Many businesses run loyalty schemes that reward regular customers with perks such as discounts or free products and services. 

Some of these schemes enable you to convert loyalty points into frequent flyer miles. For example, Coles FlyBuys can be converted into Virgin Australia Velocity points and Woolworths Rewards into Qantas Frequent Flyer points. 

Accruing and using points can get you where you want to go – or help you enjoy an upgraded experience – but the strategy has its pros and cons. 

Pros: 

• Every time you fly with the airline or its partners, you earn points. 

• As you accumulate more points, you can achieve elite status tiers, offering perks such as priority boarding, extra baggage allowance, and lounge access. 

• You can earn points not just on flights but also through hotel stays, car rentals, and other partner services. 

Cons: 

• Points can have expiry dates, requiring regular activity to keep them “alive”. 

• Finding available reward seats can be challenging, especially during peak travel times. 

• Programs can devalue points, requiring more for the same rewards over time. 

Credit cards are a powerful tool for accumulating frequent flyer points quickly. Many Australian banks and financial institutions offer co-branded cards with Qantas and Velocity, allowing you to earn points on everyday spending. 

Pros: 

• Generous sign-up bonuses can jumpstart your points balance. 

• Earn points on groceries, dining, petrol, and more. 

• Some cards offer travel insurance, lounge passes, and other benefits. 

Cons: 

• Premium cards come with high annual fees, which can offset the value of the points earned. 

• If you carry a balance on your credit card, the interest charges can quickly negate any points benefits. 

• The desire to earn more points can lead to unnecessary spending.

If you are in a hurry to accumulate points, buying them directly from the airline is sometimes an option. Both Qantas and Velocity occasionally offer points for sale as part of bonus promotions. 

Pros: 

• If you're just shy of the points needed for a reward, buying points can bridge the gap. 

• You can take advantage of promotions to get more value for your money. 

• Points are usually available in your account almost instantly, meaning you can use them on a good deal. 

Cons: 

• Buying points can be expensive, and the cost per point is often higher than earning through flights or credit cards. 

• Purchased points may come with restrictions on how and when they can be used. 

• There is always a risk that the program will devalue points after you’ve purchased them.