It’s a basic premise of savvy loyalty-program participation that the best return-on-investment is to be had by redeeming points for the program host’s own services. Airline miles are best redeemed for flights, and hotel points are best redeemed for free room nights. Sure, all major programs offer alternative award opportunities—consumer electronics, clothing, event tickets, and on and on—but when you do the math, it inevitably turns out that such options offer very poor value.