Elizabeth, we can do the same but don't get a charitable donation receipt. So that's a great way to get rid of orphaned (too few to redeem for anything) points but I'd rather take a gift card and get some value from the points. If we redeem only for gift cards we'll get about $2000 for the points we have. If we could grab business class seats places, they'd be worth closer to $10,000 but that's assuming I wanted to spend $10,000 going to places where and when the seats were available. If I just fly to Nova Scotia (some place I'm likely to fly), they are worth just a little bit more than if I get a Costco gift card. To be honest, the gift card is probably better value.
I think we'll just grab gift cards, leaving enough points in the accounts for a couple of trips to NS. Then, if there's an emergency, we can get there without having to spend full price. Getting to California costs only a little bit more than going to NS so the points aren't worth any more traveling in that direction.
Nebraska was hilarious. It is better value (twice that of a Costco card) but takes over 9 hours of travel time and 2 stops, instead of 4.5 hours and 1 stop. But we were planning to drive that trip and I think driving over 2 long days sounds less stressful than a day of travel starting with a flight at 6 a.m. and arriving after dinner time. Plus, once we get there, we don't have to rent a car! So driving is less expensive. And we could get hotel and gas gift cards to off-set the cost.
Harmony: it is best you used up your points even on something small. I'm still upset that I have a $5 credit at the froyo place that closed down! Every penny counts. Don't let the big corporations cheat you out of them.