I know there's been a bit of discussion about what we should do with our Velocity points, but I find myself with almost 300,000 Asia Miles due to having to cancel a few reward flights, and I have serious doubts about whether Cathay Pacific will survive this.
My options are to keep the points and hope that at some stage in the future I'll be able to use them for flights, or I could cash them out as gift cards. Asia Miles can be converted to gift cards for Coles, Woolies, Dan Murphys, JB Hi-Fi etc.
My points are enough for 3 business-class flights to Europe with points to spare ... or just over $1800 worth of gift cards.
I suppose this comes down to the question: will the Hong Kong government allow Cathay to go bust? A government bailout seems like their only hope at the moment.
Highly doubt Cathay will collapse as it is such an essential service for the city. Tourism is one of the biggest contributors to the city's GDP. Without a home carrier, I doubt they can still call themselves Asia's World city. Given that Cathay is owned by british conglomerate Swire, they shouldn't have too much trouble seeking government bailouts. Even then, I would use those miles as soon as possible. Frequent flyer programs are one of the first things to get cut when finances are bad
Asia Miles is actually a separate company from CX, and has a lot of partners. I would hold on, if I were you, partly because I think it is unlikely CX will (or will be allowed to) fail, and partly because even if it did, your miles should still have value.
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Should I hold or dump my 300,000 Asia Miles?
Sibelius
Sibelius
Virgin Australia - Velocity Rewards
Member since 06 Aug 2017
Total posts 181
I know there's been a bit of discussion about what we should do with our Velocity points, but I find myself with almost 300,000 Asia Miles due to having to cancel a few reward flights, and I have serious doubts about whether Cathay Pacific will survive this.
My options are to keep the points and hope that at some stage in the future I'll be able to use them for flights, or I could cash them out as gift cards. Asia Miles can be converted to gift cards for Coles, Woolies, Dan Murphys, JB Hi-Fi etc.
My points are enough for 3 business-class flights to Europe with points to spare ... or just over $1800 worth of gift cards.
I suppose this comes down to the question: will the Hong Kong government allow Cathay to go bust? A government bailout seems like their only hope at the moment.
Any thoughts?
PERflyer
PERflyer
Qantas - Qantas Frequent Flyer
Member since 15 Aug 2017
Total posts 47
I would cash in exactly half personally and leave half in case they survive and lets hope they do a great airline.
djtech
djtech
Qantas - Qantas Frequent Flyer
Member since 02 Sep 2018
Total posts 375
Highly doubt Cathay will collapse as it is such an essential service for the city. Tourism is one of the biggest contributors to the city's GDP. Without a home carrier, I doubt they can still call themselves Asia's World city. Given that Cathay is owned by british conglomerate Swire, they shouldn't have too much trouble seeking government bailouts. Even then, I would use those miles as soon as possible. Frequent flyer programs are one of the first things to get cut when finances are bad
Joseph
Joseph
Qantas - Qantas Frequent Flyer
Member since 05 Sep 2013
Total posts 28
I had the same thoughts about my Asia Miles stash but then came to the same conclusion as Djtech.
Cathay major shareholders;
Ian_from_HKG
Ian_from_HKG
CX
Member since 05 Jun 2012
Total posts 61
Asia Miles is actually a separate company from CX, and has a lot of partners. I would hold on, if I were you, partly because I think it is unlikely CX will (or will be allowed to) fail, and partly because even if it did, your miles should still have value.