Virgin Australia is offering more than nine million bank customers a new way to earn and redeem Velocity Points.
The airline’s Velocity Frequent Flyer loyalty program has announced a major new offering with the Commonwealth Bank.
From October 1, eligible customers will be able to convert CommBank Yello Points earned through savings accounts, home loans, insurance and credit cards into Velocity Points.
The move broadens Velocity’s financial services offering beyond traditional points earning credit cards and is the first of several enhancements planned for the program during 2026.
Andrew Cleary, Velocity Frequent Flyer CEO, said the arrangement was designed to give Australians more value from financial products they already use.
“By bringing together Australia’s largest retail bank and Velocity, we’re making it easier for millions of Australians to earn Velocity Points through the banking they’re already doing every day,” Mr Cleary said.
“At a time when cost of living matters, this isn’t about spending more, it’s about helping Australians get more value from everyday financial decisions.”
The announcement follows Commonwealth Bank research which found 78% of Australians believe rewards help them manage rising living costs, while almost half said loyalty programs are more important to them than they were 12 months ago.
Velocity said demand for Reward Seats reached record levels during the 2025/26 financial year, with domestic bookings at their highest level on record.
Members can redeem Velocity Points across Virgin Australia and partner airlines, with international demand particularly strong for Japan and Europe.
Mr Cleary said credit cards would remain part of the program, but Velocity was looking to expand earning opportunities through products including home loans and transaction accounts.
The Commonwealth Bank collaboration is expected to be followed by further changes to Velocity’s financial services offering in the coming months.
The announcement marks the first in a series of enhancements to Velocity’s financial services offering, ahead of changes to credit card interchange and surcharge rates announced by the Reserve Bank of Australia.
