I think you need ask for another copy of T&C's. You'll see that nowhere in the verbage it explicitly states that you own these points and therefore exempt from forefeiture. The C means conditions and when a bank sets a bunch of conditions including forefeiture on the use of "their" points, then they are really not your points. If they really were your points, then you would be free to sell them, trade them, or barter with them without any consequences. It's their currency and they are allowing you to exchange the points you have earned for products they offer as long as you play by their rules. That's how all points and miles work.