Microsoft announced that it will be transferring Xbox live rewards to Microsoft rewards by the end of June. According to the official Xbox live rewards page, the switch is slated to occur across regions including the US, UK, and France. 

Microsoft rewards feel similar to Xbox live rewards, where users can currently earn reward points for buying games, movies, and television shows. The transfer to Microsoft rewards will allow users to be rewarded for Bing searches and shopping at Microsoft store locations.

Xbox live rewards memberships will automatically become Microsoft rewards memberships in June, and existing Microsoft rewards members will have their Xbox Live Rewards membership merged with their existing account.

When the transition occurs, leftover credits will be added to the user's Microsoft account in their local currency, and will have one year to spend it on digital items from the Microsoft Store.

Members who don't want to be included in the transition can opt out by June 15, and their remaining rewards credits will be added to their Microsoft account in their local currency.