Originally Posted by
Plumuser
....Essentially 50% off any flight with any carrier.....
Pay-with-Points assigns an arbitrary fixed value of $0.01/point. A 50% rebate is only a 50% discount if you accept that $0.01/point is a fair value, but points are worth more than that if transferred to a frequent flyer program. All of the card issuers play this game because it's easy to think that a point = penny, but points are worth what they can buy, not what the issuer assigns.