Hi team,
I have an old business Amex account I am looking at closing down, but currently have 500,000 points sitting in there.
I am absolutely useless with these kinds of things, and was wondering what the best thing to do with them would be? Do I transfer them to a Velocity account or something?
I may eventually use them for airfares, I just don't have any plans to use them for the moment.
What do you think I should do?
But is that the best return with that many points?
Fly with them - transfer to an airline points. Wait for a promo e.g. 15% extra points conversion.
How long can he wait? he is looking to close it.
@fadeinthemix: There should be a VA transfer in the next few weeks based on the email they just sent me a few days ago.
@Trance N Dance: Could be worth considering, if you want to use it in 3 years.
Is there any availability though?
@fadeinthemix: Fair bit of QR availability coming online. VA also have fairly decent domestic availability a few weeks out from travel if willing to travel outside of peak times.
Depends what you want to do and what is available.
I used to transfer points in to Krisflyer/Asia Miles cause it had the most redemptions available to fly to SE Asia with.
Also you have to use those points in 3 years, same with velocity.
But things have changed since Covid and you are looking to close the account so what AndyC1 said is right.
Open free card (American Express Essential) and keep the points because the points link to account - not card.
If you want to close account so can be sign-up again after 18 months then I think transfer to airline is the best return.
500,000 Amex = 250,000 KrisFlyer. That's a business class return trip from Sydney to Japan via Singapore Airlines (201k KrisFlyer). Or just about 5x Premium Economy one-way trips to and from Singapore (51k per flight).
Or, right now there's a transfer to Cathay pacific with 15% bonus. 500,00 Amex = 287,500 Cathay points. That's Sydney to London return on British Airways business class (180,000 points), plus Sydney to Hong Kong return on Cathay Pacific business class (90,000 points).
In short, I recommend using them for flights. DM me if you need more help.
FYI there is an incoming Velocity promo for bonus points transferred via selected credit cards
Get gift cards for $2500 if not interested in the flyer programs.
this is usually what i do everytime i get a decent amount of points saved up
Buy something you want with them.