Do cash back rewards expire?
One of the perks of using some credit cards is the potential to earn points and rewards. Cash back is a type of credit card reward offered by many cards. If you've been accumulating cash back rewards for a while, you may find yourself wondering — does cash back expire? What about other types of rewards? Let's find out.
How cash back rewards work
Cash back credit cards earn rewards every time you make a purchase within eligible categories. Some cards offer a flat rate of cash back across all purchases, while others may have different cash back rates between certain categories. For instance, you might earn 3% cash back on dining purchases and 1.5% cash back for all other purchases.
Cash back rewards are usually earned in the form of points which can then be redeemed for statement credit, electronic deposit into an eligible bank account, gift cards, and more. Your options may vary depending on your card.
If you're earning cash back, you may be wondering, do credit card rewards expire?
Will your cash back rewards expire?
The good news is that it's unlikely your cash back rewards will expire. Generally speaking, the cash back rewards you earn from most credit card issuers remain valid for as long as your card is open and in default, which means you've been making at least the minimum payment on time each month.
If you or your issuer closes your account, you may lose your earned cash back rewards, though some issuers might allow you to redeem your cash back within a certain amount of time after closing your account. You may also lose your rewards if you don't use your card for an extended period of time. All of these variables depend on your card's agreement, so be sure to refer back to that for any clarifications.
Do Chase cash back rewards expire?
If you have a Chase-branded card, such as Chase Freedom Unlimited®, you'll likely be happy to learn that cash back doesn't expire as long as your account is open and in default.
However, cash back rewards earned using Chase co-branded cards may differ, depending on the policies of the partner's reward program. Consult your card's terms and conditions for more information.
Do other types of credit card rewards expire?
What if you have a credit card that earns a different type of reward? Do credit card rewards expire in general? Again, it will likely depend on your card, issuer and the rewards. If you earn miles or points through your issuer's rewards program, they'll likely only expire if your credit card is closed or in default. An example of an issuer's rewards program is Chase Ultimate Rewards, where earned rewards don't expire as long as your account is open and in default.
Earned miles or points may expire if they're earned through partnered airline or hotel credit cards. That's because these earned rewards follow the policies of their rewards programs, such as a frequent flyer program.
The expiration policies can vary greatly between programs, so be sure to check your card's terms and conditions.
In summary
So, do cash back rewards expire? There's no singular answer, but if you're earning cash back through your issuer's rewards system and your credit card remains open and not in default, it's unlikely. Other types of rewards, such as miles or hotel points, earned through co-branded credit cards may have different expiration policies or requirements, so it may help to read your credit card terms carefully.
