Virgin Australia launched its frequent-flyer program Velocity Rewards in 2005, with partner National Australia Bank offering a companion credit card. By 2007, points collected from selected Westpac, American Express and Diners Club cards could be transferred to Velocity Rewards, and effective September 2008, ANZ reward visa card points as well. The program has reached 4 million members by the end of 2014.
Status levels were introduced to the program in late 2007 as part of continued efforts to attract business travellers. Alongside the entry-level “red” status, frequent travellers were given the opportunity to attain “silver” and “gold” status, each with its own set of benefits.
By YSSYguy at English Wikipedia, CC BY-SA 3.0, Link
Initially, Velocity was different from most other frequent flyer programs, as points were earned relative to the cost of a flight, rather than distance. Velocity members originally earned 6 points per dollar spent on Virgin Australia flights. This was later altered due to the introduction of status levels; Red members now earned 5 points per dollar, Silver members remained at 6 points, and Gold members earned 7. Points accrual on V Australia, as well as the majority of Velocity’s airline partners, have always based on distance.
Velocity was the first frequent flyer program in Australia to offer “any seat, any time” reward flight availability. The number of points required to redeem an award seat directly corresponds to the current fare of that seat, allowing any seat currently available to be redeemed. Qantas introduced a similar feature to their frequent flyer program in May 2008.
In August 2011, the program was relaunched as “Velocity Frequent Flyer” and a platinum status level was introduced, among other changes.
In July 2013, Velocity introduced the Global Wallet function, which was the first prepaid traveller card in Australia. The key feature of this card is it allows you to load your money and store it in other supported currencies before travelling. You can access to ATMs around the world as well as shop at anywhere where visa is accepted. Supported currencies include Australian Dollar (AUD), Canadian Dollar (CAD), Euro (EUR), Pound Sterling (GBP), Hong Kong Dollar (HKD), Japanese Yen (JPY), New Zealand Dollar (NZD), Singapore Dollar (SGD), Thai Baht (THB), US Dollar (USD) and South African Rand (ZAR). You also earn 1 Velocity Point per $1 spent overseas and 1 point per $2 spent in Australia.
In 2015, Velocity Frequent Flyer wins the ‘Program of the Year” in the Middle East & Asia/Oceania District at Freddie Awards for three consecutive years.