Depends on the chip and the casino. Some take the NCV chip when you win, and some leave it. A number of the current Strip casinos who hand out promo chips to known players allow you to play till you lose the bet; Caesars Palace and Venetian, for example.

They almost always take a match-play paper coupon when you win.

Although I don't think there's a Club definition of Match Play, I've always used it to mean the casino matches the value-chip that you bet, up to the limit for the offer. In 21, they usually pay only even money for the match-play chip, even if you get a Natural.