Velocity: Why I bought cheese for frequent flyer points
With a bonus offer deadline approaching, what choice did I have?
So the end of November is fast approaching, and that means that the 15% bonus points offer when transferring flybuys into Velocity is about to close.
I always wait for this offer to come up before moving my flybuys points, since it brings the transfer rate up to 1,000 Velocity Points for every 2,000 flybuys points (effectively the same as the current Qantas/Woolworths Rewards transfer rate ).
And I always make this kind of transfer at the end of the month, so I've got as many points as possible to move. When I checked into my flybuys app yesterday, I had 55,624 flybuys points. That's a healthy total, but also an annoying one. It's just short of 56,000, which would neatly translate into 28,000 Velocity Points.
So like the slavering points addict/completist I am, I did some quick hunting around to see if there was any way I could get my points over the line. I wasn't prepared to outlay stupid money: there's no sense in spending more for points than they're actually worth. But if I could find the right deal, it might be worth it.
I knew that regular shopping wasn't going to do it. As I noted last week, my current bonus points offer with Coles is triple points on my biggest shop this week. To run up the 376 flybuys points I'd need, I would have to spend $126, which is way more than the extra points would be worth after converting. It's also way more than I'd ever usually spend at Coles. Plus, since it's a week-long offer, I wouldn't get the points until after Sunday, when the transfer bonus would no longer be available.
So I dived into my flybuys app to see if there were any other targeted offers I hadn't used yet. Minor annoyance with that app: offers continue to appear even after you've used them. So I keep a separate list of the ones I have taken advantage of, to avoid double-buying.
There was just one that fitted the bill: a promise of 500 bonus points on various Zanetti cheeses. A quick check online showed that my local store had some in stock, at $9 each. (That hadn't been the case when the offer first appeared, which is why I hadn't used it yet.) A quick jaunt into Coles and the deed was done.
Was this deal worth it? I spent $9 to earn 500 flybuys points, which are worth 250 Velocity Points if I convert during the bonus offer. I also effectively earned an additional 130 Velocity Points, since that meant I was able to convert my final 2,000 flybuys points block at the higher rate. So I paid $9 for 380 Velocity Points (and I will get to eat the cheese too).
It's lineball, to be honest. Our Points Finder rule of thumb is to make sure you get at least $20 in value for every 1,000 points you spend, which means I need to get at least $7.60 in value from those 380 points. I've paid $9 for them, so I'll need to aim for a higher-value redemption, such as a flight upgrade or a business-class reward seat, to make sure I do get more for them than they cost.
My current goal for my Velocity Points is a business-class trip to either New Zealand or Los Angeles. If I achieve that, the cheese will turn out to have been a gouda idea. (Sorry not sorry.)
Angus Kidman's Findings column looks at new developments and research that help you save money, make wise decisions and enjoy your life more. It appears regularly on Finder.