After the next Xbox 360 system update, when you next choose to initiate a purchase or redeem a Points card or code with your Microsoft account, we’ll put into your account an amount of currency equal to or greater than the marketplace value of your Microsoft Points. Your Microsoft Points will be retired, and you’ll immediately be able to use your new funds, in addition to other current payment methods available in your region, to purchase content from your favorite Xbox stores – or the Windows Phone Store on Windows Phone 8. For your current Microsoft Points balance, go here.

Xbox Gift Cards (denominated in your local currency) will be available through our online retailers’ websites and in local retail stores starting in late 2013, and can be added to your Microsoft account at that time. In the meantime, please continue to purchase and redeem Microsoft Points cards and codes – we’ll accept them until further notice. The funds we put into your account at the time of the transition will expire in June 2015. Microsoft Points codes you received as part of Xbox Live Rewards, promotions, or contests will retain their original expiration dates after your account transitions.

For more information on the transition and what to expect, please visit here.