For me, I don't travel frequently where I could readily use the points. For me, keeping points in your account till you have to travel in future is like staying under the hanging sword. The CC company can shut you down any time and you run the risk of losing all points. I always like to either Cash them or buy gift cards or sell the points and so my valuation of the points is accordingly. Also, if you have to get the card 2nd, 3rd time ( case in point ML) then you need to close the CC as soon the bonus is redeemed as some banks won't allow you to have 2nd card while 1st one is already open.