Visa rewards points redemption policies vary by issuer and by the type of rewards. The Visa card network does not issue or control rewards points on any Visa cards. All rewards, rules, expiration terms, and redemption values are set by the credit card issuer, and Visa is not a card issuer.
But there are some general guidelines that will give you an idea of what your Visa card may offer in terms of redemption. For starters, there are three types of rewards currencies for credit cards (including Visa cards): cash back, points, and miles. All work pretty much the same way, allowing you to redeem by either going online or calling the card’s issuer. The difference is the flexibility that each offers cardholders.
Cash back rewards are the most flexible and the simplest to use. Rewards earned are a percentage of the purchases made, returned to the user. Cash back rewards can be usually be redeemed for a check, direct deposit into a bank account, or a statement credit.
Points are earned for each purchase and generally can be redeemed for gift cards, merchandise, hotel reservations and/or cash back, depending on the card. Miles are typically redeemable for travel expenses at any hotel or airline, among other options. But in the case of co-branded airline cards, miles are a good value only when redeemed for purchases with that specific airline.
Most Visa rewards points never expire as long as your account remains active, though some cards’ rewards could be lost after 12+ months of account inactivity. Similarly, you will lose any unredeemed rewards when you close the account, but there may be a grace period in which you can redeem points before they become invalid. Check your Visa rewards card’s terms and conditions for specifics.
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