Simply transfer your credit or charge card Points from our participating bank partners to your Velocity Account before 31 October 2011, and you’ll receive 20% bonus Velocity Points^.
It will really boost your Points balance and bring you closer to rewards, including flights to over 500 global destinations thanks to our network of international airline partners.
So transfer now for 20% bonus Points and don’t forget, you can also transfer your Points at any time in the future.
I suspect that the redemption rate for SIA from Velocity will be less generous than KF redemption rate.
For example, a return flight to KL from Syd on MAS costs 60,000 Velocity points but can be redeemed for 30,000 MAS miles (equivalent to approx 45,000 Amex MR points).
sorry OP, but i'm going to have to neg this post.
Its fairly easy in all of these programs to work out how much a reward is worth by using the cost of a $100 fuel card as a guide.
Because of this, its easy to see if you are losing or gaining "worth" when you transfer from one points scheme to another.
Using this method, when transferring your points from the Westpac Altitude program to velocity. your new virgin points are worth only 71% of the value that they had with Westpac, even after this 20% bonus is applied.
The only time that I could see this being wortwhile is for someone who desperately wants to use their points for flight upgrades because the airlines often offer flight upgrades at a discount (for example the flight upgrade might cost $500 in cash or say $350 worth of equivalent points).
Overall though, its not worth it.
I have no idea why anyone would neg this comment. Makes perfect sense to me.
Huh? So being able to transfer points between programs at 20% more than you otherwise would be able to normally is somehow a bad thing?
OK, sure, criticise the programs themselves, but that's hardly the OP's fault. You're shooting the messenger.
20% off of a ripoff is still a ripoff in myeyes.
There is nothing wrong with the programs themselves. But any good ozbargainer will work out that transfering points between the programs is not worth it.
There's something that still doesn't quite click with your posts. Yes, I get what you're trying to say about the vouchers, but if you want to redeem your points for flights, you MUST transfer it from your credit card rewards program (Altitude, Ascent, or whatever) to one of the airline ones.
People who use their points to upgrade flights value them much higher than the burn rates for shopping vouchers, which is what makes this offer appealing. Yes, that only applies to those actually earning enough points to make an upgrade (and who'd even want to "waste" their points flying business), but who are we to judge?
I compared my amex points rewards to velocity points rewards - it aint worth it to transfer. You need like 30% bonus to break even in terms of gift cards =S
thats exactly what i was saying but got negged…
Not everyone redeems for giftcard. If you're a frequent flyer, particularly first class or second class traveller, your points value is multiple times that of giftcard redemption value.
There seems to be an imminent deal between Singapore Airlines and Virgin for their respective rewards programs, which makes this potentially even more lucrative… (speaking as a fan of Singapore Airlines)