I have mentioned a few times on Head for Points recently that you can transfer Virgin Flying Club miles into Hilton HHonors points. The rate is attractive at 1:2, although Hilton points are not as useful as they were following the devaluation earlier in the year. (Details here on the Virgin site.)
Virgin also allows you to transfer Flying Club miles into IHG Rewards Club (Holiday Inn, InterContinental, Crowne Plaza etc) points. See this page on the Virgin website.
You don’t see this written about very often, because the transfer rate is not as attractive as the Hilton one. You only receive 1 IHG Rewards point for every 1 Virgin Flying Club mile you transfer.
Since I tend to value IHG Rewards Club points at 0.5p at best (based on receiving £250 of value for a 50,000 point room at the InterContinental London, Paris, Hong Kong etc), that is not a great result for your Virgin miles.
However, there is one upside to consider on top.
Since IHG Rewards Club changed their rules about what points count towards status, it has become increasingly difficult to obtain the 60,000 points required each year to retain Platinum.
(You could pay £99 per year for the Priority Club Black credit card if you live in the UK, which comes with Platinum status, but that is £99 you might not want to spend.)
It has now been confirmed to me by a reader that transfers of Virgin Flying Club miles to IHG Rewards Club DO count towards status. If you found yourself 2/3rd or so of the way towards Platinum but you know you won’t make it to 60,000 points by December 31st, this is something to consider.
0.5p per Virgin mile transferred to IHG Rewards Club is not a great deal. 0.5p per mile transferred plus renewal of your Platinum status for another year is clearly more attractive.
(Thanks to Sarah)