In most cases, unused reward points, cashback, or air miles are forfeited once a credit card account is closed, since the rewards programme is typically tied directly to the active account rather than being a separately held asset. Some banks allow a window before final closure to redeem accumulated points, and a small number of reward programmes permit transferring points to another active card from the same bank, but relying on being able to redeem or transfer after closure isn't something to assume by default.
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Frequently Asked Questions
Is there typically a grace period to redeem points before a card closes?
Some banks offer a short window after a closure request to redeem outstanding points, though this isn't universal, so confirming directly with your bank is worthwhile before initiating closure.
Can reward points be transferred to a family member's card?
This is uncommon and depends entirely on the specific bank's rewards programme rules - most programmes don't support inter-account transfers by default.
Do points expire even while the card remains open?
Many rewards programmes apply an expiry period to points regardless of whether the card stays open, so it's worth checking your programme's specific expiry terms.
Does downgrading rather than closing a card preserve my points?
This depends on the bank's policy - some allow points to carry over on a downgrade within the same rewards programme, while others don't.
How can I check my points balance and redemption options before closing a card?
Use the credit card finder alongside your bank's app or statement to confirm your points balance and redemption deadlines.