So these bank miles/points are not associated with any airlines. You earn points with the bank. When you get enough points for a ticket, you call the bank or thier travel agent to book the ticket. Though you use your bank points, they buy a ticket with their money. That's why there is no blackout dates, seat capacity, etc. Usually there is a max amount the ticket can cost though.

So from the airline's standpoint, the ticket is a purchased fare so there you get all that is including with a purchased tickets including freqent flier points, elite qualifing miles, elite benefits and anything else you are entitled to.

These schemes can be nice if you stick with them. My mom uses her Merrill Lynch Visa Signature and their point scheme. A few years ago, I used up her points for a $2000 off a $2200 ticket with stopovers on each point of MSP-LAX-NRT-HKG-TPE-HNL-SFO-MSP, all on NW except for the HKG-TPE segment. A wonderful 3 month summer trip and at the end of it all had basically a domestic free ticket from all the miles....

Ask about the details of the offer before you begin. Remember that they can continue to change and devalue the points too as the program changes. She stopped doing the program because each year they lowered the max limits of the possible airfare and stop allowing you to pay out the excess fare difference...