Transfer your reward Points to Velocity by 30 Nov 2018 and we will give you an additional 15% bonus Velocity Points on top of the 15% bonus Velocity Points offer! That means, every time you transfer Points, you'll get a total of 30% bonus Velocity Points.
Will this be the best use for the Citibank points?
yes
Why?if I don’t fly frequently with virgin?
bugger, just transferred my points across yesterday :(
You should be fine. This offer is from Nov 1 to 31.
Yeah, I transferred points a few days ago without knowing about the extra bonus, so it was a nice surprise when I got 30% instead of the 15% I was expecting.
Always wait until the very last day, unless you urgently need them
Why wait till the last day?
In case these sorts of offers come out.
You also accrue some throughout the month, so can transfer those too
Do velocity points expire? No harm in transferring and not using them for awhile?
Just make sure you earn or redeem Points once every 18 or 24 months, not sure which one.
24
Is transfer point same as earn/redeem points
It will come handy with my 110K points that I have been eyeing to transfer to Krysflyer. This may tempt me to transfer to velocity.
Just did a similar transfer. Thats roughly an extra 5.7k in krisflyer (Citi>Velocity>Krisflyer) compared to a straight transfer from citi to krisflyer.
Nice. I shall do this.
exactly what I was thinking of doing, thanks for confirming this is the best option!
The qualifying requirement for International Travel Insurance is to transfer 15,000 FF points in the 12 months preceding the trip booked with FF points. So if you are intending to use Velocity points for overseas travel in the future, you might want to take the timing and amount of your points transfer into consideration.
Think I got them to transfer at 15% offer grrrrrr
Shit I just transferred my citi points with 15%
I'm not convinced that this is worthwhile. I've compared them based on exchange of 20000 citibank points and based on redemption in each store for a $100 bunnings gift voucher. Here's my analysis.
A $100 Bunnings voucher costs 20,900 Citibank points.
So 20000 Citibank points is worth $95.69 in Bunnings vouchers.
The transfer rate is 1 Velocity point for 2 Citibank points.
So the 20000 Citibank points gets you 13000 Velocity points.
A $100 Bunnings gift voucher costs 21800 Velocity points.
So the 13000 Velocity points gets you $59.63 in Bunnings vouchers.
So if you're using the points to get gift vouchers, it isn't worthwhile. Is there some other reason that people do it? Are Velocity points more suitable for flights than gift vouchers?
Using the points for flight upgrades are considered the best value
You're right for gift card redemptions it wont be worthwhile. Velocity points are definitely more suitable for flight redemptions. Even if you sell for cash at 1cpp, transferring to Velocity will work out better for you.
The going rate is 1.2 - 1.3c if you have a sizeable amount.
For purposes of comparison, the most conservative rate was used to illustrate value.
Can get 1.4-1.5 if u negotiate
You’re doing a double conversion which is the issue – each time you convert there’ll be a loss so if you want to get gift vouchers, get them in your starting program. There’s no need to convert on.
You only convert if you need that destination points program e.g Velocity (for flights), or Krisflyer, and so on.
Its also handy for those emergency flights where flights might be expensive but redeeming flights with points is fixed at a certain amount.
Gift card redemption have the worst value.
Great for easily pegging a cash value to your points.
It's quite a conservative valuation method though.
Almost as conservative as Tony Abbott
Points are definitely better for flight redemptions.
For Eg Melbourne to Gold Coast one way on 1Dec cost $149 including tax or you can use 11,600 points + $21.87 tax. Hence 11,600 points is worth approx $127.13. Based on this rate, 13,000 velocity points is approx $142.47.
It gets better when you have sufficient points to fly Business class :)
Are Velocity points more suitable for flights than gift vouchers?
Ummm yeah mate…
13,000 Velocity points are worth at least $150
Thanks . Great find.
Silly question - when going through the transfer process, I only saw 2000 -> 1000, didn't see the extra 30%, when/where do you get to see the extra 30%?
The bonus will show up in your velocity account, don't worry.
Thanks OP. Good deal. Just transferred a few points
Probably stupid questions but I would like to take advantage of this deal but I don't currently have a velocity account. Would I have to make the account first before transferring?
Yes, I would have thought so.
Do points expire if I don't end up using them for a long time?
How long did it normally take for the transferred points to show up on Velocity?
On my confirmation email from Citibank it says -"Thank you for your request to transfer your Points to Velocity Points. It will take 28 working days to complete the Points Transfer to Velocity".
28 days! And will I still definitely get this 30% transfer bonus? No mention of it on the email?
How annoying. So much for leaving the transfer to the last few days.
Checked my velocity to see if the point were there and they weren't. Made my redemption on the 21st. Check my citibank rewards login to see the point magically back again.
Called them and they did it over the phone. CSR said she wasn't aware of any promotions and I had to tell her the Url.
I'd advise everyone to check their redemptions.
May have been a bug where my citibank points went to -1. No error message nothing.
Apparently supposed to receive an email confirmation which I did not.
Got the email 5 minutes after they processed it
Thank you!! Was checking for this almost everyday to wait for this promo. Will transfer soon.