Well... i personally do not participate in any "rewards" programs from any card lender. These programs have been around since the late 80's -early 90's. When they first came out it was a novel idea that was simply another marketing tool for the lenders to gain market share. Lenders have also realized that if they change their reward structures frequently enough they never have to actually pay off on the majority of the rewards. It is lik the old bait and switch methods used to get you into the stores to buy other items at a higher markup.. Which is against the law, and i do not understand why it doesn't apply to "reward" programs. With the only possible reason being that you aren't actually buying anything, but are being "rewarded" for being a customer.
SandyBeach I am afraid you have become another victim of "reward" syndrome... If your are credited your previous points i will be surprised. I will not be surprised if your previous points value will be a fraction of what new points are worth. By the lender restructuring the rewards program most likely the new points will be worth less(meaning more points to achieve rewards). The lender will probably, give you half point value for your old points if they honor them at all. I am sure it is written in the fine print somewhere that they reserve the right to change the "rewards" program at any time, and that the "points" have no monetary value. Being as such, they are ficticious numbers to begin with to which the lender attaches a point value such as .10 per point, or something like that where it takes you spending like 100$ to achieve 5 points. So you see being that the points themselves do not have a monetary value the lender is able to change the point's value, and is not liable to honor previous "reward" program points, or are allowed to assign any value to your old points as they see fit.
It's Just a bad idea for anyone to rely on these "reward" programs. If you get lucky and acrue enough points to redeem then it should be an added little bonus rather than an expected payout.
I'm sorry you had to find out the way you did. The lender should have enough respect for it's consumers to give ample warning of a change in their programs.
BTW... please let us know how they handled your points, I'm curious to find out what happens, and wether or not you had to fight for them or not.
