Or, MyPoints Devalues Points Once Again
This morning I received an email from a member who was happy to report having won over 100,000 points in the latest MyPoints point giveaway. She noticed, however, that by the time the contest had ended, her points were worth less. “…what was a 7500 points for $100.00 gift card is now a $50.00 gift card,” she wrote.
I checked into it and I’m not exactly sure when it happened, but clearly the points required to cash out for some GCs have increased.
Compare this cache of MyPoints’ Redeem page from May 2006 to the current Redeem page and you’ll see the following changes:
- $50 BassPro, Lids, Metromedia, and Stuart Anderson’s GCs that were 5,750 points are now 6,250 points
- $50 Gap, Omaha Steaks, and Pier One GCs that were 6,000 points are now 6,250 points (Gap was 5,750 points in 8/05)
- $50 Home Depot GCs that were 6,750 points are now 7,250 points
- $50 Target GCs that were 7,250 points are now 7,500 points
- $25 Bloomingdales, Gap, Metromedia, and Stuart Anderson’s GCs that were 3,000 points are now 3,250 points
- $25 Home Depot and Hyatt GCs that were 3,500 points are now 3,750 points
- $10 Barnes and Noble GCs that were 1,300 points are now 1,400 points (note: these were 1,250 in 8/05)
- $10 Gap GCs that were 1,300 points are now 1,350 points
- $10 Starbucks GCs that were 1,400 points are now 1,450
Strangely enough, two GCs have slightly dropped in cost (a $10 JCPenney GC was 1,500 points and is now 1,450; a $10 REI GC was 1,500 points and is now 1,400).
Note: Not all $25 and $50 redemptions were increased but obviously a good number of them were.
One can’t help but wonder if perhaps these increased GC costs are related to MyPoints’ recent decision to restart their affiliate program. They’re paying webmasters $2 for every new member they bring in. Then consider all of the recent points giveaways MyPoints has offered. Obviously the company has to pay for these increased expenses somehow — charging more for some of their popular GCs appears to be their strategy.
Choose your MyPoints redemption closely — some GCs are a better value (lower point cost for the same denomination GC at a different merchant). See my recently updated post on the Best MyPoints Redemptions for a quick rundown on which redemptions are cheapest.
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This is the problem I have alway had with programs that offer points instead of cash. It is such a waste to work towards those points so then to find they are less than you thought they were!
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