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 (opens in new tab), new rewards functions will be revealed on September 1.
Microsoft is crediting the end of the Points reward system to changes being in the next Xbox 360 update, which will have local currency being used for Xbox Live transactions instead.
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 (opens in new tab), 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.
Who needs Xbox Live Rewards Points when you can reward yourself with some more blips?