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Capital One Rewards do not expire as long as your account is in good standing. If you close your account, you will lose any rewards that have not been redeemed. This applies to miles rewards and cash rewards.
The single most important thing to remember with Capital One Rewards is that if you close your account (and haven't transferred your points to an airline partner), your points will be lost. If you are considering the closure of an account, ensure you drain your balance using fixed-value redemptions or convert your points to airline miles to prevent losing your rewards. Remember, when you earn rewards with Capital One, they're kept with Capital One unless you transfer them to partners.
Capital One Rewards are stored differently than the rewards that you might earn with the Starwood Preferred Guest® Credit Card from American Express. Rewards earned on a monthly basis with the SPG Amex are deposited into your Marriott Rewards account. While they're earned in a similar manner to the rewards you'd earn from the Capital One® Venture® Rewards Credit Card or the Capital One® Quicksilver® Cash Rewards Credit Card, by everyday use of your credit card, Capital One deposits those rewards into a Capital One Rewards account whereas American Express deposits those rewards into your Marriott account. Those deposited Rewards points are then in your Marriott account, and the points expiration policy is dictated by Marriott. You could close your SPG Amex at any time, and it would have no impact on the points you've earned.
What Happens if you Close a Credit Card?
If you close a credit card, the rewards associated with that card are lost. If you earn miles using the Venture or Spark Miles cards, you can transfer your points to airline miles prior to closing your card so you don't lose your rewards points.
What About Expiration Due to Inactivity?
Many rewards programs have points that expire due to inactivity; however, that is not the case with Capital One Rewards. If you’re ever concerned about points expiring, or somehow losing your rewards, call the number on the back of your card to address your particular concern.
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