Your Microsoft Points Will Expire Within One Year When Microsoft Transitions to Local Currency
There's been a few things that I haven't posted from the E3 press conferences that took place on Monday, one of them being the transition from Microsoft Points to local currency. Microsoft announced the retirement of MS Points during its E3 press conference on Monday, and many people are excited for this because converting MS Point values into real money to figure out prices in our heads was a bit of an inconvenience. Yesterday, Microsoft posted a FAQ on the transition, and there's one aspect that really concerns me.
The second question asks "How does this change affect me?" Here's the answer that follows.
You will begin using local currency or an Xbox Gift Card (denominated in your local currency) to buy music, games, videos, and more from your favorite Xbox stores. When you use your existing Microsoft Points to initiate a purchase or redeem a Points card with your Microsoft account later this year, we’ll deposit into your account an amount of money equal to or greater than the marketplace value of your Microsoft Points, and your Microsoft Points will be retired. The purchased funds you deposit into your account after the transition will not expire. However, the funds we deposit into your account at the time of the transition will expire one year from the deposit date.
The part we want to focus on are the last couple sentences. "The purchased funds you deposit into your account after the transition will not expire. However, the funds we deposit into your account at the time of the transition will expire one year from the deposit date."
Basically what this means is that the Microsoft Points that are in your account right now will be converted to your local currency this fall when the update hits. These converted points will have an expiration date of one year, meaning you have until the fall of 2014 to use that money.
Your Microsoft Points stashed in your XBL account right now is a ticking time bomb.
Any points redeemed after the transition will not expire though. But I doubt many people really keep unused Microsoft Point cards lying around.
This is a slap in the face when recently, Microsoft issued a $10 coupon to the Microsoft Store immediately after the Xbox One reveal in May. Many users took advantage of the coupon to buy $15 worth of Microsoft Points for $5 after discount. People who have redeemed those points now will eventually have to use up their MS Points by fall of 2014 or else they will forfeit that money.
Money redeemed for the PlayStation Network and the Nintendo eShop do not expire.
So just a bit of a heads up. If you still have Microsoft Points in your Xbox Live account, be sure to know that you have about 16 months until those points expire after MS converts those points into your local currency.