Don't know if this is still the case, but when points.com first appeared on the scene you could do your first transaction for free. However, the exchange rate isn't worth it. I used it to get an extra partner for the AA 20 partner promo (turned 5 AS points into 1 AA point), otherwise I wouldn't have gone near it.

jk

------------------
"Hang up my haishirt, put my scourge in place, and pray, Laurent, for Heaven's perpetual grace."

Moliere, "Tartuffe"