Microsoft has today begun discounting the Xbox Series X as part of a special deal in the US, bringing the price down from $499.99 to just $399.99 on the Xbox Store. And yes, you can use your Microsoft Rewards points on this too!
This "limited" deal is specifically for the US and applies while stocks last. It also includes some bundles!
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Alternatively, you might actually find the Xbox Series X for an even better deal if you look around, as Walmart and Target have recently been offering bundles for lower than $399 - such as the few in the example down below. Deals like these are coming and going all the time, so it's always worth keeping an eye on these retailers' websites.
There's no word on how long this "limited" offer will last, so it's worth taking advantage as quickly as possible if you're interested. As mentioned, this is only for the US market - hopefully other markets will get their own specific deals too.
Oh, and if you're more interested in the Xbox Series S instead, that's also been discounted in the US! You can currently pick up the Xbox Series S Starter Bundle from the official Xbox Store for $239.99 rather than $299.99. This doesn't seem to have been marketed as much just yet - we actually spotted the deal by accident!