Qantas, Air New Zealand and Virgin Australia Awards to Australia and New Zealand

Qantas Frequent Flyer is the clearest transferable-points route for awards within Australia and New Zealand, while Virgin Atlantic Flying Club and United MileagePlus provide additional paths to Air New Zealand flights. Long-haul premium seats are the constraint, so confirm the exact award before making an irreversible transfer.

last checkedAwardMath editorialobserved 16 Aug 2026Published 16 Aug 2026

We check the math and timestamp it. You confirm the seat at booking. We never show live award availability.

Illustration for the guide: Qantas, Air New Zealand and Virgin Australia Awards to Australia and New Zealand

Key takeaways

  • Qantas Frequent Flyer economy awards within Oceania were an unverified 9,200 points plus taxes and fees from $55 one way as of August 5, 2025.
  • Qantas Frequent Flyer business awards within Oceania were an unverified 19,300 points plus taxes and fees from $76 one way as of August 5, 2025.
  • Qantas Frequent Flyer economy awards from Oceania to Western Europe were an unverified 63,500 points plus taxes and fees from $263 one way as of August 5, 2025.
  • Qantas Frequent Flyer business awards from Oceania to Western Europe were an unverified 166,300 points plus taxes and fees from $648 one way as of August 5, 2025.
  • American Express Membership Rewards transferred to Qantas Frequent Flyer at a corroborated 1:1 ratio as of August 12, 2026.
  • Capital One Miles transferred to Qantas Frequent Flyer at a corroborated 1:1 ratio as of August 13, 2026.
  • Citi ThankYou Points transferred to Qantas Frequent Flyer at a corroborated 1:1 ratio as of August 13, 2026.
  • American Express Membership Rewards transferred to Cathay Asia Miles at a corroborated 1.25:1 ratio as of August 12, 2026, but the award price must be checked before transferring.

How do I fly to Australia and New Zealand on points?

Start by searching Qantas Frequent Flyer, United MileagePlus, Virgin Atlantic Flying Club and Cathay Asia Miles before transferring anything. Qantas Frequent Flyer has the clearest verified bank-transfer paths in the supplied data, while the other programs widen the airlines and routings you can inspect. The difficult part is finding a bookable long-haul award, not moving the bank points.

Australia and New Zealand sit at the end of very long routes, and premium cabins attract heavy demand. A low award-chart price is therefore only useful if the airline program can actually book the flight you found. Search from major gateways, vary your dates, and inspect both nonstop and connecting itineraries through Asia or the Pacific.

For Sydney and Melbourne, Qantas Frequent Flyer is relevant because Qantas operates long-haul and domestic flights and participates in Oneworld. Cathay Asia Miles gives you another way to inspect Oneworld options. For Auckland, United MileagePlus and Virgin Atlantic Flying Club are useful because both can provide access to Air New Zealand partner awards when Air New Zealand releases them to partners.

Keep transferable points in the bank until you have matched the flight, cabin, operating airline and price inside the program that will issue the ticket. Transfers are normally irreversible. AwardMath verifies the transfer and award math, but you must confirm the seat with the airline program or an award-search tool before transferring.

Which awards and transfer paths can I compare for Australia and New Zealand?

The supplied pricing supports Qantas Frequent Flyer awards within Oceania, from Oceania to Southeast Asia, and from Oceania to Western Europe, plus an older Aeromexico Club Premier economy estimate from Hawaii. Only the transfer and price facts shown below should be treated as supported, and the award-price rows remain unverified observations rather than live quotes.

ProgramRouteCabinOne-way award costBank points that feed the programPrice status and date
Aeromexico Club PremierHawaii to OceaniaEconomy144,200 miles plus taxes and fees from $120No supported bank transfer path in the supplied graphUnverified as of January 27, 2022
Qantas Frequent FlyerOceania to OceaniaEconomy9,200 points plus taxes and fees from $55American Express Membership Rewards at 1:1 as of August 12, 2026; Capital One Miles at 1:1 as of August 13, 2026; Citi ThankYou Points at 1:1 as of August 13, 2026Unverified as of August 5, 2025
Qantas Frequent FlyerOceania to OceaniaBusiness19,300 points plus taxes and fees from $76American Express Membership Rewards at 1:1 as of August 12, 2026; Capital One Miles at 1:1 as of August 13, 2026; Citi ThankYou Points at 1:1 as of August 13, 2026Unverified as of August 5, 2025
Qantas Frequent FlyerOceania to Southeast AsiaEconomy23,300 points plus taxes and fees from $147American Express Membership Rewards at 1:1 as of August 12, 2026; Capital One Miles at 1:1 as of August 13, 2026; Citi ThankYou Points at 1:1 as of August 13, 2026Unverified as of August 5, 2025
Qantas Frequent FlyerOceania to Western EuropeEconomy63,500 points plus taxes and fees from $263American Express Membership Rewards at 1:1 as of August 12, 2026; Capital One Miles at 1:1 as of August 13, 2026; Citi ThankYou Points at 1:1 as of August 13, 2026Unverified as of August 5, 2025
Qantas Frequent FlyerOceania to Western EuropeBusiness166,300 points plus taxes and fees from $648American Express Membership Rewards at 1:1 as of August 12, 2026; Capital One Miles at 1:1 as of August 13, 2026; Citi ThankYou Points at 1:1 as of August 13, 2026Unverified as of August 5, 2025

The table is a math reference, not an availability display. It also does not establish prices for North America to Sydney, Melbourne or Auckland because the supplied graph contains no award-price rows for those routes. Search the relevant programs for your actual itinerary and treat the displayed airline quote as controlling.

Which bank points transfer to Qantas and Virgin Australia?

American Express Membership Rewards, Capital One Miles and Citi ThankYou Points transfer directly to Qantas Frequent Flyer at a corroborated 1:1 ratio in the supplied August 2026 data. The supplied graph does not establish a direct transferable-bank path to Virgin Australia Velocity, so do not assume that points transferable to Virgin Atlantic Flying Club can be sent to Virgin Australia.

Bank currencyQantas Frequent FlyerVirgin Australia VelocityAs-of status
American Express Membership Rewards1:1No supported direct path in the supplied graphQantas ratio corroborated as of August 12, 2026
Capital One Miles1:1No supported direct path in the supplied graphQantas ratio corroborated as of August 13, 2026
Citi ThankYou Points1:1No supported direct path in the supplied graphQantas ratio corroborated as of August 13, 2026
Chase Ultimate RewardsNo supported direct path in the supplied graphNo supported direct path in the supplied graphTransfer graph reviewed as of August 13, 2026
Bilt RewardsNo supported direct path in the supplied graphNo supported direct path in the supplied graphTransfer graph reviewed as of August 12, 2026
Wells Fargo RewardsNo supported direct path in the supplied graphNo supported direct path in the supplied graphTransfer graph reviewed as of August 12, 2026

Virgin Australia Velocity and Virgin Atlantic Flying Club are separate loyalty programs. This matters because American Express Membership Rewards, Capital One Miles, Chase Ultimate Rewards, Citi ThankYou Points and Wells Fargo Rewards all had corroborated 1:1 paths to Virgin Atlantic Flying Club as of August 2026, but those paths do not create Virgin Australia Velocity points.

Bilt Rewards also showed a 1:1 transfer path to Virgin Atlantic Flying Club as of August 12, 2026, but that row is unverified. If you want to fly Virgin Australia, search the operating flight through the loyalty programs that can access it and confirm which program can issue the award. Do not transfer to Virgin Atlantic merely because both airlines use the Virgin name.

How many points do I need for business class to Australia?

The supplied graph does not contain a supported business-class price from North America, Europe, Hawaii or Asia to Australia, so there is no defensible universal figure for Sydney or Melbourne. The supported benchmarks are an unverified 19,300 Qantas points within Oceania and an unverified 166,300 Qantas points from Oceania to Western Europe, both one way as of August 5, 2025.

Those figures answer different questions. The 19,300-point observation applies to an intra-Oceania business award, not a transpacific flight. The 166,300-point observation applies to the long Australia or New Zealand to Western Europe market, commonly associated with Kangaroo-route travel. Neither should be presented as the cost of a North America to Australia award.

Qantas Frequent Flyer pricing also depends on the reward type, itinerary and operating carrier. Qantas says Classic Flight Rewards use fixed points amounts when available, while Classic Plus pricing moves with normal fares. A search result carrying a much larger price may therefore be a different reward product rather than the fixed award you expected.

For a citable worked example, 166,300 American Express Membership Rewards points would become 166,300 Qantas Frequent Flyer points at the corroborated 1:1 ratio as of August 12, 2026. That balance matches the unverified one-way Oceania to Western Europe business estimate as of August 5, 2025, before taxes and fees from $648. You still need to confirm the itinerary and seat before transferring.

What does an intra-Oceania Qantas award cost?

Qantas Frequent Flyer showed an unverified one-way intra-Oceania estimate of 9,200 points in economy plus taxes and fees from $55, or 19,300 points in business plus taxes and fees from $76, as of August 5, 2025. These figures can frame flights within Australia, within New Zealand or across the Tasman, but the exact route must be priced by Qantas.

CabinQantas pointsTaxes and feesObservation date and confidence
Economy9,200From $55Unverified as of August 5, 2025
Business19,300From $76Unverified as of August 5, 2025

At the corroborated 1:1 American Express to Qantas ratio as of August 12, 2026, the economy estimate requires 9,200 Membership Rewards points and the business estimate requires 19,300 Membership Rewards points. The same bank-point math applies to Capital One Miles and Citi ThankYou Points because both transferred to Qantas at corroborated 1:1 ratios as of August 13, 2026.

The cash component matters on short flights. Paying taxes and fees from $76 on an unverified 19,300-point business award as of August 5, 2025 may not make sense if the cash fare is modest. Compare the complete award cost with the complete cash fare rather than treating the points figure as free travel.

Can I fly the Kangaroo route from Australia to Europe on points?

Yes, Qantas Frequent Flyer can price Oceania to Western Europe awards, but the supported figures are unverified observations rather than live inventory. As of August 5, 2025, the estimate was 63,500 Qantas points plus taxes and fees from $263 in economy or 166,300 points plus taxes and fees from $648 in business, each way.

The Kangaroo route can involve a nonstop flight or a connection through another region, depending on the city and operating airline. Qantas Frequent Flyer uses different award structures for Qantas, selected partners and multi-carrier itineraries. The exact path matters because changing the operating carrier or reward type can change both the points and the cash charge.

CabinQantas award estimateBank-point requirement at supported base ratios
Economy63,500 points plus taxes and fees from $263, unverified as of August 5, 202563,500 Amex points at 1:1 as of August 12, 2026; 63,500 Capital One or Citi points at 1:1 as of August 13, 2026
Business166,300 points plus taxes and fees from $648, unverified as of August 5, 2025166,300 Amex points at 1:1 as of August 12, 2026; 166,300 Capital One or Citi points at 1:1 as of August 13, 2026

Qantas Frequent Flyer business is not automatically the better redemption. Taxes and fees from $648 were part of the unverified August 5, 2025 observation, and a connecting itinerary can add travel time or risk. Compare the award with a cash fare and with partner-program options before moving points.

How do I reach New Zealand specifically on points?

Search Auckland through United MileagePlus and Virgin Atlantic Flying Club for Air New Zealand partner space, and search Qantas Frequent Flyer for Qantas, partner and eligible Air New Zealand options. New Zealand awards are difficult because the nonstop network is smaller and partner business inventory can be scarce. Start with Auckland, then arrange a separate domestic connection if that produces a bookable trip.

The bank-point side is broad even though the supplied graph does not establish a long-haul New Zealand award price. Chase Ultimate Rewards and Bilt Rewards transferred to United MileagePlus at corroborated 1:1 ratios as of August 13 and August 12, 2026, respectively. American Express, Capital One, Chase, Citi and Wells Fargo transferred to Virgin Atlantic Flying Club at corroborated 1:1 ratios as of August 2026. Bilt also showed a 1:1 Flying Club path as of August 12, 2026, but that row is unverified.

Qantas Frequent Flyer is another useful search path. Qantas states that eligible Air New Zealand flights can be booked as Classic Flight Rewards, and its partnership can connect trans-Tasman Qantas travel with domestic New Zealand flying. Eligibility depends on the flight number and inventory shown during the Qantas search, so a commercial codeshare does not guarantee a reward seat.

Do not use historical Air New Zealand partner prices as if they were August 2026 facts. Several source articles report older sweet spots, but the supplied graph does not corroborate those award costs. Confirm the current price with the issuing program, then transfer only after the itinerary is visible and bookable.

Which transferable-points program gives me the most ways to search?

American Express Membership Rewards has the broadest supported set of relevant transfer paths in this data because it reaches Qantas Frequent Flyer, Cathay Asia Miles and Virgin Atlantic Flying Club. Chase Ultimate Rewards is narrower for Qantas but reaches United MileagePlus and Virgin Atlantic Flying Club. The best currency is the one that reaches the program displaying your bookable flight.

Bank programRelevant supported airline pathsRatio and status
American Express Membership RewardsCathay Asia Miles; Qantas Frequent Flyer; Virgin Atlantic Flying ClubCathay 1.25:1, Qantas 1:1 and Virgin Atlantic 1:1, all corroborated as of August 12, 2026
Bilt RewardsCathay Asia Miles; United MileagePlus; Virgin Atlantic Flying ClubCathay 1:1 and Virgin Atlantic 1:1 unverified as of August 12, 2026; United 1:1 corroborated as of August 12, 2026
Capital One MilesCathay Asia Miles; Qantas Frequent Flyer; Virgin Atlantic Flying ClubAll 1:1 and corroborated as of August 13, 2026
Chase Ultimate RewardsUnited MileagePlus; Virgin Atlantic Flying ClubBoth 1:1 and corroborated as of August 13, 2026
Citi ThankYou PointsCathay Asia Miles; Qantas Frequent Flyer; Virgin Atlantic Flying ClubAll 1:1 and corroborated as of August 13, 2026
Wells Fargo RewardsCathay Asia Miles; Virgin Atlantic Flying ClubBoth 1:1 and corroborated as of August 12, 2026

The 1.25:1 American Express to Cathay ratio as of August 12, 2026 means 40,000 Membership Rewards points would become 50,000 Asia Miles. That calculation does not prove that 50,000 Asia Miles can buy any particular Australia or New Zealand flight because the supplied graph contains no Cathay award price for the region.

A wider partner list is useful only while the points remain transferable. Once sent to an airline, the points lose that flexibility. Search every relevant program first, compare the full taxes and rules, and then move only the amount required.

How do transfer bonuses change the math?

A transfer bonus lowers the bank points needed for a fixed airline award, but the supplied graph does not establish an active August 2026 bonus to Qantas, Virgin Atlantic, Cathay or United. Use the base ratios for planning and treat any bonus shown by your bank as temporary until its terms, end date and eligible accounts are confirmed.

The calculation is the airline mileage requirement divided by the effective airline miles received per bank point. At the corroborated Qantas base ratio of 1:1 as of August 2026, the unverified 166,300-point Qantas business estimate from Oceania to Western Europe as of August 5, 2025 requires 166,300 eligible Amex, Capital One or Citi points. A bonus would reduce the bank requirement, but no supported bonus rate is available here to calculate that reduction.

American Express to Cathay is different because its supported base ratio was already 1.25:1 as of August 12, 2026. Under that base ratio, 40,000 American Express points become 50,000 Asia Miles. This is transfer math only. It does not establish what an Australia or New Zealand award costs through Cathay Asia Miles.

Do not transfer speculatively just because a bonus is ending. Long-haul premium inventory can disappear before the transfer posts, and stranded airline miles are less flexible than bank points. Confirm the award, make sure the bonus applies to your account, and check whether the airline displays the credited amount before approving the transfer.

Should I book Australia or New Zealand as one award or split the trip?

Split the trip only when separate awards reveal space that a through search cannot find, or when a stop in Asia, Hawaii or another gateway is useful by itself. Separate tickets can widen your options, but they create misconnection, baggage and schedule-change risk. Leave a substantial buffer or an overnight stop rather than building a tight self-connection.

A useful search pattern is to inspect the long transpacific or Asia to Oceania segment independently from the domestic positioning flight. Auckland, Sydney and Melbourne are logical anchor airports because they offer more onward choices than smaller destinations. You can then compare a through award with a separate regional award.

The supplied graph offers one regional reference: Qantas Frequent Flyer showed an unverified 9,200-point economy and 19,300-point business estimate within Oceania as of August 5, 2025, with taxes and fees from $55 and $76 respectively. Those figures can help you evaluate the final segment after reaching the region, but they do not guarantee that your exact domestic or trans-Tasman flight will price that way.

A split booking is poor risk management if the first flight arrives shortly before the second departs. The second airline may treat you as a no-show if the first ticket is delayed. When the saving is small, one protected itinerary is usually worth more than the theoretical points advantage.

Can Qantas points help after I arrive in Australia or New Zealand?

Yes, Qantas Frequent Flyer is especially practical for regional positioning because the supplied intra-Oceania estimate starts at an unverified 9,200 points in economy or 19,300 points in business as of August 5, 2025. Qantas also describes eligible Air New Zealand flights as bookable with Qantas points, which can help beyond Auckland when reward inventory appears.

Within Australia, Qantas can connect Sydney or Melbourne with other domestic cities. Within New Zealand, the Qantas and Air New Zealand relationship can place eligible Air New Zealand domestic flights inside a broader Qantas journey. The flight number and reward eligibility matter. A seat sold in a cash itinerary is not necessarily available as a Classic Flight Reward.

At the corroborated 1:1 ratios available in August 2026, an unverified 9,200-point Qantas economy award as of August 5, 2025 translates to 9,200 American Express, Capital One or Citi points. The unverified 19,300-point business estimate translates to 19,300 points from any of those currencies at their supported base ratios.

Check cash fares before using points for a short sector. Taxes and fees began at an unverified $55 in economy and $76 in business as of August 5, 2025. A cheap cash ticket may preserve your transferable points for the long-haul flight where comfort and cash savings matter more.

How do Qantas Classic Flight Rewards differ from Classic Plus rewards?

Qantas Classic Flight Rewards use a fixed points amount when eligible reward inventory is available, while Classic Plus pricing fluctuates with normal airfares. This distinction explains why a Qantas search can show a result that costs far more than the chart-based number you expected. Check the reward label before comparing the result with any published benchmark.

The supplied Qantas estimates on this page should be treated as Classic-style reference points, not promises for every result. As of August 5, 2025, the graph recorded unverified Qantas prices of 9,200 points for intra-Oceania economy, 19,300 for intra-Oceania business, 23,300 for Oceania to Southeast Asia economy, 63,500 for Oceania to Western Europe economy and 166,300 for Oceania to Western Europe business.

Classic Plus can still be useful when a cash fare is low or fixed-price inventory does not exist, but its value must be judged against the exact cash fare. A larger points price is not necessarily a pricing error. It may be the expected result of tying the redemption to the underlying fare.

When searching Qantas, record the reward type, operating airline, cabin, points, taxes and cancellation terms. Without those details, two visually similar flights may not be comparable.

How much do taxes and fees matter on these awards?

Taxes and fees can change the verdict, especially on Qantas Frequent Flyer awards. The unverified August 5, 2025 observations ranged from $55 on intra-Oceania economy to $648 on Oceania to Western Europe business. Compare the award's full cash charge with the cash ticket, not just the points total displayed in large type.

Qantas route and cabinUnverified points estimateTaxes and fees observed as of August 5, 2025
Oceania to Oceania economy9,200From $55
Oceania to Oceania business19,300From $76
Oceania to Southeast Asia economy23,300From $147
Oceania to Western Europe economy63,500From $263
Oceania to Western Europe business166,300From $648

The cash charge can include government taxes, airport fees and carrier-imposed charges. Those components do not all behave the same way, and they can vary by origin, connection and operating airline. A different itinerary in the same broad region may therefore carry a different bill.

Qantas Frequent Flyer economy to Western Europe at an unverified 63,500 points plus at least $263 as of August 5, 2025 may be weak if a competitive cash fare is available. Qantas Frequent Flyer business at an unverified 166,300 points plus at least $648 as of the same date may still save substantial cash, but only the fare for your actual dates can settle that comparison.

When are points not the right way to book?

Use cash when the award requires too many points, carries heavy fees, forces a bad itinerary or leaves you exposed on separate tickets. Points are also the wrong move when the desired award is not bookable before transfer. A theoretical sweet spot has no value if the issuing program cannot see the flight.

Short regional flights deserve close scrutiny. Qantas Frequent Flyer showed an unverified intra-Oceania economy estimate of 9,200 points plus taxes and fees from $55 as of August 5, 2025. If the cash fare is low, paying cash preserves transferable points and may earn airline credit under the ticket's rules. The award does not earn value merely because it uses fewer points than a long-haul flight.

Long-haul Qantas fees can also weaken the deal. The unverified Oceania to Western Europe business observation was 166,300 points plus taxes and fees from $648 as of August 5, 2025. A traveler with only 40,000 American Express points cannot fund that award at the corroborated 1:1 Qantas ratio as of August 12, 2026. Moving the 40,000 points anyway would create an unusable partial balance unless more points were immediately available.

Cash is also preferable when your dates are fixed and the award requires an overnight connection, an airport change or separate tickets that you would not accept on a paid trip. Compare points, cash, time and risk. The cheapest points figure is not automatically the cheapest trip.

How should I search and transfer points without losing flexibility?

Search the airline program that will issue the ticket, confirm the operating flight and total cost, then transfer only the required points. Do not rely on a bank's partner logo or an award-search alert by itself. The airline's booking screen or agent must be able to see and price the award before you surrender flexible bank points.

For Qantas flights and eligible partners, search Qantas Frequent Flyer and identify whether the result is Classic or Classic Plus. For Air New Zealand, inspect United MileagePlus and Virgin Atlantic Flying Club as well as any eligible Qantas result. For Oneworld alternatives, Cathay Asia Miles can provide another pricing and booking path.

Transfer ratios differ. American Express Membership Rewards reached Cathay Asia Miles at a corroborated 1.25:1 ratio as of August 12, 2026, while the supported Qantas, United and Virgin Atlantic paths used 1:1 ratios as of August 2026. Entering the wrong loyalty program can strand points even when the arithmetic is correct.

Capture the flight number, date, cabin, points, taxes and ticketing program before transferring. Recheck the search immediately before submitting the transfer. AwardMath verifies the mathematical path, but you confirm the seat and current airline rules.

Frequently asked questions

What is the cheapest Qantas points flight within Australia or New Zealand?

The supplied Qantas Frequent Flyer estimate was an unverified 9,200 points plus taxes and fees from $55 one way in economy as of August 5, 2025. That is a regional benchmark, not a guaranteed price for every route. Search your exact flight and confirm the reward type before transferring.

Can I transfer Chase points to Qantas?

No direct Chase Ultimate Rewards to Qantas Frequent Flyer path appears in the supplied August 2026 graph. Chase did transfer at a corroborated 1:1 ratio to United MileagePlus and Virgin Atlantic Flying Club as of August 13, 2026, which can provide other ways to inspect Australia or New Zealand flights.

Can Amex points be transferred to Qantas for Australia flights?

Yes. American Express Membership Rewards transferred to Qantas Frequent Flyer at a corroborated 1:1 ratio as of August 12, 2026. An unverified 19,300-point intra-Oceania business estimate as of August 5, 2025 would therefore require 19,300 Amex points, subject to the flight pricing that way.

What points can I use for Air New Zealand?

United MileagePlus and Virgin Atlantic Flying Club are relevant partner programs for Air New Zealand searches, while Qantas says eligible Air New Zealand rewards can also appear through Qantas Frequent Flyer. Supported bank paths existed at 1:1 ratios in August 2026, but the supplied graph does not establish a current Air New Zealand award price.

How many Qantas points are needed from Australia to Europe?

Qantas Frequent Flyer showed unverified one-way estimates of 63,500 points plus taxes and fees from $263 in economy and 166,300 points plus taxes and fees from $648 in business as of August 5, 2025. Confirm the operating carrier, reward type and live price before transferring bank points.

Is it better to use points or cash for flights within Australia?

Cash can be better when the fare is modest because Qantas Frequent Flyer awards still carry cash charges. The unverified intra-Oceania economy estimate was 9,200 points plus taxes and fees from $55 as of August 5, 2025. Compare the complete cash fare with both parts of the award price.

Should I transfer points before finding an award seat to Sydney or Auckland?

No. Confirm that the issuing airline program can see and price the exact Sydney or Auckland flight before transferring. Bank-to-airline transfers are generally irreversible, and a partner relationship does not prove that a reward seat is bookable. AwardMath verifies the conversion math, while you confirm the seat with the airline or an award-search tool.

Before you move any points

  • Every number here carries the date we checked it. That is what we saw that day, not a promise it still holds.
  • We do not show live seat availability. Award space moves by the minute, so check it in the program you will book with.
  • Before you transfer anything, confirm the flight, cabin, seat count and final cash price with the program issuing the ticket. Transfers between programs are one-way.

Sources we read

Prices, ratios and promotions move. Where a figure carries a date, that date is when we observed it, not a promise that it still holds.