Advice on swapping FF points

dwhes on 27/01/2016 - 23:57

Hi all,

I noticed in the classifieds tbat people are often selling their frequent flyer points. Was wondering if people do any swapping of points on here? No I am not advertising points in this thread, just looking for some info.

Recently signed up for the ANZ black 75k Qantas points deal. After I spend the $2.5k this month and eventually get credited the points, I'll have around 110,000 Qantas points. Not sure how long the points take to get credited? First time I've done one of these credit card deals. However I really wish I had virgin points for some business flights I'd like to book to Europe on Etihad at the end of the year.

Has anyone ever swapped points on here and what is the normal process? Just post in the classified section saying you are looking to swap? What is the going rate for a swap, is it 1:1?

Cheers,

David

Financial

Comments

  • dwhes on 27/01/2016 - 23:59

    I guess I could always sell my 110k for $1100 and then hopefully find someone looking to sell some virgin points for the same.

    • tomclancy on 28/01/2016 - 00:11

      Normal cash rate for buying/selling QFF is 1.1c and 1.0c for VFF. So you could sell your QFF for $1210 and then buy 110k VFF for $1100 (or however many you need) .

      You'd be lucky to find someone willing to swap points the other way and especially the right number of points.

      FWIW, I sold 270k VFF points recently and the whole process from posting on OzBargain to meeting the buyer (great guy by the way) took a few weeks.

      • dwhes on 28/01/2016 - 00:17

        Ok mate thanks for the info. I think that will probably be the easiest route.. Also I can't believe I haven't been looking into just buying points sooner! Normally go overseas 3-4 times a year. Could have been flying business with points for basically the same price I've been buying non sale economy airfares for. Even if I just buy 240k worth of velocity points from a couple of people that would only be $2400ish. Enough points for return business to Europe and then the taxes/fees on top. :O

        • tomclancy on 28/01/2016 - 00:22
          +1

          I'm not really into the points stuff but I've got a mate who lives & breathes it. Better than buying points is credit card offers :)

        • dwhes on 28/01/2016 - 00:29

          @PBG: yeh just getting into it now. Bit hesitant to do it too often though for fear of affecting my credit score. Will sign up to the velocity Amex issued card and get 80k of points that way as well though. Between my 110k of Qantas and if I get another 80k there, I will be well on the way to the 240k I need for return business to Europe.

        • tomclancy on 28/01/2016 - 00:33

          @dwhes: Make sure you use a referral link from here when you sign-up for the AMEX Velocity: https://www.ozbargain.com.au/wiki/american_express_referrals. And then add yours to the bottom of the list.

          Even better, refer a partner/friend and get another bonus 20k points for yourself. That's why I did last year, signed up to the AMEX Velocity 110k VFF points, then referred my wife for another 110k + 20k points. Accumulated 270k VFF points and sold them for cash.

          Regarding the credit score thing, I've already got a mortgage sorted and no plans in next 5 years to get another loan so I'm happy to hammer mine and the wife's credit applications :)

        • dwhes on 28/01/2016 - 00:37
          +1

          @PBG: Haha fair enough. I already have one too but would like to purchase another house in the not too distant future so will play it a bit safe. But if I do a bank issued and Amex issued card for the wife and I each we should be able to get a couple hundred thousand points each year for next to nothing and not really affect our ratings I would imagine.

        • chill on 28/01/2016 - 00:53
          +1

          @dwhes: Mate go crazy with the card apps. When you go for the new home loan ask them how many they want you to cancel.

          Plus the more cards you have and are not defaulting on the more successful positive repayment history you are building with this new comprehensive credit reporting….which is why I say go crazy now because as more and more banks contribute it will become harder (supposedly) to get new cards.

          I read that NAB have already started and apparently AMEX have a look at your file every month.

        • dwhes on 28/01/2016 - 01:01

          @chill: Interesting. Will have to look into it some more.

        • dwhes on 28/01/2016 - 01:03

          @chill: So I can theoretically have a card from each different bank and an Amex issued card and get the points deals from each of them successfully? Just not more than 1 of any type.

        • chill on 28/01/2016 - 01:14

          @dwhes: No what I am saying is that at the moment say if you hold a card with 'a' bank when you apply with 'b' bank unless you tell them you have a card with 'a' bank they wouldn't know.

          But when this comprehensive reporting is fully implemented all banks will report your credit limit and repayment history to veda and the likes so all the other banks will know.

          Apparently the hold up is the big banks don't want to share the info because it is commercially sensitive :)

        • chill on 28/01/2016 - 01:20
          +1

          @dwhes: Actually the answer to your question is yes and

          Just not more than 1 of any type.

          Most banks will only give you one card to start with but obviously they are flexible as you prove yourself.

        • anna10 on 28/01/2016 - 19:24

          @chill: Re your last paragraph, I have a subscription to Veda and they tell me whenever my file is accessed. I have two AMEX credit cards and they are definitely not looking at my file as far as I can see .

          Anybody else noticed anything?

      • illumination on 28/01/2016 - 11:07

        QFF 1.1c and VFF 1.0c? I thought VFF was generally more valuable and was more like 1.0-1.2c whereas QFF has often been 1.0-1.1c

        • tomclancy on 28/01/2016 - 11:10
          +1

          Late last year when I listed my VFF points for sale on ozbargain classifieds they were the going rates.

          I originally listed my VFF for 1.0c and had no takers for 5 days, didn't want to stuff around so dropped price to 0.9c and they went like hotcakes

        • danyool on 28/01/2016 - 13:55

          How are you getting around selling the points - do you have a lot of 'cousins' to keep it as an allowed family transfer? Is there any worry that they might seize your account? (or the person who buys them?)

        • tomclancy on 28/01/2016 - 14:06

          @danyool: I can only share my experience, I accumulated 270k VFF points through credit card offers, don't fly much.

          I used the family transfers in velocity website to transfer 2 x 100k and 1 x 70k to the buyer. I figured I could say the buyer was my brother in law if something went awry. I had never transfered points before so had all my 4 transfer slots open.

          I met the buyer in a public place and swapped cash for points, with the points transfers being instantaneous - that helped a lot for the buyers confidence that they could see the points in their Velocity account before handing over the cash.

          It all went smoothly, no problems at all. No doubt you could find horror stories but if you have a clean transfer record I don't see why it wouldn't go through instantaneously

        • danyool on 28/01/2016 - 22:28

          @PBG: OK cool. I was figuring it must be a family transfer. If u don't do it much I guess it would be hard to pick up. But then some people have big families, so why not!

  • Pigey on 28/01/2016 - 00:39

    Happy to swap 1:1

    PM me.

    • dwhes on 28/01/2016 - 00:44

      Sent you a pm.

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