Loyalty programs are ubiquitous and with that, loyalty currencies have become very large in size. But the traditional focus of academic research and business publications has been on their ability to drive member loyalty (the “member effect”). De Boer and Chin show how significant and measurable gains can be generated by the optimal management of the underlying loyalty currencies. In doing so, de Boer and Chin look at loyalty programs through a new and important lens and define this phenomenon as the currency effect. The authors explore the factors that help to explain the rising prominence of the currency effect, as well as showcasing how points can be a useful and markedly different pricing tool compared to cash. They illustrate how the currency effect complements the conventional member effect and provide insights on maximizing the currency effect. The seemingly simple business model of selling points and buying rewards is thoroughly examined and unraveled.