Microsoft is revamping its Xbox Live Rewards this week to focus on currency over points. After killing off its Microsoft Points system recently, the company is now offering support for currency on Xbox 360. As part of the console update, the latest Xbox Live Rewards system now allows gamers to turn credits into cash and spend them at Xbox Stores. The currency gets added to a Microsoft Account, so it can be used to purchase apps and games on Xbox 360, Windows Phone, and Windows 8.

Renewing an Xbox Live Gold membership generates 3,000 Rewards Credits, and monthly surveys or building up a Gamerscore also contributes to the total. Once gamers reach 5,000 credits (equivalent to $5) the points will be converted into the local currency and transferred into a Microsoft Account on the 15th or 30th of each month. Making a first Xbox Store purchase will earn users 1,250 credits, while referring a friend earns 1,000, and monthly surveys just 250 credits. The new Xbox Live Rewards system is live now, and Xbox users can sign up at rewards.xbox.com.