Microsoft recently retired its Microsoft Points system in favor of real world local currency to simplify the rewards process, at least for the Xbox One. In fact Microsoft is reintroducing a new Xbox Live Rewards currency system for use on the Xbox 360 that rewards players for playing new games and referring users.

Gamers can earn 1000 Credits every time they play a new game for more than 10 hours, but it must be a disc-based release. Xbox Live Arcade, Indie Games and even full priced Games on Demand will not qualify. Players must also log those 10 hours within the first 30 days of purchase.

Xbox 360 users can also earn points for renewing their Gold subscriptions and referring friends to the service. Once a user accumulated 5,000 points they can be converted to real world currency and deposited into their Microsoft account. The conversion rate is $5 for every 5,000 rewards points. With 100 Xbox 360 disc-based released reported to release in the next few years there is plenty of time to earn points.

RELATED: Microsoft Says Xbox 360 Will Be Supported For Another Three Years

RELATED: Xbox Live Microsoft Points Exchange Arrives Today

RELATED: Microsoft Says Xbox One Could Be Backwards Compatable, Some Day

[Via Joystiq]