Buy between 1,000 points to 250,000 points to get between 10% to 40% bonus points.
What about people who can't get more credit cards?
Fair, but for people who can (I'm assuming a lot, if not most would be able to), this isn't a very good "deal".
Even at the top tier of 100k+, this works out to be 1.67c per point, which is poor value considering people are selling points on the classified for 1.1c per point.
That is risky though. Seller could be a scammer and Velocity could cancel your account. The price discount takes into account the extra risk.
Yup. My account was cancelled end of last year… was really embarrased.
Did it take long from when you did the transfer for Velocity to figure it out?
@slipperyOtter, just yours or other person as well with whom you did trade ?
Hopefully it was not much financial loss
Unless I'm missing something, wouldn't it be better to get a credit card instead rather than topping up this way? Just looked at it very quickly:
Amex Velocity Platinum card has a bonus 75k points ($3k spend in 3 months required) for $375 p.a. fee (includes $375 and more in value I think: 100 status credits, free domestic flight, lounge upgrades, included travel insurance etc.). Income requirement doesn't seem to crazy: $65k annual income required.
To get 75k points by purchasing outright (~53,500 points + 40% = 74,900 points) for $1,290 which is a sunk cost vs. using the $3k spend on the credit card for things you actually need.