A friend asked me to post this question, I could not find any reference to this, maybe someone can help. Not even sure if I am in the right place to post. I asked her to get more info from friend in the meantime.

ETA: Royal bank of Canada

Canadian friend has a Visa card with Visa card travel services.
First she calls Visa card travel services to open a travel file.
Then she books her flight as she wishes (ie business class) and then pays for it using Visa.
Next she faxes the invoice to Visa card travel services who reimburse her for the money spent on the ticket based on a points for dollar conversion.
There is a maximum number of points you can convert per airfare.
In her case the maximum equaled the difference between economy fare and business class fare.

So do we have this in the US?