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Velocity 20% bonus for card and hotel transfers: Worth it?

High angle view of a young man in sunglasses sunbathing in swimming pool on inflatable pool raft

American Express, NAB Rewards and Accor are all on board.

Velocity is offering a 20% bonus on credit card and hotel rewards transfers during September 2020.

Most of Velocity's hotel partners are taking part, alongside American Express and NAB Rewards. The transfer needs to be made by 20 September 2020 to qualify. (The points might not immediately show up in your Velocity account; that tends to vary depending on the partner.)

The minimum number of points needed varies by participant. Here's the full list:

American Express2,000
NAB Rewards3,000
Marriott Bonvoy3,000
Accor Live Limitless4,000
Choice Hotels20,000

So is the deal worth it? If Velocity is your main rewards scheme, then it makes sense to transfer during a promotion like this. However, if you don't see yourself redeeming Velocity Points any time soon (which is the reality for many travellers), you might be better off keeping those points in their parent scheme until you have a clearer idea of your future travel plans. It's definitely an individual decision.

Alongside the return of the Velocity Rewards store, the launch of this promotion is another sign of Virgin slowly returning to a form of business-as-usual now that creditors have agreed to a buyout by Bain Capital.

Bain has said that Velocity will continue, and that existing flight credits will be honoured (though we're already seeing some fine print on that issue). We're still waiting to see how flight redemption options might change in the future, especially with international partners such as Singapore Airlines and Etihad.

Want to keep your frequent flyer points balance growing? Check out the latest credit card sign-up deals.

Angus Kidman's Findings column looks at new developments and research that help you save money, make wise decisions and enjoy your life more.

Picture: Getty Images

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