Points once earned remain valid either for the membership duration or a maximum of 2 years, whichever comes earlier. In case of renewed membership, points earned are valid on a two-year rolling basis and points unredeemed for more than two years will automatically lapse at the end of each quarter. I.e. points earned in January 2006 would lapse in April 2008. Points are adjusted for redemptions on a first in - first out basis.