This weekend is the last chance players have to cash in their Party Poker Points before a new cashback-style rewards program starts on Monday.
If you have a collection of Party Points, now would be a good time to log into your Party Poker account and cash them in. This is because Party Points will cease to exist from Monday when the current VIP Rewards program is closed down and a new cashback-based rewards program will begin.
The good news for players with a collection of Party Points is that Party Poker´s online store is having a closing down sale. Among the discounted items are tournament entry tickets with an extended “use by” date (180 days instead of the usual 30 days) just in case you have something better to do this weekend.
Depending in your status in the soon-to-be-retired VIP Rewards program, you will also be able to exchange you points for cash or “Sit & Go Hero” tickets – hyper-turbo jackpot poker games with a top prize of $1.1 million. That´s not a bad incentive for visiting Party Poker this weekend!
The New Cashback Rewards Program
The new cashback rewards program is a rake-based program, not unlike rakeback, but with a few significant differences. Rather than receiving a fixed percentage on the amount of rake paid each week, players will receive a cash amount each Monday according to how many “Loyalty Points” they have earned in the previous week and the corresponding cashback percentage.
Loyalty Points will be awarded at the rate of 1 per dollar contributed to the rake or paid in tournament entry fees (the current system awards 2 Party Points per dollar) and players have to earn a minimum of 25 Loyalty Points in order to reach the lowest level of the cashback rewards program. At this level, they will receive 20% cashback on the amount of rake they have paid ($5.00).
As players reach further milestones, the percentage cashback increases up to a maximum of 40% as the table below demonstrates:
Once players have reached 2,000 Loyalty Points, cashback rewards continue at the rate of 40% for each 200 points earned. It is important to note that no cashback will be received for points “between” milestones. For example, if you were to earn 550 Loyalty Points during a week, your account would be credited with $125.00 for reaching the 500 Points milestone. The other 50 Points would expire.
The new cashback rewards program is a refreshing change from the trend on other online poker sites to reward players with gimmicky missions and low value All-In Shootouts. Feedback from the poker community has been very positive except for one condition of the promotion – you have to opt into the promotion each week to be eligible for cashback.
Last Chance for Value in the PowerFest Series
It is not only the last chance to cash in your Party Poker Points this weekend, but also your last chance to extract some value from the PowerFest tournament series that reaches its climax on Sunday. To date, the $20 million guaranteed tournament has been a goldmine for value seekers as so many events have failed to attract enough entries to meet their guarantees.
Last weekend, more than half of the events failed to attract enough entries to meet their guarantees, and last Sunday´s million dollar feature overlayed by $132,000. This weekend there could be even more value available, as four PowerFest events have million dollar guaranteed prize pools but coincide with the climax of 888Poker´s XL Inferno series and PokerStars´ SCOOP series.
If you appreciate a little value when you play online poker, and you do not yet have an account with Party Poker, follow my link to the site and create an account, using the Party Poker bonus code “POKERWEB” when you make your first deposit. This bonus code will make you eligible to receive a 100% bonus on your first deposit up to $500 – an offer that is not directly available from the site, and one that represents excellent value.