Chase Rewards offers a different way to use your reward points. You are able to bid on items. From Chase Rewards website:
How It Works
There are two types of rewards:
For auctions, you can bid on rewards using your points. If you are the top bidder when the auction expires, you win.
For everything else, you can redeem now using your points or your Chase card with Ultimate Rewards.
Any Chase Card Holder who is not in default is eligible to bid on items up for auction.
Also from the Chase website, here is information on how you bid on items:
Before you bid, please:
Review the Experience details and its terms and conditions.
Ensure you have enough points.
Check that your Profile has your current e-mail address â€” for important auction notifications.
Click “Bid Now” on the Auction Detail page.
Enter your maximum bid amount and the quantity of items.
Double-check your bid, because you cannot cancel a bid.
Click “Confirm Bid.”
Once you have bid on an item, transaction cannot be canceled. With that being said, if you do not win the bid, your points will remain with you.
Here are four of some of the great auctions they offer: