They do, but with a conversion rate of only 0.5¢ per point and a limit of $300 per year for 60,000 points it's not that great a deal. More to the point of this thread, though, they also have merchandise offers. Some are credit certificates for (usually fancy) stores, typically worth 1 to 1.5¢ per point. Others are "real merchandise," such as (the first example I saw when I opened a recent statement) a set of 3 pieces of Samsonite luggage for 25,000 points.