The only valuable redemption option is applying miles towards travel, since your miles are then valued at $0.01 per mile. But for the sake of completeness, we do mention the other redemption methods.

Since you earn 2 miles(points) for every dollar you spend, and since these can be applied in the form of statement credits against any travel expenses, it behaves as a so-called “restricted cash-back card” (also noted in the first sentence of the post). Meaning: as long as you do some travel here and there, this card will behave exactly like a 2% cash back card (after all, a statement credit is the same as cash!).

You were focusing on the gift card redemption table, and yes, you won’t get 2% value if you redeem for gift cards. Per the table in the post, the best you will do is about 0.83 cents per point (and since you earn 2 points per dollar of spend, that’s about 1.66 cents per dollar of spend, still not bad!).

Hope that makes sense, and thanks for taking the time for the thoughtful post!

PS As far as ShopDiscover, yes the Escape card also participates; most purchases earn 2 bonus miles per $ of spend, so in effect you would be earning 4 miles per $ of purchases made through ShopDiscover.

Example: You earn 1 mile per dollar spent. Then a $25 gift card/credit costs 2500 ‘miles’. A $100 partner gift card goes from 12,000 to 6,000 ‘miles’, or 6000 points for $100 (effectively $60 cashback = $100 gift card, a huge discount). But that’s still not 2% cashback (that’d be 5000 points for $100). And if you want to play that game, Discover More is more than 1% (or 0.25%) cashback when you save up enough, because $20 for $25 cards in $100 denoms cost $80 (it’s always the same discount, $20 = $25, $40 = $50, $80 = $100, this continues when it’s $45 = $50 and $90 = $100).

What surprises me is that, unlike Discover More, you go from 2000 ‘points’ for $25 to 3500 ‘points’ for $50, when it should be 4000 points. Amazing. But, are there ShopDiscover rewards?