1. A method of operating a reward point program using a multi-function card comprising the steps of: a) establishing a reward point account directly with each of a plurality of reward points issuing entities, wherein each of said reward point accounts is stored on a memory circuit of a multi-function card, and wherein each of said reward point accounts tracks points earned by the user for transactions between the user and the associated reward points issuing entity in which the multi-function card is part of the transaction, and wherein each of the reward points issuing entities enables the user to selectively redeem points from the reward point account associated with the user for an item selected by the user, b) the user earning reward points from each of the plurality of reward points issuing entities, each of said reward points issuing entities storing the user's earned reward points in the user's reward point account stored on the multi-function card, c) establishing a reward exchange account for storage on a memory circuit on the multi-function card, d) the user designating at least some of said earned reward points from one or more of said user's reward point accounts stored on the multi-function card for exchanging into the reward exchange account stored on the multi-function card, e) exchanging the user's designated earned reward points from each of said designated reward point accounts stored on the multi-function card into the reward exchange account stored on the multi-function card and associated with the user, and f) the user using the multi-function card to redeem points from the reward exchange account stored on the multi-function card for an item selected by the user; whereby portions of available reward points may be selected from selected reward point accounts for exchanging into the reward exchange account stored on the multi-function card, and optionally other portions of available reward points may remain in said selected reward points accounts for subsequent redemption with the associated reward points issuing entity or for subsequent exchanging into the reward exchange account stored on the multi-function card.