I posted this in response to one of the threads below...but for some reason it is not showing up within the content, so I am reposting it in response to the original post here.
First of all...Citi bike has failed to notify all bike angels. If we happen to be on this board or one of the other social media platforms, we may have heard the roomers, however, the details have not been clear or provided in a timely fashion. Some of us do not cash out every month and would not have seen the notice within the application...especially if Citi Bike erroneously deactivated our accounts earlier this month. In fact, since the screen shot someone posted on another platform suggested February was the last month, one would expect to be able to cash out until February. Plus, there is no mention with regard to gift cards on hand (from the previous setup in 2023) which were reported on taxes, but not yet transferred to Amazon. Just another potential cause for problems with tax preparation down the line (last year I never received my 1099 from 2023 because I had not converted them from Tremendous to Amazon yet).
Here you seem to have suggested that gift cards cannot be redeemed beyond December...does that mean they cannot be cashed in, or that the gift cards cannot be converted to cash. There used to be two steps in the process where you selected the option AFTER the gift was awarded by Tremendous. Perhaps Citi Bike should stop worrying about angels "gaming" the system, and consider those of us who are legitimately participating as a way to make ends meet in our limited spare time...while employed in other endeavors. I only happened to review this post today because another bike angel was concerned this might be the last day and my understanding was that we had at least until February to consider our options.
The content posted by a bike angel (who happened to cash in points a couple of weeks ago and posted his discovery for others) included, "Starting February 2025, you will be able to redeem your points for gift cards at Amazon, Walmart, Doordash, and Delta. We’re also adding the option to redeem your points for donations to a number of charities. ACH transfer will no longer be available." This does not appear to be consistent with your declaration that December is the last month cash payments will be permitted.
Citi bike must be aware of the tax impact these changes can have on some bike angels. It is far more complicated than you might imagine. Here are a few resources which illustrate the point. https://rewardtheworld.net/what-you-should-know-about-incentive-program-tax-implications/
https://www.thetaxadviser.com/issues/2018/aug/receipt-redemption-rewards-program-points.html
I have to wonder whether the Lyft team understands the impact of this policy change. The manner in which it has been done would certainly not be permitted by those companies who participate in airline and credit card rewards programs. The law requires customers to be "notified" at least 90 days in advance of changes to award and loyalty programs and there are policies that protect customers from bait and switch offers. The law in New York specify states,
"2. If any credit card account or rewards program is modified, cancelled, closed or terminated, the holder must be provided notice from the issuer of such cancellation, closure, termination or modification as soon as possible, and in any event within forty-five days of such cancellation, closure, termination or modification. Beginning with the date on which notice is sent, the holder shall have ninety days to redeem, exchange, or otherwise use any credit card points that the holder accumulated at the time of such modification, cancellation, closure, or termination as permitted under the terms of the agreement or agreements between the holder and the issuer which is servicing the applicable credit card account or related rewards program, subject to the availability of rewards.
3. It shall be unlawful for any agreement between an issuer and a
holder, or any rewards program, to provide for the expiration,
forfeiture or cancellation of credit card points prior to the expiration
of the ninety day period set forth in subdivision two of this section."
I imagine there might be similar guidelines with regard to bike transportation reward programs. Bike angels are not employees and are acquiring the points as customers by utilizing the bikes as a means of transportation. Here is the link to the NY State law as it relates to credit card reward points.
https://www.nysenate.gov/legislation/laws/GBS/520-E and corresponding article. https://www.dwt.com/blogs/financial-services-law-advisor/2024/07/credit-card-rewards-under-cfpb-and-other-scrutiny
Also, on May 9, 2024 the Consumer Financial Protection Bureau and the U.S. Department of Transportation hosted a hearing on airline and credit card rewards programs. The discussion was moderated by CFPB Director Rohit Chopra and Secretary of Transportation Pete Buttigieg. Industry representatives, labor leaders, and consumer advocates participated in a discussion about market trends and challenges that consumers are experiencing with airline and credit card rewards. The hearing is quite interesting and can be found here as well. https://www.youtube.com/live/cfcOdanISro?si=EwvBagiPZC7yaUI8&t=870
One would imagine that the concerns related to car rental, hotel rooms, and airline travel reward programs would be similar to those involving bike transportation reward programs as well. Perhaps bike angels should consider engaging in a conversation with the CFPB and DOT as well...so that the program can be a win win for both consumers and corporations here too.
