Honestly, even NK is far better than this in terms of redemptions. Mileage is earned based on miles flown, not fare paid - standard earning is 50% of miles flown. My recent one-way from DEN cost $31.21 when purchased at the airport, and earned 680 miles. If you can get half a penny per point of value (which seems doable - a 10,000 - 12,500 point redemption during non-peak times could probably equal a $75-$100 fare after taxes/fees, and you'd be looking at about $21 in fees for the redemption booking in most cases) that still earns you $3.40 in value. In comparison, that same flight on SY would only earn 62 points, or 62 cents of value.

Granted, NK's earnings depend on what price you get for a ticket versus miles flown, but it at least has the possibility of being a halfway decent earning option. SY, on the other hand, has no hope of getting any more than 2% of the value for your ticket out of it (without the credit card, anyways.)