Do I Keep My Rewards When I Close a Credit Card Account?
Update: Some offers mentioned below are no longer available – View the current offers here
TPG reader Steven sent me a message on Facebook to ask about holding on to credit card rewards:
“If I cancel my Delta card, will I get to keep the miles I've earned?”
Earning points and miles is fun, but the whole point of earning them is to use them, so it's natural to be wary of anything that might put your rewards at risk. This is one of the most common questions I get, probably because credit card issuers themselves offer mixed signals. The short answer is that you usually get to keep your rewards after canceling a card, but there are some important exceptions.
The points and miles you earn from an airline, hotel or other co-branded card are generally safe even if you close your credit account. For example, rewards from the Gold Delta SkyMiles Credit Card from American Express are ultimately administered by Delta, and your relationship with Amex generally doesn't come into play. Once the miles are in your SkyMiles account, they're yours (though card issuers may claw back rewards earned from purchases that are later returned or refunded).
The story is different for rewards from credit card loyalty programs, such as Chase Ultimate Rewards points or Barclaycard Arrival miles. Those rewards can be forfeited if you cancel your card, so it's important to transfer or redeem them before closing your account. In some cases, you can simply transfer those points to a different account in the same program. For example, you can combine points from the Chase Sapphire Preferred Card and Ink Plus Business Card; just make sure to do it before you close the account in question.
A lot of people get confused about this because credit card phone reps routinely suggest that closing your account will put your rewards in jeopardy, even for co-branded cards. What they may mean is that points earned that haven't yet appeared in your frequent-flyer or hotel account may be lost. Also, canceling your card could lead to an extended period of inactivity in your loyalty account (because you're no longer earning on the card), and that could cause your points or miles to expire. However, that's an indirect result — canceling the card itself is not the issue, and there are plenty of other ways to keep rewards from expiring.
For more on protecting your credit card rewards, check out these posts:
- Ten Commandments for Travel Rewards Credit Cards
- 8 Questions (and Answers) about Travel Rewards Cards
If you have any other questions, please tweet me @thepointsguy, message me on Facebook or send me an email at info@thepointsguy.com.
Top offers from our partners
How we chose these cards
TPG featured card
Rewards
10X | Earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel partner site |
5X | Earn 5x points on eligible travel, dining, and gas |
1X | Earn 1x points on all other purchases |
Intro offer
Annual Fee
Recommended Credit
Why We Chose It
The revamped Wander Card from Credit One Bank earns cardmembers up to 10 points per dollar spent on eligible travel purchases. With no foreign transaction fees, the card is also great for international travel. However, points earned from this card can only be used at a fixed value, so it may not be the best option for those striving to get maximum value from their rewards.Pros
- This card has no foreign transaction fees and earns up to 10 points per dollar on travel purchases through the Credit One Bank travel partner site.
Cons
- While cardholders can earn a significant amount of points on travel purchases, there isn't any way to redeem points from the Wander Card for maximum value (beyond 1 cent per point).
- Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travel
- Earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel site
- Earn 5x points on eligible travel, dining, and gas
- Earn 1x points on all other purchases
- Redeem your reward points for statement credits, gift cards, merchandise, flights, hotels, and more
- With $0 Fraud Liability, you won’t be responsible for unauthorized charges
- Free Online Credit Score and Credit Report summary, terms apply
- If you are a Covered Borrower under the Military Lending Act, you may get a different offer
- See Rates & Fees
Rewards Rate
10X | Earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel partner site |
5X | Earn 5x points on eligible travel, dining, and gas |
1X | Earn 1x points on all other purchases |
Intro Offer
Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travelEarn 10,000 Bonus PointsAnnual Fee
$95Recommended Credit
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.Fair/Good
Why We Chose It
The revamped Wander Card from Credit One Bank earns cardmembers up to 10 points per dollar spent on eligible travel purchases. With no foreign transaction fees, the card is also great for international travel. However, points earned from this card can only be used at a fixed value, so it may not be the best option for those striving to get maximum value from their rewards.Pros
- This card has no foreign transaction fees and earns up to 10 points per dollar on travel purchases through the Credit One Bank travel partner site.
Cons
- While cardholders can earn a significant amount of points on travel purchases, there isn't any way to redeem points from the Wander Card for maximum value (beyond 1 cent per point).
- Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travel
- Earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel site
- Earn 5x points on eligible travel, dining, and gas
- Earn 1x points on all other purchases
- Redeem your reward points for statement credits, gift cards, merchandise, flights, hotels, and more
- With $0 Fraud Liability, you won’t be responsible for unauthorized charges
- Free Online Credit Score and Credit Report summary, terms apply
- If you are a Covered Borrower under the Military Lending Act, you may get a different offer
- See Rates & Fees