How to earn 53,224 Velocity Points in a single flybuys transfer right now
The flybuys-Velocity bonus deal is back, with a tasty new twist that offers even more points.
Every six months or so, flybuys runs a promotion where you get bonus points if you convert your flybuys points into Virgin Velocity Points. We've got a full Finder guide on how that works, but the standard deal is a 15% bonus. That means each 2,000 flybuys points are worth 1,000 Velocity Points, rather than the usual 870 Velocity Points.
I always advise people to wait for that deal before transferring flybuys points. Your flybuys points are worth much more as Velocity Points than on their own. The standard valuation for 2,000 flybuys points is $10, which is what you'll get if you convert them to dollars off your next Coles shop. But if you use those Velocity Points instead to book flights or upgrades, you can easily get up to $40 or more in value.
The latest deal has just kicked off, and it's offering a little more than just a 15% transfer bonus. Firstly, the normal cap on transferring points in a calendar year has been dropped. Usually, flybuys won't let you transfer more than 138,000 points during the year. But this time around, points transferred in July 2020 won't count towards that total. You can transfer as many as you like. So if you've been accumulating massive quantities of flybuys points as a result of pandemic shopping, you can turn them all into Velocity Points without worrying that some won't count.
Secondly, flybuys has added a bonus to its bonus. If you transfer over 100,000 flybuys points in a single transaction, you'll get 20% extra, not 15%. That equates to 53,224 Velocity Points for 102,000 flybuys points (the smallest amount that qualifies for the bonus transfer, since you always have to transfer in 2,000 point blocks).
The obvious fly in the ointment here is that Virgin Australia has gone into administration, and the earliest you can use those Velocity Points to book flights is September 2020. But since there's now an in-principle agreement for Bain Capital to buy out Virgin, the airline's future (and the future of your points) looks more certain than it did a month ago.
If you want to take advantage of the offer, wait until the end of July to redeem it. That way you'll capture any points you earn during the month from your usual supermarket shop. I've already put a note in my diary.
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.