As we reported last week, Microsoft will be killing off Microsoft Points soon, stating in a notice on its website that you will no longer be able to earn Points through Xbox Live Rewards from August 1.
According to its notice, new rewards functions will be revealed on September 1.
Any Microsoft Points that have been earned through Xbox Live Rewards will remain in your Xbox Live account, and if it isn't used, Microsoft will "transition" it to your local currency with the rest of your Microsoft Points. Any Pending Rewards Points will also be added to your account on August 7.
The currency transfer rate of Microsoft Points "will be of equal or greater Marketplace value" rather than retail prices, the company wrote in its FAQ section, which shares more details of the changes. You'll still be able to redeem any Microsoft Points Cards and codes after August 1, but they will also be "transitioned" into local currency.