Buyback Policy

1. What the Buyback Scheme is, and is not

RewardsPilot Points carry no fixed or guaranteed cash value. They are promotional rewards, they are not legal tender, and a Customer has no right to demand cash for them. That position is unchanged.

Separately from that, RewardsPilot operates a Buyback Scheme under which it offers to repurchase Points for cash. The offer belongs to RewardsPilot and does not attach to the Points themselves. It is made available as a benefit of membership and may be varied, suspended or withdrawn under section 8 of this Policy.

Both statements are true at once, and the distinction matters: while the scheme is open a Customer may sell Points at the published rate, and if the scheme is closed the Points revert to being redeemable for travel rewards only.

2. Eligibility

A Customer may request a buyback where:

• their RewardsPilot account is open, approved and in good standing;
• onboarding and identity checks have been completed;
• the Points being sold are available (posted and not reserved against a pending redemption);
• the Points arose from Eligible Spend that has cleared and has not been refunded, charged back or reversed;
• RewardsPilot holds current bank details for the Customer, in the Customer's own business name.

Points credited as a goodwill gesture, promotional bonus or manual adjustment are not eligible for buyback, because there is no Eligible Spend underneath them on which a buyback percentage could be calculated. They remain fully redeemable for travel rewards.

3. Frequency

A Customer may request a buyback at any time. There is no waiting period between requests and no limit on the number of requests in a period.

RewardsPilot may decline or defer a request where it is required to complete anti-money laundering, sanctions or source-of-funds checks, or where the account is under review.

4. Valuation and calculation

The buyback amount is calculated as a percentage of the Eligible Spend that generated the Points being repurchased — not as a price per Point, and not as a percentage of the Points' notional travel value.

How the figure is reached

Points are converted back to the Eligible Spend that produced them at the rate they were earned at, and the buyback percentage is applied to that spend. A Customer earning 4 Points per £1 who sells 400,000 Points is selling the Points from £100,000 of Eligible Spend, and receives 3% of £100,000.

Where a Customer has earned at more than one rate, Points are valued at the rate actually applied when they were credited. Eligible Spend is calculated on the net amount excluding VAT.

5. Minimum and maximum

There is no minimum buyback. A Customer may sell any whole number of available Points.

There is no standing maximum. RewardsPilot may set a limit on an individual request where it is necessary to manage settlement, complete verification checks, or where the request represents an unusual proportion of the Customer's balance; where it does so, the Customer will be told the limit and the reason before the request is processed.

6. Payment

Approved buybacks are paid by bank transfer to the Customer's registered business bank account within 24 hours of approval. Payment is not made to third-party accounts or to personal accounts in another name.

Where verification checks are outstanding, the 24 hour period runs from the point those checks are completed.

Buyback payments are made by RewardsPilot in consideration for the repurchase of Points. Customers should take their own advice on the accounting and tax treatment of amounts received; RewardsPilot does not give tax advice.

7. Cancellation of repurchased Points

Points that have been repurchased are cancelled at the point of payment. They are permanently removed from the Customer's balance, cannot be reinstated, and cannot afterwards be redeemed for travel rewards.

The cancellation is recorded on the Customer's points statement as a correcting entry rather than a deletion, so the statement continues to reconcile.

Where a buyback is paid and the underlying Eligible Spend is subsequently refunded, charged back, reversed or found not to have cleared, RewardsPilot may recover the amount paid, by deduction from future buybacks or by invoice.

8. Discretionary rights

The Buyback Scheme is offered at RewardsPilot's discretion. RewardsPilot may:

• vary the buyback rate, on reasonable notice for future requests;
• suspend or withdraw the scheme, in whole or for an individual Customer;
• decline a request where it suspects fraud, abuse of the programme, manipulation of Eligible Spend, or a breach of the Terms of Business;
• decline or defer a request pending anti-money laundering, sanctions or source-of-funds checks;
• set limits on individual requests under section 5.

A change to the buyback rate does not affect a request already approved. Withdrawal of the scheme does not affect Points already repurchased and paid for, and does not remove a Customer's ability to redeem their remaining Points for travel rewards under the Programme Rules.

Nothing in this Policy affects a Customer's statutory rights, and nothing in it is intended to create a right to cash where the Programme Rules state that none exists.

9. How to request a buyback

Requests are made from the redemption section of the RewardsPilot portal by choosing to convert Points to cash. The portal shows the Eligible Spend the Points represent and the amount payable before the request is confirmed.

Questions about this Policy: info@rewardspilot.co.uk or 020 3745 1950.