For every 3,500 points redeemed you get a $ 50 + VIP Access hotel coupon. (valuepenguin.com)
For example, using your Expedia + rewards points in exchange for regular hotel coupons drops that rewards rate down to 2.8 % - which admittedly is still decent when compared to other travel cards. (valuepenguin.com)
When we first started working with TMG, we had only used them for listing discount hotel coupons in their catalog. (travelmediagroup.com)