Terrible deal.
Barclaycard Arrival Plus is offering $25 gift cards for 3,000 points (normally it is 5,000 points) to stores like Macy's, Lowe's, Best buy, Barnes & nobles, etc. not a bad deal, especially if you do not plan on redeeming these points for travel.
They don't expire.
Of course it's a bad deal - less than 1cpp. He can always to Pham to get 1cpp. But I was mainly referring to getting/using the card with this as a plan.
how do you figure less than 1cpp
How to basically redeem your points for cash, quoting DDMS: "Don’t travel? You are able to book a refundable travel itinerary to get your points converted to 2.2% cashback without actually needing to travel. After redeeming to cash out the points you can refund the itinerary and liquidate all of your points into cash."
correct, however I know many people uncomfortable booking such reservations...