I should show my math for correction, since it's actually better than $435 spend. I calculated it based on buying a $400 gift card to redeem on the 20X days.

10 points / $1 spend on gift card purchase amount
10 points / $1 spend using gift card for purchase

95,000 points = $170 standard redemption

Example
$400 gift card = 4,000 points
$400 spend using gift card = 4,000

95,000 - 8,000 = 87,000 points
$435 spend on 20x the 10 points / $1 days = 87,000 points

So... It's actually a lower spend but I don't want to redo the math for the extra $35 difference.

Feel free to correct me. I should have double checked my math before hitting the libations and posting this!