What happens to reward points when you close an account?
by Mr Credit CardHere is a recent question we got from a reader:
I have Chase Value Miles Card for the past 10+ years and have accumulated miles. However, I have closed the credit card account due to some problems. Do I lose the accumulated miles or I can still use it? Do you know? If I can still use the miles, which phone no. should I call to book my ticket using miles accumulated?
Your help would be appreciated.
Mr. Harshad Shah
Answer – Harshad, bad news for you. You do lose your miles or points if you close your credit card account. It does not matter whether you closed the account or the credit card issuer closed the account.
But if you have an airline credit card or rather frequent flier card, then that is a different story because you miles are with the frequent flier program and not the credit card issuer.
But since you have a regular credit card reward program, you will lose those points.
Lesson – The lesson here is that if you have unused miles or points, it is best to try to use them as soon as possible because you never know what will happen to your program or your credit card for that matter!
September 11th, 2009 at 08:51
They are the rules, use them or lose them. Next time it would be best to plan ahead and buy whatever you can with your points before you go. It’s probably a good idea to that anyway because banks constatnly change the rules, reducing the value of points.