Virgin Australia’s Velocity Frequent Flyer loyalty program today announced a major new offering with the Commonwealth Bank, giving more than nine million CommBank Yello customers (the bank’s dedicated rewards program) new ways to earn and redeem Velocity Points through everyday banking.
Under the new member offering, Velocity will become part of CommBank Yello’s program offering, allowing customers to earn Points on a full suite of consumer banking products, creating one of Australia’s largest banking and airline loyalty offerings.
The announcement comes as cost-of-living pressures see Australians increasingly looking to get more value from their everyday spending, while Velocity continues to expand its financial services portfolio beyond traditional points-earning credit cards. Demand for Velocity Reward Seats is also at record levels, as more members choose to turn the Velocity Points they earn into flights and holidays.
Commonwealth Bank commissioned research by YouGov[2] found that almost half of Australians say loyalty programs are more important to them than 12 months ago, and 78 per cent say rewards help them manage rising living costs.
How CommBank customers can earn Velocity Points
From 1 October 2026, eligible CommBank Yello customers can convert their CommBank Yello Points earned through savings accounts, home loans, insurance and credit cards into Velocity Points, making it easier to turn everyday banking into flights and holidays:
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.
Commentary
Velocity Frequent Flyer Chief Executive Officer, Andrew Cleary said the offering brings together two recognised Australian brands to give millions of Australians more rewards from their everyday banking.
“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. 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,” said Mr Cleary.
“As the rewards landscape evolves, credit cards will continue to play an important role in Velocity, but we’re broadening our financial services offering to create more ways to earn Velocity Points through products like home loans and transaction accounts. The more everyday banking our members do with CommBank, the more opportunities they’ll have to earn Velocity Points and turn those everyday financial decisions into travel opportunities,” he said.
Speaking of the surging popularity for airline travel rewards, Mr Cleary said: “Demand for Virgin Australia Reward Seats has never been stronger, with domestic Reward Seat bookings reaching a record high last financial year. That’s exactly why we’re creating more ways for members to earn Velocity Points to get to their next holiday sooner, and this offering is the first of a number of enhancements we’ll announce across our financial services offering in the coming months.”
