I used my points for the $1000 gift check earlier this year. Basically, you get 20 - $50 gift checks, so you don't need to use the full $1000 in one shot. Also, as has been pointed out in other threads, you earn points back on the charges you pay for using the gift checks since they are processed as cash, making the net outlay of points less than 135,000 depending (how much depends on taxes and other fees that do not earn points).