on 12 August 2019 (Promotion Period). If you are a Platinum or Centurion Card Member, you will receive 20% bonus Velocity Points. A minimum of 2,000 Membership Rewards points must be redeemed for Velocity Points at any one time during the Promotion Period and must be in whole numbers. For full details on points transfers, including eligibility criteria, minimum points transfer requirements, applicable conversion rate see the American Express Membership Rewards Program Terms and Conditions. The earning and redemption of Membership Rewards points is subject to the Terms and Conditions of the American Express Membership Rewards Program. The redemption of Membership Rewards points will be administered solely by American Express and will take up to 3 business days to transfer into your Velocity Account. Once the Membership Rewards 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 take up to 3 business days to be available in your Velocity Account. Bonus Velocity Points are calculated on the total number of Velocity Points transferred to the Velocity Account in accordance with the offer.
Extra promotion for Platinum and Centurion Card Members
Premium Charge Members who transfer a minimum of 500,000 Membership Rewards points to Velocity during this promo can get a free Virgin Australia Business Class flight for a travel companion.
Note that under this offer, Virgin Australia flights to Hong Kong and Los Angeles are ineligible for this discount. You yourself must buy one ticket and the second one is free. Bookings must be made through your Relationship Manager or the Platinum Travel Service by 1 November for travel right through to 23 June 2020. However, there are blackout dates over school holiday periods.
Make sure to read the full terms and conditions of the offer here.
Sometimes knowing how Velocity has run this offer in the past may help you to decide if you should take advantage of it now. Here is the offer history:
- July-August 2019: 15% bonus for most Amex Card Members and 20% bonus for Platinum and Centurion Card Members
- May 2019: 20% bonus for hotel loyalty programmes
General tips and hints for Velocity’s transfer and redemption promotions
I am a big fan of the bonus points for transfers from partner programmes, and redemption discount promotions from Virgin Australia’s Velocity programme, which run around twice per year.
The transfer bonus points are usually credited alongside the main stash of points you transfer over, so you don’t have to wait around for them to show up.
If you’re planning on making a transfer to empty out one of your hotel loyalty programmes, then you’ll probably want to wait as late as possible in the promo period to ensure you can transfer the most possible points.
They have previously offered double promotions—encouraging those of you with American Express Membership Rewards programme points an incentive to move them over to Velocity, whilst also rewarding those with points in their accounts already—although 15% seems to be the norm.
Any discount on redemptions is usually for around 12 months from the date of booking, so if you hold on until the end of the promotion it opens up the calendar for you. The redemption discount is applicable to any Virgin-operated flight, both domestic and international.
Summing up: are these promotions a good deal?
These Velocity promotions are a usually great deal if you have a stash of credit card programme points you know you want to transfer over to Velocity.
The credit card transfer offers have usually only been offered to Australian cardholders, which I criticised the last time we published this guide.
Qantas have offered transfer bonuses to New Zealand American Express cardholders for some time.
However this time around, Velocity have opened their offer up for domestic transfers, which is great.
If you have no short-term plans to redeem points with Velocity, then it is probably not worth making the transfer though – the loss in flexibility of your points (because they then cannot be transferred to be used anywhere else) is not usually going to be worth picking up the bonus.
How do you plan on taking advantage of the current bonus?