I've got about 320,000 Altitude points but don't want to "spend" them on something just because I can. I could buy a washer/dryer when I looked the other day but I don't need one, and I would want to choose the brand I want, and not just pick the one on offer through the reward system.
I spoke to a man the other day with the same card as mine and he said that what he does is shop around for the best price he can get on what he might need. Let's say he needs a washer/dryer. He rings around and gets the best price. He then calls Harvey Norman, David Jones or Myer to see if they will beat that price, or match it.
Whichever of the stores that offer vouchers through the rewards scheme will give him the best price is the store that he buys from, but he buys the gift cards and uses them to make the purchase. It means a few days waiting for the voucher to come but that is probably a better way to buy the washer/dryer than using the points to buy it.
I might find out how much the washer/dryer is and see how his method works. I reckon it would be "cheaper" than cashing in the points but haven't looked at the figures yet.
I've done this comparison with some of the rewards I've cashed in, but not for a big ticket item like a washer/dryer.
I've never used it on flights (don't fly much anyway) and don't understand the way it works. Maybe I need to check this out.