The rewards site offers a variety of gift cards and merchandise for 10-30% discounts, with the points translating dollar for dollar to the discount amount. Buying dozens of $50 gift cards for $40 each and reselling them seems not worth my time. Are there any options for bulk resale?
The only points-only items are available through auctions, and the auctions seem calculated to be as annoying as possible. Your only option is a fixed-increment bid increase, so the winning strategy seems to be to wait until the last minute and click like crazy. (Oh, and the conversion rate is generally 10x worse.)
Long-term solution: switch to a new credit card with a decent rewards program.