How to earn Velocity points amid Virgin woes

5/05/2020 3:00:00 PM

As Virgin Australia searches for someone to rescue the airline, many customers are asking a simpler question: Can I keep earning points?

Credit Cards, Stopped Transfers

As Virgin Australia searches for someone to rescue the airline, many customers are asking a simpler question: Can I keep earning points ?

While Virgin Australia struggles for survival, many of its Velocity rewards customers are asking more basic question: Can I keep earning points ?

Source:AAPSo the easiest way to earn Velocity points for many Australians is via their credit cards.Until recently, there were dozens of Velocity-earning cards on the market.The good news? If you have an existing credit card that earns Velocity points directly, that will continue.

The bad news? Virtually all card providers have stopped signing up new customers for Velocity-earning cards.Even Virgin Money’s Velocity Flyer and High Flyer cards aren’t taking new applications, though the brand says it is “working closely with Velocity to bring back” those cards.

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People are losing their jobs and all selfishness can think of - ‘will I lose my points’ 🤬😡🥵 I don’t care about points. I want my $7000 refund! I will not be flying with Virgin again Good luck to them. Joyce is getting ready. He said two things so far: 1. have enough cash to operate like this ( no /5% flights) until December 2021 2. ‘$19 fare’ between Sydney and Melbourne post COVID19 Virgin is history. 7News 9News Australia Qantas virginaustralia

Yes because thinking of the people who have either lost or stand to lose there jobs, is less important than worrying about points. We found the candidate to rescue Virgin Airlines. : camerondickqld alias BAZOOKA DICKY New offer : $200mil and 50 cents Take the offer , Bazooka dicky is not afraid to use ‘it’

Frydenberg defends ex-Macquarie boss Moore's role in Virgin rescueFormer Macquarie boss Nicholas Moore still has financial interests in the investment bank, which is a creditor and bidder for Virgin. sdanck pwhatch ChauDave PatsKarvelas How the first phase of peakoil brought VirginAustralia into minus after 2008 mates sticking together

Frydenberg defends ex-Macquarie boss Moore's role in Virgin rescueFormer Macquarie boss Nicholas Moore still has financial interests in the investment bank, which is a creditor and bidder for Virgin. sdanck pwhatch ChauDave PatsKarvelas How the first phase of peakoil brought VirginAustralia into minus after 2008 mates sticking together

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It’s unlikely the scheme will continue in some form under Virgin’s still-to-be-determined new owners.Larger text size Very large text size Treasurer Josh Frydenberg has defended Nicholas Moore's role in the administration process for Virgin Australia despite the former Macquarie chief’s financial interests in the investment bank, which is also a potential bidder for the collapsed airline.Larger text size Very large text size Treasurer Josh Frydenberg has defended Nicholas Moore's role in the administration process for Virgin Australia despite the former Macquarie chief’s financial interests in the investment bank, which is also a potential bidder for the collapsed airline.Larger text size Very large text size Australian retailers will start to reopen stores this week thanks to the easing of restrictions in some states and territories, putting an earlier-than-expected end to a five-week shutdown that has decimated sales.

Picture: Dan Peled/AAP Source:AAP So the easiest way to earn Velocity points for many Australians is via their credit cards. Until recently, there were dozens of Velocity-earning cards on the market. He also could be entitled to bonus shares worth tens of millions of dollars as part of his pay arrangements after leaving the bank. The good news? If you have an existing credit card that earns Velocity points directly, that will continue. Nicholas Moore was a star witness at the Hayne banking royal commission which found little fault with the financial services giant compared to other banking groups. The bad news? Virtually all card providers have stopped signing up new customers for Velocity-earning cards. Credit: JOEL CARRETT Macquarie has in recent days emerged as one of the potential bidders for Virgin, teaming up with Canadian investment powerhouse Brookfield for a possible tilt at the carrier. Even Virgin Money’s Velocity Flyer and High Flyer cards aren’t taking new applications, though the brand says it is “working closely with Velocity to bring back” those cards. "We're going state by state, depending on what the restrictions are, though we're hoping to have all stores opened by the end of this week.

In short, if you don’t already have a credit card earning Velocity points, you’ll find it impossible to get one now. It owes its creditors $7 billion. It owes its creditors $7 billion. If you’re using a card which allows you to convert card reward points into Velocity points, the news is also not great. The ways you can currently earn Velocity points are very limited. Mr Moore is receiving $1 (including GST) for his work for the government where he is liaising between the Treasurer's office and Virgin's administrators, Deloitte. Picture: Brenton Edwards/AFP Source:AFP American Express has stopped transfers from its Membership Rewards scheme into Velocity. Advertisement Asked how his office had handled Mr Moore's potential conflict of interest, Mr Frydenberg said in a statement: “Mr Moore is working with officials from the Departments of Treasury, Finance and Infrastructure to provide advice to the Government and engage with the administrator. You can still convert for other frequent flyer schemes and rewards, but not Velocity. His engagement was conducted in accordance with established processes, which included a declaration of personal interests..

Rewards schemes from the Big Four banks have also taken Velocity points off the table. Credit cards aside, the other option many Australians use to earn Velocity points is through Coles’ flybuys loyalty scheme. Comment was also sought from Mr Moore via Mr Frydenberg's office. Comment was also sought from Mr Moore via Mr Frydenberg's office. Under the scheme, 2000 flybuys points can be converted into 870 Velocity points. That’s still possible, though the flybuys site takes care to remind customers that you can’t redeem Velocity points for anything else right now. Mr Moore's ongoing financial interests in Macquarie came to light after administrators Deloitte said 20 potential bidders had expressed an interest in taking over Virgin, eight of which had signed non-disclosure agreements to get access to its data room. While earning points may be somewhat tricker right now, it’s a good time to check if you’re getting the best deal on your credit card. Multiple sources close to creditors and bidders for the company have taken Mr Moore's appointment as a sign the federal government may still step in to ensure a deal gets over the line and to ensure Virgin avoids liquidation.9 per cent to $1.

If you’re looking to minimise your plastic bill, consider downloading the Finder app to see if you can save by switching to a balance transfer card. Private equity firm BGH is considered the front runner, with mining billionaire Andrew 'Twiggy" Forrest emerging last week as another possible contender. Angus Kidman is the editor-in-chief and travel guru for .