The Globe and Mail reports in its Friday edition that using your rewards points to cut your statement balance can deliver a return that's five to 10 times higher than a cheaper flight or discounted hotel. Guest columnist Barry Choi writes that this isn't hypothetical. Programs such as RBC Avion, BMO Rewards, CIBC Aventura and National Bank À la carte Rewards, market travel as the star of the points show, but the financial redemptions are where the quiet, compounding value lives. Tangerine Rewards World Elite MasterCard and Scotiabank Passport Visa Infinite Card, both earn Scene+ points. With either card, 1,000 points gives you $10 off, for example, groceries or merchandise at Empire-owned stores (Sobeys, FreshCo, IGA, Foodland, Safeway) or against travel purchases charged to your card. That's a cost per point, or CPP, value of one cent. Now here's what would happen if you put your points toward a statement credit. Tangerine allows you to redeem 150 points for one dollar off your statement, while Scotiabank cardholders can redeem 3,000 points to get $20 off, or 14,500 points for $100. It knocks down your bill right away, but the value drops to 0.67-0.69 cents a point. That's basically a 30-per-cent downgrade.