My e-mail offer was for credit to my card account, so not limited to travel.

2,500 MR points = £10 credit
5,000 MR points = £20 credit
etc to max in the dropdown box:
50,000 MR points = £200 credit

Each value has a different code and quantities per code could be changed, so presumably multipliers aply. I haven't enough to redeem more so couldn't tell.

Given the poor value - 0.4p (or £0.004) per MR - I didn't bother.