I checked out the Chevy Chase Bank website, and they really don't have much information on the program there, but this most likely is *NOT* a mileage bank like Diners Club and AMEX where you can transfer miles to different programs.

This is most likely one of the arrangements where the Bank will make your reservations for a specific trip you ask for, and not necessarily on a specific airline. Of course the advantage of this is that the Bank has to purchase the tickets and you can often earn frequent flyer miles on them or even upgrade.