MEABNOTE: I’ll be going on a blogging vacation at the end of the year and there won’t be any daily posts between December 18 and December 31. After that, we’ll ring in the new year on January 1, 2025 with the 2024 version of Travel Hacking as Told by GIFs though, so no need to be up in arms, but I guess it’s ok if you’re up in legs.
What happens with your points when a major bank shuts down your accounts? If you’re in New York, you’ve got 90 days by law to redeem your points, though the options for redemption may change on shutdown. If you’re not in New York, here’s what the landscape looks like:
- Chase: You’ve got 30 days to redeem or transfer your miles
- Capital One: Your miles are immediately redeemed at 0.5 cents per mile
- American Express: Your points are forfeited at the end of the business day
- Citi: Your points are forfeited at the end of the business day
- Wells Fargo: Your points are forfeited immediately
With American Express and Citi, if you’re quick at noticing the shutdown, you can call their redemption departments immediately and likely get your points redeemed or transferred out. The phone numbers for each:
- American Express Membership Rewards: 800-297-3726
- Citi ThankYou Points: 800-842-6596
If your points are forfeited, you may be able to mediate or litigate to get your points back, but of course I’m not a lawyer and I’m definitely not your lawyer.
Good luck and stay safe!
Captured: The moment a Membership Rewards bucket drains.