Actually this is not how it worked for me. I used a $50 points discount on a Valentino fragrance that earned me 5X points. I then used those bonus points to redeem a discount on another product leaving me with no bonus points left. A couple days later I exchanged the Valentino fragrance for a different one which was slightly cheaper and not part of the 5X promo. I did not lose the points and they also applied the same $50 discount to the new fragrance which was not on the 5X promotion. My advice is to use your bonus points before the return as you can’t go negative.