So when the credits are given in a future cycle, you basically earn less in that future cycle. Let’s keep it simple and assume everything is at the same multiplier. I’ll use 3. In February you spend $6,000 and earn 18,000 points. March and April are normal. Then in May you return something that you bought in February that cost $2,000. You also spent $5,000 in May.

The card would only award you 9,000 points in May because the credit would come off off the $5,000 you spent in May. They don’t go back and remove 6,000 and award 15,000. Although I guess it might be hard to know what they actually do behind the scenes.

I’m wondering what would happen if you go negative. Like in the same scenario, what happens if only spent $1,000 in May? You just get zero points for May and then they take another 3,000 points off your June total?