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New York:Credit Card Companies Made by Law to Offer 90days To Use Up Points Before Rewards A/C Close

Under the new legislation, credit card companies are now required to provide consumers with a 90-day grace period to use up any remaining points in their rewards accounts before the accounts are closed.





Governor Kathy Hochul has recently declared that a fresh state legislation will be implemented to safeguard credit card holders from forfeiting their hard-earned credit card rewards. Commencing on Sunday, December 10, credit card companies are obligated to undertake supplementary measures to ensure that consumers do not lose their accumulated points in the event of modifications or terminations of rewards programs.


“Protecting New Yorker's wallets is a top priority and we’re helping families save money this holiday season,” Governor Hochul said. “With this law taking effect, New Yorkers can rest assured that they won't lose the credit card rewards they’ve earned."


Secretary of State Robert J. Rodriguez said, “With holiday shopping in full swing, many consumers are using their credit cards to rack up rewards under the assumption they can be redeemed at any time. But that’s not always the case. This new law will protect consumers by guaranteeing them a minimum grace period to use those rewards.”


In accordance with the newly enacted legislation, credit card issuers are obligated to notify cardholders within a period of 45 days if there are any changes made to their existing credit card account or rewards program that may be detrimental to the consumer.


These changes include alterations that diminish the value of a consumer's points, make it more difficult to accumulate points, restrict the availability of rewards, or in any other way reduce the overall value of the rewards program.

Once the notice is sent by the credit card issuer, consumers are granted a period of 90 days to redeem their accumulated points or rewards based on the original terms and conditions of the program. It is worth noting that even when consumers choose to close their accounts voluntarily, the law mandates a grace period for the redemption of points.


Many consumers strategically accumulate credit card rewards such as points, airline miles, and cash back rewards with the intention of utilizing them for various purposes such as funding trips, vacations, significant purchases, or achieving personal goals.


The sudden termination of rewards programs or unfavorable modifications can result in substantial financial losses for those who have diligently saved their points, potentially amounting to hundreds or even thousands of dollars in lost value.


Even in cases where a consumer decides to close their credit card account willingly, having additional time to redeem their points can prove to be advantageous, enabling them to maximize the value of their rewards.


State Senator Shelley B. Mayer said, “I am pleased that starting December 10, consumers will be protected from losing the rewards they have earned on their credit card accounts without any protection. For many people, a sudden loss of rewards can amount to the loss of a significant amount of money. Individuals will now receive notification and a grace period to use their rewards when an account is being closed, thereby increasing transparency for all New Yorkers and ensuring earned credit card rewards can be used. I thank Assembly Member Nily Rozic for carrying this legislation in the Assembly and Governor Kathy Hochul for signing it into law.”


Assembly member Nily Rozic said, “New York consumers deserve the security of knowing their credit card rewards will not be unexpectedly terminated. The new law and resulting regulations will require credit card companies to provide a 90-day grace version so they can be sure to make use of their hard earned rewards. I’m proud to work with Governor Hochul and Secretary of State Rodriguez in the implementation of this important law.”


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