This was part of my 2013 credit card strategy. We signed up for the Sapphire card last year in order to get the 40,000 bonus points. We had to spend $3,000 in the first three months. After that, we stopped using it.
I waited to get the 7% annual points dividend, which only amounted to something like 350 points. At that point I went to Ultimate Rewards and transferred the points out of our account. Gave 1,000 points to our son’s MileagePlus account so that he now has 25,000 miles – enough for a trip. I requested 2,707 points be turned into a check for $27.07. You can only transfer points by the thousand, and you can only request a check if it’s over $20, so this made sure we didn’t end up with some points just sitting in the account.
The remaining 41,000 points were transferred to my MileagePlus account. Mission accomplished. Card closed!