How much are your cash back points worth? Maybe much less than you believe!
On a recent minor purchase at a local merchant, we looked at our receipt and discovered it had been reduced by $10 when the merchant took 1,250 of our “Thank You Points” and redeemed them, for $10, without notice or permission. Because our points are valued at $0.01 per point as awarded by our card, that redemption cost us $2.50 in value on a purchase of less than $15. That redemption cost one fourth of the value of those points. We have brought this to the merchant’s attention but have had no substantive response to date.
After the above event, we immediately converted all of our “points” to a cash credit to our card at the $0.01 per point value. That way, the value of our points is not reduced. Have you checked your retail and online purchases to see if this is happening to you?
Alvin H. Ingram Jr.Gloucester, Va.
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