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What Governs Rewards Cards?

Regular Contributor

What Governs Rewards Cards?

if a CCC changes your CC by use of a product change, or they eliminate the card entirely, are they bound by any thing other than good faith to either inform you ahead of time if:

 

- the previously earned rewards are converted to a new card(product change)

- the card is eliminated outright(without a product change) and your points are just lost forever?

 

I'm seeing a lot of stories where people are getting notice of product changes or eliminations in the mail, but the notices are not mentioning what they will be doing with the reward points. I've seen some stories where quite a few AMEX and Citi customers are having their points forfeited outright, or reduced to next to nothing as they are applied to the new cards rewards schemes.

 

::edited for clarity::

 

 

EQUIFAX - 640 1/05/12 - Goal of 720 by Mid May!
Transunion - 637 - 01/15/10
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2 REPLIES 2
Valued Contributor

Re: What Governs Rewards Cards?

BUMP!   Anyone ~

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Message 2 of 3
Senior Contributor

Re: What Governs Rewards Cards?


@Lucid08 wrote:

if a CCC changes your CC by use of a product change, or they eliminate the card entirely, are they bound by any thing other than good faith to either inform you ahead of time if:

 

- the previously earned rewards are converted to a new card(product change)

- the card is eliminated outright(without a product change) and your points are just lost forever?

 

I'm seeing a lot of stories where people are getting notice of product changes or eliminations in the mail, but the notices are not mentioning what they will be doing with the reward points. I've seen some stories where quite a few AMEX and Citi customers are having their points forfeited outright, or reduced to next to nothing as they are applied to the new cards rewards schemes.

 

::edited for clarity::

 

 


They are bound by your cardmember agreement.  But that probably has so many disclaimers and reservation of rights on their behalf to make changes, especially with regards to the reward program, to essentially mean that they are not bound.  So in effect it really is a good faith and customer good will proposition. 

 

I would imagine that any changes like you are discussing usually allow the customer some grace period to redeem their reward points in their current program before the points are converted.  Otherwise you risk engendering a lot of customer ill will. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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