Velocity has introduced a new way of redeeming Velocity Points. Over the weekend, the ability to use Velocity Points instore at BP, to pay for fuel or other items, was introduced.
Velocity Points can be used to pay for between $10 and $60 off your bill at BP. Using an in-store BP redemption, a value of 0.6c per points is used. As such, 1,667 points is required if you wish to use points to pay $10 off your bill.
Setting up your account
There are two seperately managed parts to setting up your account. The first is a PIN, which you will be requested to enter when you redeem points in store. The second is to set up a dafault redemption amount, which is the amount you will be offered as a redemption value when swiping your card in–store.
Setting your Velocity PIN
In order to allow you to redeem in-store, you will first need to to set-up your Valocity Account. The first step is to set up a PIN that will be required when you redeem. Many Velocity members received an email in June to setup a PIN, and if you set up a PIN at that time you are set to go.
If you need to setup a PIN (or wish to change a PIN), this can be done in the Security settings of your Velocity account.
Set Redemption Amount
When you first set a PIN, the default amount is set at $10 (for 1,667 points). As a result, if you swipe your card at BP, you will first be offered the opportunity to redeem 1,667 points for $10. It is possible to set this to any amount between $10 and $60, and indeed, it is possible to even turn the facility off.
The ability to set the redemption amount is available through a newly inttroduced menu option – ‘Pay with Points In Store’. If you click on that, you will be taken to a screen where you can set the redemption amount, or deactivate the facility (or if it is inactive – to reactivate it).
This screen is shown below:
Oc course, you may not wish to use your points in this manner. In this case you can deactivate the option, as shown above.
Is it worth it?
This is an interesting question, with a somewhat complex answer. As noted, the value given to a point for redemptions is 0.6 cents. While this is on a par with what can be achieved using other non-flight redemption options, there is more value to be extracted through a Flight Award. Indeed, when redeeming for flights, the nominal value of a point can get as high a 2 cents.
This assumes that you can amass enogh points for a redemption. Or, at the other extreme, accumulate so many points that redeeming them all for flights becomes a challenge. In these cases, it might be worthwhile to use your points for this.