Well, they're currently offering $0.01 per point now for Apple products via the UR Portal, which is equivalent to the cash back option. I just wanted the ease of ordering directly with the points.

However, because of Chase's horrible portal and mind-numbingly awful customer service, I gave up on that option. I ended up shopping at Apple directly via the Shop Through Chase 2x points bonus, and then took the cash back for my existing points balance. I suppose I should have done that in the first place.