Velocity and flybuys have announced two improvements when transferring points from flybuys across to Velocity.
The changes will see the transfer rate between the two programs improved. They also see a halving of the minimum number of points you can transfer.
As mentioned, the first of the changes is an improvement in the transfer rate. Until now, flybuys members could exchange 2,000 Flybuys points for 870 Velocity Points. Valocity and flybuys are improving the transfer rate by almost 15%. As a result, members will be able to transfer at a rate of 2,000 flybuys points to 1,000 Velocity Points.
This change in transfer rate is interesting for a couple of reasons. Fisrstly, it brings the exchange rate into alignment with the rate Woolworths Rewards points transfer to Qantas.
Secondly, it makes the rate similar to the rate that is offered during bonus points offers. While these can vary, most of the offers see 15% bonus points paid on the transfer. It remains to be seen how this affects bonus transfer offers in the future. Hopefully, they will still have the regular offer.
Minimum Transfer Requirement
The second change is a reduction in the minimum number of points you can transfer. This is being halved from 2,000 flybuys points to 1,000 points. Based on the new transfer rate, those 1,000 flybuys points will see 500 Velocity Points added to your account.
We continue to see improvements in the Velocity program generally, and with the flybuys partnership specifically. In recent times, flybuys has removed the annual cap on points transfers, and introduced an auto-transfer facility to Velocity.