You need to shop around and compare for your specific fares and stays. The best value going to depend on those specifics and you can't just assume that one will always be the best deal. Don't overlook transferring to UR partners.
Originally Posted by
salilsurendran
Or is there a way to find flights + hotels via kayak.com and then apply my points to the purchase giving me a discount?
No, points can be used in the travel portal and transferred to partners. 3rd party sites are entirely separate.