Last month Microsoft revealed that Xbox Live Rewards would be transitioning to Microsoft Rewards in the United States. As such, an email was just sent out to Xbox Live Rewards members reminding them to redeem any MyVIP Gems before this change occurs.
“All Xbox Live Rewards offers end on May 31, 2018,” reads the email. “Which means you’ve only got until then to earn Rewards Credits and MyVIP Gems, and to unlock new MyVIP Perks. You’ll then have until June 15, 2018 to redeem your gems for prizes in the MyVIP Vault, or to grab any unredeemed tokens you’ve earned off the FREEdom Rewards page.”
After June 15, any unredeemed MyVIP Gems will be converted to Microsoft Rewards points. One MyVIP Gem will convert to one Microsoft Rewards point.
Should you choose to opt-out before June 15, you will not forfeit any pending credits in your account. Instead, your remaining Rewards Credits and MyVIP Gems balance will be converted into your local currency and deposited into your Microsoft Account.
If you have any more questions regarding the process, you can view its entire FAQ page here.