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Might suit people with an immediate redemption in mind - personally I wouldn’t transfer without immediate redemption need. Velocity/Virgin appears to be going down the LCC route.
(Velocity also has 30% off business seat redemptions - so could be good value)
Transfer your reward points from participating card partners, Flybuys or hotel partners to Velocity by 30 November 2020 and get up to 40% bonus Velocity Points*.
Up to 40% bonus Velocity Points*
Select a logo and Transfer between the below amounts to earn between 15% and 40% bonus Velocity Points
1 to 100,000 Velocity Points = 15% bonus Velocity Points
100,001 to 250,000 Velocity Points = 20% bonus Velocity Points
250,001 to 500,000 Velocity Points = 25% bonus Velocity Points
500,001 to 750,000 Velocity Points = 30% bonus Velocity Points
750,001+ Velocity Points = 40% bonus Velocity Points
Flybuys 15% on transfers
Plus, receive 50 Status Credits on your first transfer of the equivalent of 50,000 Velocity Points transferred from each eligible partner*. Minimum points transfer applies.
What I've read is their economy is going down the jetstar route, while their business will stay somewhat the same.
But I'm just going to wait and see. No rush for international travel.