lewinr, I have answered this in the Chase card thread. In brief, they use the word earn in conjunction with purchasing points and I can't see any way that convert could be construed to mean purchase, however, I can't say for certain that I have ever used purchased points for PYB and I have more earned or converted points from ultimate rewards than I will use for my future PYB, so my opinion is just that, my opinion, and one that would cost me nothing if I am wrong