Microsoft points being converted to real money

SilentBob50023

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Microsoft announced at E3 that they will be phasing out use of MS points and converting it to "real money."

It is completely unclear at this point whether that means when Xbox One is available and a different Xbox LIVE subscription is available that purchases will be made with actual currency or if they will convert existing points to cash at some point in the near future.

If the latter, great news for all of you who got $15 worth for $5 in the great coupon debacle of 2013. 

Mods:  not sure if this is the right forum for this, so feel free to move at will.

 
No more deals on MSP I bet. 

And: who hasn't banked at least 15K points at this point? :lol:

 
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they will convert most likely and no they wont be deleted by august like people saw that guy trolling on kotaku they would be sued by everyone

 
It will be the same like PSN credit which still isn't a form of fiat money or so called "real money" It's still a form of credit. I don't see this making any difference because the ratio at which they price games will be no different then now. They are just renaming a form of currency that isn't even real money.

 
I wouldn't mind actual cash credited to my bank or something. I switched to PS3 and still have like 960 random MSP left on my 360 account. I'll gladly take that $12 and put it towards a PSN card
 
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They will exchange your saved up MSP for the equivalent in real world currency. Here comes the kicker though. The exchanged funds will expire after a year!!!

Quote

When you use your existing Microsoft Points to initiate a purchase or redeem a Points card with your Microsoft account later this year, we’ll deposit into your account an amount of money equal to or greater than the marketplace value of your Microsoft Points, and your Microsoft Points will be retired. The purchased funds you deposit into your account after the transition will not expire. However, the funds we deposit into your account at the time of the transition will expire one year from the deposit date.
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The whole confusing 1337 PR spin can be found here: http://support.xbox....ints-retire-faq

 
If I understand this correctly. We will see Microsoft $20 cards in-stores in the future to replace 1600 MIcrosoft points cards or something similar?

I really don't want to use a debit/credit card with my Xbox account.

 
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Kia-Tiaph said:
They will exchange your saved up MSP for the equivalent in real world currency. Here comes the kicker though. The exchanged funds will expire after a year!!!

Quote

When you use your existing Microsoft Points to initiate a purchase or redeem a Points card with your Microsoft account later this year, we’ll deposit into your account an amount of money equal to or greater than the marketplace value of your Microsoft Points, and your Microsoft Points will be retired. The purchased funds you deposit into your account after the transition will not expire. However, the funds we deposit into your account at the time of the transition will expire one year from the deposit date.
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The whole confusing 1337 PR spin can be found here: http://support.xbox....ints-retire-faq
Click to expand...

Okay so if I understand this correctly, I buy something with my MS points, Microsoft converts the points to money and deposits them into my account. I then have to apply them to my account or else they will expire if they stay the same the Microsoft added? Sound to me like all they are going to do is give me a code to use to give me a dollar amount that is equal to or greater than what I tried to spend. Once they give me that code I have so much time to use it or else it will expire. Once I do use it, then I'm fine. Why not just convert all of it over at once? It sounds like I also now have an extra step to use my points when buying something off of the market place.

 
anotherpoorgamer said:
If I understand this correctly. We will see Microsoft $20 cards in-stores in the future to replace 1600 MIcrosoft points cards or something similar?

I really don't want to use a debit/credit card with my Xbox account.
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Yes, same as with iTunes or PSN cards!

sendme said:
Okay so if I understand this correctly, I buy something with my MS points, Microsoft converts the points to money and deposits them into my account. I then have to apply them to my account or else they will expire if they stay the same the Microsoft added? Sound to me like all they are going to do is give me a code to use to give me a dollar amount that is equal to or greater than what I tried to spend. Once they give me that code I have so much time to use it or else it will expire. Once I do use it, then I'm fine. Why not just convert all of it over at once? It sounds like I also now have an extra step to use my points when buying something off of the market place.
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No they will convert your complete MSP balance as soon as the Xbone / new 360 dashboard launches. Those converted points will expire in a year. Microsoft Points cards will still be redeemable through 2014. The moment you redeem them they'll be automatically converted to the equivalent value and expire a year after you redeemed them. Don't redeem your MSP cards until you have to.

 
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There will be deals on the dollar amount cards just like there are with iTunes cards, which are also dollar amounts. Whether or not the discounts will be as much as we are use to getting with MSP, I don't know.

The only redeeming quality of MSPs was the discounts... but of course that's a huge deal. :)

 
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This is it, I guess. They extended the expiration date to June 2015. If you want to save your Points for the Xbox One and you aren't buying one day one you are still borked.

 
This expiration nonsense is bullshit.  They should just offer both forms of payment and just quietly phase out point cards in stores.

Sucks to see them go.  Show me someone that thought real currency was the way to go and I'll show you someone that never got point cards for 50% off.

I'm sitting on a dozen cards, all purchased at half off.  If iTunes, PSN and Nintendo cards are the gauge, looks like 10% off will be the ceiling.

 
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John187 said:
will these converted points to cash be good on the XBOX one?
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Should be since your MS account balance will eventually be used for everything.

I had a shitty experience with this tonight. Yesterday I finally upgraded my phat 360 to a slim, did all of the license transfers (UGH), etc. My old console was in the beta, my new one obviously isn't. So tonight I bought 800 MSP at GS for the Saints Row IV season pass, and decided to redeem them on the website with my phone to save time. Welp, it converted my 800 MSP into $10 Microsoft account balance, even though I transferred to a non-beta console. fucking bullshit waste of money. Hopefully the same thing doesn't happen when I buy MSP on the new console.

 
Is it just me or did Microsoft just steal from me by using a conversion rate that is lower than what they actually cost?

I checked Microsoft's own online stores and across Europe 800 MSP are still 10€, so it should be 80 MSP = 1€, but the exchange rate MS uses is about ~ 95 Cent, that is a whopping 5% conversion fee, even though they promised the amount they deposit is equal or greater than the value of the MSP in your account. Can anyone confirm that MS is ripping us off?

How is the US conversion rate? Cause it should be 80MSP = $1 (0.99) according to their own official price!

http://www.microsoftstore.com/store/msusa/en_US/pdp/Xbox-LIVE-800-Microsoft-Points/productID.253796500

UK: 80MSP ~ 0,67GBP

 
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Spain, Europe, euros : I had 4760mp, I have received 57,12€. So 100mp = 1,20€, then 80mp = 0,96€.  So magic microsoft conversion rate is: 1€ = 1$ - 4% just coz. We're going down and deeper from bad to worse.

 
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This update happened this morning.  Of course I didn't find out about it until after I hooked up my old beta console to download the Halo 4 DLC, which means I can't fully transfer the DLC's license until the middle of December.  God dammit.

 
Dark Rider said:
US conversions are fine so far. I had 720 MSP converted to $9.00. Sorry you guys are having trouble with this.
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seems to be the previous kind of conversion, where 80 MSP= $1 USD

sucks that international folks are suffering though. did the conversion on XBL accounts start already?

 
Kia-Tiaph said:
Is it just me or did Microsoft just steal from me by using a conversion rate that is lower than what they actually cost?

I checked Microsoft's own online stores and across Europe 800 MSP are still 10€, so it should be 80 MSP = 1€, but the exchange rate MS uses is about ~ 95 Cent, that is a whopping 5% conversion fee, even though they promised the amount they deposit is equal or greater than the value of the MSP in your account. Can anyone confirm that MS is ripping us off?

How is the US conversion rate? Cause it should be 80MSP = $1 (0.99) according to their own official price!

http://www.microsoftstore.com/store/msusa/en_US/pdp/Xbox-LIVE-800-Microsoft-Points/productID.253796500

UK: 80MSP ~ 0,67GBP
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my first thought was, yes they are ripping you off.

then I read the second third and fourth sentence of you post.

I have concluded that they are (continuing to) rip you off.

 
As far as I understand the MSP system 80 MSP=$1 USD and that is the only set in stone value of a MSP.  The value of Microsoft points in other currencies is constantly fluctuating based on the exchange rate from USD.  While they don't change the purchase price of cards to reflect current exchange rates the actual value of that card changes constantly.  That might be why you're not getting the value you believe you should.

I know very little about exchange rates and all that but just a thought as to why you might not be getting what you believe is the correct amount or maybe I'm completely wrong and it's just an accident.  There's bound to be some issues during this transition.  You should contact support if you think you're not getting the correct amount.

 
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Where are you guys seeing your points converted?  All I've noticed is that my current balance is no longer showing up on my main xbox.com profile page like it was before.  But if I go to "My Account" I can see the balance there, still in MSP.  Are you guys part of the beta?  Have they said anything about Bing points and how those are going to redeem?

 
Ciffy said:
Where are you guys seeing your points converted? All I've noticed is that my current balance is no longer showing up on my main xbox.com profile page like it was before. But if I go to "My Account" I can see the balance there, still in MSP. Are you guys part of the beta? Have they said anything about Bing points and how those are going to redeem?
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If you sign in on your console you should get an update then go to purchase a game (you don't actually have to purchase it) and you should get a message about the conversion with your new balance.

 
thenutman69321 said:
As far as I understand the MSP system 80 MSP=$1 USD and that is the only set in stone value of a MSP. The value of Microsoft points in other currencies is constantly fluctuating based on the exchange rate from USD. While they don't change the purchase price of cards to reflect current exchange rates the actual value of that card changes constantly. That might be why you're not getting the value you believe you should.
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The only thing that should count here is the official price MS themselves are charging in European countries and if they charge 10€ for 800 MSP I expect them to give me 10€ for 800 MSP, not 9,50€.

 
Ciffy said:
Where are you guys seeing your points converted? All I've noticed is that my current balance is no longer showing up on my main xbox.com profile page like it was before. But if I go to "My Account" I can see the balance there, still in MSP. Are you guys part of the beta? Have they said anything about Bing points and how those are going to redeem?
Click to expand...
thenutman69321 said:
If you sign in on your console you should get an update then go to purchase a game (you don't actually have to purchase it) and you should get a message about the conversion with your new balance.
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Yeah I was seeing the same thing on xbox.com, was a little concerned thought my points were gone. I'll have to boot up the system later.

 
thenutman69321 said:
If you sign in on your console you should get an update then go to purchase a game (you don't actually have to purchase it) and you should get a message about the conversion with your new balance.
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thanks for this. ill look for it when i get home. all i see is my points gone on the website... no cash value

 
so yea, it tells you to accept the change when yyou log in. my 490 points turned intp 6.50 USD.

and to clarify, the part about conversion to a higer value - it rounds up to the nearest .5 i believe. so if your points would equal 6.35 it rounds to 6.50... from what i understand.

my question, now do we pay tax on the digital purchases? looks that way, where with points ya didnt. does PSN charge tax?
 
Wow, I had to pay tax on all the msp codes I bought in stores, now I gotta pay even more taxes on stuff?

 
MasaTFC said:
so yea, it tells you to accept the change when yyou log in. my 490 points turned intp 6.50 USD.

and to clarify, the part about conversion to a higer value - it rounds up to the nearest .5 i believe. so if your points would equal 6.35 it rounds to 6.50... from what i understand.

my question, now do we pay tax on the digital purchases? looks that way, where with points ya didnt. does PSN charge tax?
Click to expand...

If this were true how can I get 17,28€ from 1420 MSP? they don't seem to round anything =P also we (Germany) have a conversion rate of 1,21€ = 100 MSP

I also like how every item on the market is includung tax right now double taxing ftw...=)

To make it worse just saw Bully is $3.74 in the US...

I love how Bully is 3,74€ over here because you know $3,74 is the excact same thing....for MS at least..the nightmares came true we got the same shit conversion as the GoD before...3,74€ are actually $4.99 thanks MS...

Some more ripping off customers:

Buy 800 MSP card from GAME for £6.99.
800 MSP code converts to £6.80.
All content that was 800 MSP is now £6.99.

=) great

 
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When I last purchased a bunch of points cards from MS Store, they charged me tax.  Now, they are converting those points to local currancy (for me, US dollars), and again charging tax.  Isn't that double dipping and somehow illegal?  Instead of the regular 6% PA sales tax, it's as if I'm paying 12%.  What a rip off!  I can understand them having to charge tax using currency, but in that case, when I redeem the rest of my points codes, I should be given more for face value.  1200 points should turn into $16 ($15 x 1.06 = $15.90) rather than just $15.

 
I haven't had any conversion issues, but I would just like to point out that this is what so many people wanted. Hope they are happy. 

 
it really seems apparent that the people outside the US are getting the short end here. Ana, sorry for the misleading piost, but I was implying that conversion for US folks.

Pablo, if you bought the points for MS store online I dont know what to say. But every card I bought in store (PA resident) never had tax on the purchase with the exception of buying at gamestop once (which i gave the employee an earful of how that wasnt legit. its like buying a gift card and paying tax! that isnt how it works). I would also point out that sales tax is based on county and not state wide. Example, I live in Allegheny County and tax is 7% here. Lawrence County (slightly north of here) is 6%.

still, I would like to know who I am paying tax to/what tax rate is applied on these online purchases. anybody have any idea?
 
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