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Microsoft revamps Xbox Rewards programme

Earn credits for using Xbox Live, which are then turned into cash

Microsoft has revamped its Xbox Rewards scheme following the phasing out of Microsoft Points in favour of local currency.

Xbox Rewards offers Xbox Live users credits for performing actions like making digital purchases, renewing Gold subscriptions and engaging with other features of the online service.

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Once players rack up 5,000 credits, they'll be converted into local currency and deposited in their Microsoft account. According to Joystiq, the conversion rate is $5 for every 5,000 credits.

Earlier this week, Microsoft announced a Xbox One release date of November 22, 2013 in 13 markets. The Xbox One price has been set at £430 / €500 / $500.

Microsoft has confirmed 23 Xbox One launch games including Dead Rising 3, Ryse: Son of Rome, Forza Motorsport 5 and Killer Instinct.

Xbox chief marketing and strategy officer Yusuf Mehdi said earlier this week that the company will continue to support Xbox 360 long after Xbox One launches.

"If you look at Xbox 360 that platform [has] lasted for seven to eight years and it's going to go for another three years," he said. "We are going to continue to invest in Xbox 360 and the two devices can work in concert. So it isn't just like the day we ship Xbox One, Xbox 360 won't work, we will continue to support it. In fact, we are going to ship over 100 new games on Xbox 360."

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