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Flash deal: Earn Velocity Points at IKEA

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You can earn up to 5,000 Velocity Points this week – here's how.

If you're planning an IKEA purchase soon, here's a nifty way to get some bonus Velocity Points to put towards your next Virgin rewards flight.

From Wednesday 24 August until Tuesday 30 August, when you buy a $50 or above IKEA gift card at Coles you'll earn a bonus 2,000 Flybuys points. That converts to 1,000 Velocity Points (here's how to convert and why it's the best use of your points).

You can purchase a maximum of 5 cards per account for this promotion, so that equates to 5,000 Velocity Points. You can use those cards to pay in-store at IKEA or for online orders.

In practice, I see $100 IKEA gift cards at Coles much more often than $50, so to get the maximum you'll probably be looking at $500 in gift cards. Not hard to imagine spending that much at IKEA though! (Yes, I may have a problem when it comes to discount Swedish furniture.)

The same bonus points deal is also available for gift cards from Hoyts, Streamotion, Celebration and Ultimate HIM, incidentally. Those all make good gift options, but remember that maximum is 5 across the whole offer, so you can't get 5 IKEA and 5 Hoyts cards.

IKEA gift card bonus points offers haven't been common prior to this year, but we're now seeing them with some regularity. Woolworths had a similar deal last month which would have let you earn Everyday Rewards points and convert those to Qantas Points.

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.

Pictures: IKEA/Virgin

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