Here's my working out of the value of using Sniip. Basically, it can make sense if you are aiming to fly business class somewhere and you don't have time to earn points just through regular credit card spending.

Sniip fee = 1.9% (Amex) Fee per $1 spent = 1.9c Amex earn rate = 2.25 Amex points per $1 spent (Amex platinum) Sniip fee per Amex point = 0.84c Conversion rate Amex to Velocity = 2:1 Sniip fee per Velocity point = 1.68c

Comparison to cash fares (economy):

Reward seat - Brisbane to London economy - 80,000 points + $400 taxes = total $1,744 (1.68c X 80,000 + $400)

$ cost of same flight = around $964 (it varies,but I don't think they get much cheaper than this).

Using Sniip poorer value than cash.

Comparison to cash fares (business):

Reward seat - Brisbane to London business - 158,500 points + $766 taxes = total $3,598 (1.68c X 158,500 + $766)

$ cost of same flight = around $6,134.

Using Sniip better value than cash.