Originally Posted by
corporate-wage-slave
For the FTV, it will hold the money and the Avios and count against your future transaction(s). Arguably the part pay with Avios value isn't lost that way since it will be recycled at the same (poor) value as your original transaction. As to the choice of the options, which seems essentially correct, if there is a high chance that you would spend £2.5k on BA marketed travel (you can travel on other airlines with codeshares) in the next 18 months then FTV is the route of least resistance. For your other remedies, I think you can claim Chargeback if your flight was cancelled, rather than Section 75. Section 75 involves joint liability with the credit card holder, and so if BA rejects your Section 75 you need to have solid evidence you didn't request the voucher, which of course is tricky given the negative position. Whereas Chargeback is purely for BA to pick up, and the credit card company will decide that on the balance of evidence, without their own stake in the game.
It is likely I will spend with BA in the next 18 months, work is more secure than a couple of months ago, and I have a 2-4-1 to redeem - I have a (non-BA) holiday booked in Oct that I'm not sure will go ahead yet for obvious reasons, which is my main concern (wife's 40th so it's expensive!) and so I don't know if I would be replacing that with a similar trip in the next year, or using that 2-4-1 on a slightly more frugal trip away later next year.
If I used the FTV to book a 2-4-1 that is then cancelled due to covid-19, so say £2.5k + 300k Avios + 2-4-1, would that then sit on a new FTV? Also being cynical, transferring the FTV to a companion booking, would that mean normal reward booking terms apply - i.e. I could then cancel for £35pp and get my cash, Avios and 2-4-1 back? Not writing £35x3 off when I don't need to, but interesting to understand how long BA (and other airlines) can keep pushing bookings down the road!