Hundreds of millions of dollars of travel credits and billions of Velocity Points will be honoured, according to two of the firms attempting to buy the embattled airline which went into voluntary administration in late April. 

Two American private equity firms — Bain Capital and Cyrus Capital Partners — have emerged as the final bidders looking to buy Virgin Australia, and both have indicated that they will honour points and credits in a major win for customers. 

According to The Courier Mail this morning, a source close to the Bain Capital bid for Virgin has said the global private investment firm would honour all tickets that were cancelled when Virgin grounded flights due to COVID-19. 

It also said all Velocity Points held by the 10 million members would be honoured in full. 

Savings.com.au has sought further clarification from Bain. 

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Other
Provider
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
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High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
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000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Use code EASY30 to score $30*
  • Use code EASY30 to score $30 after 5 card purchases in your first 30 days. See terms link on the app store*
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
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Use code EASY30 to score $30*

Save Account

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  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
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400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
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4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
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Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
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010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
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Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
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02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
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Online Savings - Premium Saver

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    020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    HomeME Savings Account (<$100k)

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      02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Growth Saver

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        01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Virgin Money Boost Saver

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          01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Bonus Saver Account

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            01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver

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              0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              mySaver

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                000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Simple Saver

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                  4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Netsave Account

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                    3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    Online Savings Account

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                      3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      HSBC Everyday Savings Account

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                        0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Incentive Saver Account

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                          4000.01$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bankwest Easy Saver

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                            0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Incentive Saver Account

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                              02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Growth Saver Account

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                                • Bonus rate for the first 4 months from account opening
                                • No account keeping fees
                                • No minimum balance

                                More details
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                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of January 2, 2025. View disclaimer.

                                Important Information and Comparison Rate Warning

                                Another of the bidders for Virgin - Cyrus Capital, an investment firm based in New York and London - has also confirmed the safety of these two products. 

                                According to The Executive Traveller, Cyrus Senior adviser Jonathan Peachey confirmed as much by writing to the Australian Federation of Travel Agents.

                                "Rewarding customer loyalty is also important to Cyrus, especially at this time, and if Cyrus becomes the new owner of Virgin Australia, points held by members of the Velocity Frequent Flyer program will be protected and honoured," Mr Peachey said. 

                                He also said that outstanding tickets booked would be honoured "without question". 

                                This should come as a welcome relief to Virgin's millions of customers, as there had previously been no guarantee over the safety of members' points and travel credits. 

                                A frequent flyer expert had previously told Savings.com.au that it was likely Virgin would honour credits and points. 

                                The decision on Virgin's future is expected to be delivered by the administrator Deloitte by June 30. 

                                Virgin customers can still redeem their existing points for future domestic flights after a blanket four-week ban on members using points, although members still cannot redeem their points for products and gift cards.

                                Read: Qantas offers refunds for cancelled flights due to COVID-19