I have redeemed 15K points for an up to $150 air ticket. Takes time to find a ticket for less than that to somewhere I want to go, but it takes me years to accumulate 15K as I only accumulate points from using internationally due to no forex fees. You can book as two one ways that cost under $150 and apply 15K to both. Be aware, you have to charge each ticket to the card and then you redeem against the charge. You will earn miles with airline tickets you buy with the points, but there is no way to convert the points into any airline or hotel miles/points.