Microsoft Points being phased out starting today

As promised, Microsoft Points are being done away with. The transition begins today, as evidenced by the appearance of real-money pricing on Xbox Live Marketplace. In addition, a new system update for Xbox 360 will help you convert any unused Space Bucks into its local currency equivalent.

According to Microsoft, the update will be "gradual," so don't rush to your console just yet. "Today we started rolling out the official release of the 2013 Xbox Live Update. To ensure a stable release, this will be a gradual deployment across members and regions. Don't panic if you don't see an immediate update, just keep checking back in," a rep told Polygon.

While you wait for your Dashboard to update, you may want to check out the points converter to see how much sweet dollars will be redeposited to your account after the transition.