Travel hack : How to collect 15,000 cheap Velocity Points

Graham 7 December 2017 NEWS

Also, 5,000 points are up for grabs with Qantas.

For a limited time, Velocity is offering up to 15,000 bonus points when you transfer money into any foreign currency on the Velocity Global Wallet card. This is a travel card that can be loaded with any of 10 different currencies. The card offers earn rates such as 2 Velocity Points for the equivalent of every AUD$1 spent overseas and 1 point for every $3 spent in Australia.

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For this latest offer, there is no requirement that you actually spend the cash once it’s transferred to your Global Wallet card. It is therefore possible for keen travel hackers to apply for a Global Wallet card, which is free, load it with cash, clock up some Velocity Points and then withdraw the cash again.

Those with $2,000 to transfer can earn 2,000 Velocity Points. A $5,000 transfer will net you 5,000 points. But those with $10,000 handy will score the biggest return, with a 5,000 point bonus on this amount netting you 15,000 Velocity Points in total.

With a one-way flight between Sydney, Melbourne or Brisbane costing 7,800 points, this will almost get you there and back again. If you do happen to be travelling overseas, a $300 spend while abroad can help you clock up the extra 600 points required to make up the difference.

You'll need to be quick. This offer is only available until 23 December this year.

Meanwhile, Qantas has a similar, though less lucrative, offer available for a limited period of time. Qantas Cash cardholders who transfer $5,000 or more to their card before 15 December will receive 5,000 Qantas Points. That’s not quite enough on its own for a flight, but it certainly could be a significant top-up to your existing points balance, especially for those with a frequent flyer credit card.

Finally, it's worth noting here that you may not get the same exchange rate when transferring a foreign currency back to Australian dollars as you do on the initial conversion. Make sure you check both rates beforehand and decide if any funds lost in the process are worth the number of points you will earn. We have found the cost per point via this method is often less than one cent. Velocity declares both exchange rates upfront, however Qantas will not tell you the reverse exchange rate until after you've already transferred funds.

Graham Cooke's Insights Blog examines issues affecting the Australian consumer. It appears regularly on finder.com.au.

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