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It’s easy to amass a treasure trove of Virgin Australia Velocity Frequent Flyer points, both in the air and also on the ground through partners like BP and Coles Flybuys, plus points-earning credit cards from most major banks.
But how can you best use those Velocity points on your travels? We sum up five of the best ways, whether as part of your next business trip or on a much-deserved holiday abroad.
1. Convert your points into Singapore Airlines KrisFlyer miles
Surprisingly, we've found that the best use for your Virgin Australia Velocity points is now to convert them into Singapore Airlines KrisFlyer miles, and use those KrisFlyer miles to book flights in business and first class.
That's because the KrisFlyer program commands fewer miles than Velocity to book a comparable flight, and what's more, Singapore Airlines reduces the number of miles needed by 15% when making your booking online.
For instance, you can book Singapore Airlines business class from Australia to Europe for 80,750 KrisFlyer miles, one-way, or the same route in first class for a precise 112,625 KrisFlyer miles, each including that online booking discount.
With points converted from Velocity to SQ at a 1.35:1 ratio, that means you could convert 109,013 Velocity points into 80,750 KrisFlyer miles for that business class flight, or 152,044 Velocity points into 112,625 KrisFlyer miles to fly first class instead.
If you instead used your Velocity points to book Singapore Airlines flights the 'normal' way, you'd need 139,000 Velocity points to fly Australia-Europe: significantly more than the 112,625 Velocity points needed via this conversion trick to secure exactly the same thing.
2. Book Virgin Australia + Alitalia business class to Italy
Virgin Australia's new partnership with Alitalia also provides some great value options for booking business class flights to Europe, particularly when paired with Virgin Australia's flights to the Middle East.
For example, you could fly Virgin Australia business class from Sydney to Abu Dhabi and then Alitalia business class from Abu Dhabi to Rome (pictured) for an impressive 127,500 Velocity points each way.
This is particularly good value, because unlike many of Virgin Australia's other airline partners such as Etihad Airways, the number of points needed to book Alitalia flights is the same as to book with Virgin Australia.
What's more, because both airlines are on the same 'reward table' in the Velocity Frequent Flyer program, you can pair them up to book a single Australia-Europe award at these more favourable rates, rather than at the higher rates as apply to most other partners.
But be quick: this option is only available until February 4 2017, after which Virgin Australia will axe its Sydney-Abu Dhabi flights and replace them with Perth-Abu Dhabi services later during the year.
Other lucrative options for booking Alitalia business class include Seoul-Rome flights for 71,500 Velocity points and Tokyo-Milan journeys for 83,500 Velocity points.
3. Upgrade to 'The Business' on east-west flights
Flying between Perth and either Sydney, Melbourne or Brisbane on Virgin Australia’s Airbus A330 aircraft? A mere 9,900 Velocity points could trade your Freedom economy ticket for a sojourn in ‘The Business’: Virgin Australia’s flagship business class cabin.
AusBT review: Virgin Australia 'The Business', Sydney-Perth
That’s where you’ll enjoy direct and uninterrupted aisle access from every seat, plenty of storage space for your kit, fresh Nespresso coffee and a wide and fully-flat bed that’s perfect for those red eye flights.
Upgrades from the less-expensive Elevate and Getaway fares aren’t as attractive on east-west flights, though, commanding 30,000 Velocity points for the same upgrade.
4. Upgrade to business class on shorter flights
A mere 4,900 Velocity points is all it takes for a business class upgrade on Virgin Australia’s shorter domestic routes, including those popular with business travellers such as Sydney-Melbourne, Sydney-Brisbane and Melbourne-Adelaide.
Marginally longer flights like Melbourne-Brisbane and Sydney-Adelaide are also ripe for a business class upgrade for just 7,400 Velocity points – and in all cases, these rates again apply to travellers with Freedom economy fares.
Booking a Getaway or Elevate ticket will certainly save at the hip pocket but will draw more points from your Velocity account when it comes time to upgrade: an even 10,000 points on those shorter routes and a higher 17,500 on routes like Melbourne-Brisbane.
5. Fly high in Virgin Atlantic 'Upper Class'
While Virgin Atlantic no longer flies to Australia, the airline remains a Virgin Australia partner and lets you unlock some great-value flights from your Velocity points.
Next time you’re in Hong Kong, extend that trip to London Heathrow in Virgin Atlantic ‘Upper Class’ for just 83,500 Velocity points each way...
...complete with access to the airline’s iconic Clubhouse lounge on the ground and the Boeing 787's in-flight bar after take-off:
Or, fly between London and New York in Upper Class for just 49,500 Velocity points in each direction – an easy option if you’ll already be visiting either city.
Join other business travellers and Velocity Frequent Flyer members in our dedicated Virgin Australia discussion group