Why I won’t be spending my Flybuys points at Bunnings
Key takeaways
- You can now redeem 2,000 Flybuys points for $10 off when shopping in-store at Bunnings.
- You can't use your points for the sausage sizzle.
- Converting your Flybuys points to Velocity still offers more bang for buck.
You've long been able to earn Flybuys points at Bunnings.
Now you can spend them in the iconic hardware chain as well.
From this week, Flybuys customers can redeem 2,000 Flybuys points for $10 off when shopping in Bunnings stores.
Bunnings trialled the scheme in Western Australia.
"Feedback from our members in WA about the experience has been overwhelmingly positive," Bunnings chief member experience officer Deidre Boyle said.
You don't have to redeem your points as a voucher in advance, but there are a few fiddly rules to bear in mind:
- You have to be shopping in store and scan your Flybuys card (physical or app). Points redemption isn't available online.
- You have to be spending more than $10.
- You can't choose just any multiple of $10 off. Bunnings allows $10, $20, $50 or $100, with a maximum of $200 per day across all transactions.
- If you're redeeming more than $100 or perform multiple redemptions in a day, you'll need to get a security code from the Flybuys app and enter it at the checkout.
And no, you can't use your Flybuys points for a sausage sandwich at the weekend. Those are provided by local organisations seeking to raise funds and the payment systems are totally separate.
The better way to spend Flybuys
$10 off is nothing to sneeze at, but I won't be spending my Flybuys points that way.
My long-standing policy has been to convert my Flybuys points to Velocity Points. 2 Flybuys points convert to 1 Velocity Point.
My Flybuys account is set up to automatically convert every 1,000 Flybuys points I earn into Velocity.
Why do that? Because they're worth more that way.
Here's the maths so you don't have to do it.
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Used at Bunnings for money off your purchase, 2 Flybuys points are effectively worth 1 cent.
Every month, I check the value of Velocity Points. A single Velocity Point is typically worth 2 cents if you spend it on reward flights.
That's twice as much as the Bunnings value. And in my experience, on Virgin those flights are easier to come by than on Qantas, so you really can get the value.
Here's a concrete example.
You could spend 40,000 Flybuys to get $200 off at Bunnings.
Converted to Velocity, those 20,000 points are more than enough for a return trip between Sydney and Melbourne. That's generally worth more than $200, even after paying pesky airline fees.
Bunnings is not the only way to earn Velocity Points. All my supermarket shopping at Coles earns Flybuys points which get converted to Velocity. You can earn even more with a Velocity credit card.
So far this year, I've redeemed 9 rewards flights through Virgin, all paid for with Flybuys points. You could do that too.
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