Virgin Australia is terminating its frequent flyer agreement with Malaysia Airlines this weekend -- so if you've got some Velocity points to burn on an MAS flight, or Enrich points to turn into a Virgin Australia flight, now's the time to make your booking.

The news isn't unexpected after Virgin Australia and Singapore Airlines became partners, while MAS is headed for the warm embrace of Qantas and the oneworld alliance.

As a result, Virgin Australia's Velocity frequent flyers and Malaysia Airlines' Enrich members will no longer be able to earn or burn points on the other airline after 1 April.

Velocity award bookings on MAS made before the cut-off date will be honoured, though, but bear in mind that the you won't be able to make changes to your itinerary after 1 April.

For full details, Virgin Australia has a frequently asked questions page for its Velocity Frequent Flyers, but here are the key take-outs.

Can I still redeem my Velocity Frequent Flyer Points for a Malaysia Airlines flight?
Yes. Velocity Frequent Flyer members can redeem their Points for travel on Malaysia Airlines up to and including 1 April 2012. Reward bookings are valid for one year from date of ticket issue and are not changeable or refundable.

I have a Reward booking for travel on Malaysia Airlines on or after 2 April 2012. How does this affect me?
Your booking is still valid and you will be able to travel as booked. Note that Reward seats will not be available from 2 April 2012 so you will not be able to change your booking.

Will I still earn Points for my travel on Malaysia Airlines when I’ve used money to purchase?
As long as travel is before 2 April 2012, you will earn Velocity Frequent Flyer Points and Status Credits on eligible flights. Travel on any Malaysia Airlines flights on or after 2 April 2012, will not earn Points or Status Credits.

Can I submit a retrospective claim for travel prior to 2 April 2012?
Yes. As per our current terms and conditions, all retrospective claims must be received within six months of date of travel (no later than 30 September 2012).