What you Need To Know about VFF points Your Velocity linked credit card will earn you Virgin Velocity Frequent Flyer points for every dollar you spend with it on eligible purchases. Some cards earn the points directly, while some build up reward points in a scheme run by the bank. You can transfer these to your Velocity account. In addition to earning points, many VFF cards offer generous signup bonuses, often tens of thousands of points, if you meet a spending target within the first three or four months. As well as travel, you can also get free travel insurance, airport lounge access and concierge service, as well as other perks. When you’re looking for a VFF card, it makes sense to compare the market offerings to make sure you get the best card for you, your circumstances and your spending habits. How are VFF points earned? You link your VFF card to your Velocity account and you’ll automatically earn points for every eligible purchase. These points are credited to your account by the end of each statement period, or to your bank’s rewards programme if applicable. Each card and transaction have their own “earn rate”, which is the number of points per dollar spent. Cards may offer one point per dollar on grocery purchases and two points per dollar on purchases from Virgin Australia, for example. Your card may have it’s own rewards program points that can be transferred to VFF points. “The partnership with BP has now ended” What counts as an eligible purchase? Purchases made at BP Australia no longer earn extra VFF points. BP has switched allegiance to Qantas Frequent Flyer. “The partnership with BP has now ended and members can no longer earn or redeem at BP” announced Virgin Velocity in a one-line media statement on 31 January. But in general, on your VFF linked credit card, eligible purchases include groceries, consumer items, travel bookings and overseas transactions. Gambling purchases or transactions, balance transfers and government transactions are almost always ineligible. You can check on your bank’s website for individual terms and conditions. Comparing Velocity Frequent Flyer credit cards If you’re looking for a Velocity credit card, you’ll need to compare a few factors before deciding on the best one for you. Generally, things like the earn rate and perks like airport lounges are often similar across the board but where cards can differ greatly is in the sign–up bonuses. Here are the things you should look at. The earn rate This is the number of points you get per dollar you spend. One point per dollar is an attractive earn rate, although some cards offer as much as two points and others 0.66 points per dollar. Still other cards cap your monthly earnings and reduce the points per dollar to 0.5, for example, once you’ve hit a spending limit. The annual fee Some Velocity cards have low or no annual fees, while some can apply fees as high as $400 and up. If you’re paying a higher fee, you WILL get better features and a higher earn rate on VFF points. Do the maths with our InfoChoice credit card repayment calculator to see if the extras outweigh the fee. The interest rate Frequent flyer cards have relatively high purchase rates, often in excess of 20 per cent p.a. so if you often carry a balance, these cards might not work so well for you as the interest you’ll pay will be more than the value of your points. Check out some balance transfer credit cards or low-rate credit cards. The interest–free days Many cards offer you an interest–free period of between 44 and 55 days if you pay your full balance by the statement due date. There are a few cards that feature fewer or more interest-free days so take note of your card’s cycle of bills and interest-free days. Complimentary travel insurance Free travel insurance is a real help if you are a frequent traveller and most cards cover you for medical expenses, lost or stolen luggage and any legal liabilities incurred while travelling. Plenty of rewards credit cards now listed on InfoChoice feature complimentary travel insurance. Credit card issuers vary in their exact offerings here, so read the small print before jetting off. Special flight offers Some Velocity cards offer free domestic flights or vouchers for flights for each year you meet the eligibility requirements. Requirements and offers vary, so if this is something you’re interested in, make sure you examine each product closely. Lounge passes You may also get free single entry passes to Virgin Australia lounges, where you’ll get free food and drinks, Wi–Fi, showers, meeting rooms and workspaces. Which card has the most bonus VFF points? Many Velocity credit cards offer cardholders bonus points for signing up and meeting the spending requirements within the prescribed time. The most common bonus requirements are for you to spend $3,000 within the first three months and, of course, pay it off if you want to make the most of your bonus. Some rewards are quite impressive and can be exchanged for international return flights, as well as other services and products. Compare credit cards from Australia’s major banks, credit unions and other credit card issuers at InfoChoice or just compare rewards credit cards that can be linked to Velocity Frequent Flyer. InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible. The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.