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Closing or downgrading a credit card: what happens to your points, credits and benefits

Rewards usually belong to the open account, so closing a card can forfeit them immediately or start a short redemption window, from none at American Express when it is your last linked card to 90 days under Bank of America's card terms. On a product switch, Wells Fargo moves the rewards balance to the new card, while Citi treats a switch to a card outside ThankYou like a closing.

Compiled from official sources Published Oct 11, 2026 Last reviewed How we research
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Contents8 sections

Key takeaways

  • American Express forfeits all Membership Rewards points immediately when you cancel your last linked card, except for New York Card Members, who can use points for 90 days.⁠6
  • After a voluntary closing, Bank of America's Travel Rewards and Customized Cash Rewards terms give 90 days to redeem, Citi's ThankYou terms for Double Cash give 60 days, and Chase's Sapphire Reserve rewards agreement gives at least 30 days.⁠4⁠5⁠11⁠1
  • Wells Fargo keeps your rewards if another card stays in the same Rewards Account, and moves the balance to the new card on a product switch.⁠2⁠3
  • For a significant change in terms, Regulation Z generally requires 45 days' notice, and for many such changes, such as a fee increase, lets you reject it and repay the balance under protected terms.⁠12⁠13
  • The CFPB warns that closing a card can raise your credit utilization ratio and lower your score.⁠15

In the issuer terms reviewed here, points, miles and cash back are tied to an open account.⁠1⁠2⁠4⁠8 When the account closes, the rewards program terms decide whether the balance disappears that day, stays available for a set window, or survives because another card is linked to the same rewards account. The rules below come from each issuer’s own program terms, checked on October 10 and 11, 2026. In most cases, the window also depends on who closed the account and why.

Points and cash back when you close the card yourself

American Express. Membership Rewards points live in a rewards account linked to one or more Amex products. If you cancel or unenroll your last linked product, you immediately lose all the points in the rewards account.⁠6 Amex’s help page puts it the same way: without another Membership Rewards eligible card or checking account, unredeemed points are forfeited immediately, and points can be redeemed before cancelling.⁠7 New York Card Members are the exception: as of December 10, 2023, they may be able to redeem for 90 days after notice of account closure, and the program terms say they can continue to use points for 90 days by calling the number on the back of the card.⁠7⁠6

Chase. Chase’s rewards agreement for the Sapphire Reserve says Ultimate Rewards points do not expire while the account is open.⁠1 If the account is closed for a reason other than misuse, fraud or the other listed grounds, you have at least 30 days from the closing date to use your points.⁠1 Before closing, you can move points to another Chase card with Ultimate Rewards that belongs to you or one member of your household.⁠1

Citi. Citi’s ThankYou Rewards terms for Double Cash accounts say that if you voluntarily close your account, or convert it to a card that does not participate in the program, you must use the points within 60 days or lose them.⁠11 If you have several Citi accounts on one ThankYou account, you lose only the points earned on the closed or converted card.⁠11 No points are earned on purchases or eligible payments after the closure date.⁠11

Bank of America. Under the Travel Rewards and Customized Cash Rewards terms, points and cash rewards do not expire as long as the account remains open with active charging privileges.⁠4⁠5 If the owner voluntarily closes the account, or the bank closes it for inactivity, the rewards must be redeemed within 90 days after closing.⁠4⁠5

Capital One. The Venture terms say rewards do not expire for the life of the account, but if the account is closed you may lose any rewards you have not redeemed.⁠8 The Quicksilver terms add that closed accounts may have different redemption options or may lose unredeemed rewards.⁠9 Rewards can be transferred only between certain Capital One rewards accounts.⁠9

Wells Fargo. Rewards do not expire while the credit card account is open.⁠2 If you close all your rewards-eligible cards, you give up any pending or active rewards on the date the account closes.⁠2 If you have several cards in the same Rewards Account and close one, the rewards stay in the Rewards Account.⁠2 Since December 10, 2023, New York account holders whose card is closed for any reason other than fraud or misuse receive a check for the cash value of their available rewards.⁠2

U.S. Bank. The Cash+ terms require the account to be open and in good standing, not past due or overlimit, on the closing date of the billing cycle to earn and redeem rewards and benefits.⁠16

Rewards after you close a card voluntarily (issuer terms checked October 2026)
Issuer Program Time to redeem after you close
American Express Membership Rewards None if it was your last linked card; New York Card Members may have 90 days
Chase Ultimate Rewards (Sapphire Reserve agreement) At least 30 days
Citi ThankYou (Double Cash terms) 60 days
Bank of America Travel Rewards and Customized Cash Rewards terms 90 days
Capital One Venture and Quicksilver terms Not stated; rewards may be lost
Wells Fargo Wells Fargo Rewards None if all rewards cards close; kept if another card stays in the Rewards Account

When the bank closes the account

The windows shrink when the issuer does the closing. At American Express, if the company cancels a product for any reason, including death, insolvency or bankruptcy, you lose all the points in the rewards account; if it cancels for inactivity, you have 90 days, New York Card Members also have 90 days, and points are not lost if a product is cancelled by accident.⁠6 Chase takes away all points immediately if the account is closed for misuse, fraud, failure to comply with other Chase agreements, a belief that you may be unable to pay your debts, or suspected fraud related to the program.⁠1 Citi and Bank of America both forfeit points immediately when they close an account for a reason other than inactivity.⁠11⁠4

Downgrades and product changes

A product change, sometimes called a downgrade or switch, moves the account to a different card at the same bank. Treatment of rewards depends on whether both cards share the same program.

Wells Fargo says primary or secondary Visa cardholders may be eligible to switch cards without another application, credit check or new account number; any rewards balance transfers to the new card, but the switch brings no new rewards bonus or introductory rate.⁠3 Citi treats a conversion to a card that does not participate in ThankYou like a closing, with 60 days to use the points and loss of online access to the ThankYou account unless another participating Citi account stays open.⁠11 Chase’s Sapphire Reserve agreement lets you move points to another Chase card with Ultimate Rewards belonging to you or one member of your household.⁠1

Card-specific benefits can end with the old card. Capital One states that if a Venture X account is closed or changed to another product, every additional cardholder with paid lounge access loses it immediately.⁠10 Before switching, compare the statement credits and insurance listed in the old card’s terms with those of the new card.

Your Regulation Z rights when the issuer changes the terms

When an issuer announces a significant change to your account terms, such as a higher annual fee, Regulation Z gives you specific options.⁠12

  1. Advance notice

    For a significant change in account terms, the creditor generally must give written notice at least 45 days before the change takes effect.⁠12 The CFPB notes that changes to rewards such as points or cash back are generally not considered significant, so they may arrive without 45 days’ notice.⁠14

  2. Right to reject

    On a credit card account, the notice of a significant change must generally state that you can reject it before the effective date, explain how, and give a toll-free number; this does not apply to a change in an annual percentage rate or an increase in the required minimum payment.⁠12 If you reject, the issuer may not apply the change, may not charge a fee or treat the account as in default solely because you rejected it, and may not require repayment by a method less beneficial than those in section 1026.55(c)(2).⁠12 The notice may also say that rejecting will end or suspend your ability to use the account for new transactions.⁠12

  3. Protected repayment

    Section 1026.55(c)(2) allows the issuer to use the repayment method in place before the change, an amortization period of at least five years, or a minimum payment whose percentage of the balance is no more than twice the earlier percentage.⁠13 The CFPB explains that if your account is closed after you opt out, you do not have to pay the balance in full immediately, but you must keep making payments until it is paid off.⁠14

  4. Exception

    The right to reject does not apply if the issuer has not received your required minimum payment within 60 days after its due date.⁠12

The credit score side of closing

The CFPB says it depends on your situation, and that you should not assume closing a card will improve your score.⁠15 Part of a score is based on your credit utilization ratio, the credit you are using divided by the total available, and closing a card can increase that ratio and lower your score.⁠15 The CFPB adds that the change may be temporary or minor, and that closing may make sense when a card’s annual fees or poor terms outweigh its benefits.⁠15 If you keep an unused card open, it suggests watching the statements for identity theft and unexpected fees.⁠15

Before closing, redeem or move the points the issuer will not let you keep. Issuer overviews: American Express, Chase, Citi, Bank of America, Capital One, Wells Fargo.

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Sources

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