ANZ, HSBC Restore Velocity Redemptions

The ANZ Rewards and HSBC Rewards Plus loyalty programs have finally reinstated the option to transfer points to Velocity Frequent Flyer.

Like most other Australian credit card reward programs, ANZ Rewards and HSBC Rewards Plus had been blocking point transfers to Virgin Australia’s frequent flyer program since the airline went into voluntary administration on 21 April 2020. But they have become the last two bank programs to finally restore transfers to Velocity after blocking them for over a year. Most other banks had already resumed their normal partnerships with Velocity many months ago.

In March 2021, ANZ Bank said it was “in negotiations with Virgin to reinstate the ability of members to transfer points to Velocity Frequent Flyer”, and that the bank hoped “to reach a successful outcome in the not-too-distant future”. It looks like this has indeed happened now.

ANZ Rewards members can transfer their points to the Singapore Airlines KrisFlyer, Cathay Pacific Asia Miles, Air New Zealand Airpoints and Virgin Australia Velocity programs. ANZ Rewards points are transferred to Velocity at a 2:1 conversion rate.

HSBC Rewards Plus members can convert their points into Asia Miles, KrisFlyer miles or Velocity points. The conversion rate to Velocity, similarly, is 2:1.

Virgin Australia exited voluntary administration in November 2020, and many Velocity redemptions have been restored. But Velocity points still can’t be used yet for international flights, partner airline bookings or be converted to Singapore Airlines KrisFlyer miles.

Bonus points on transfers to Velocity during May

It’s perhaps not a coincidence that today also marks the start of a month-long promotion where Velocity members can earn bonus points when transferring from a participating credit card partner.

You can earn 15% bonus Velocity points when transferring points from most Australian credit card programs until 31 May 2021. ANZ Rewards members can also earn an additional 15% bonus this month, bringing the total to 30% bonus Velocity points.

Join the discussion on the Australian Frequent Flyer forum: Any news on if/when ANZ will reinstate Velocity transfers?

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