Points earned with your PayPal/eBay credit card are not the most valuable out there. You earn 3x at Gas Stations and Restaurants and 2x at eBay and Paypal, but redemption is less than a cent a point. At normal rates, the best possible redemption is 6,000 points for a $50 gift card or cash back.
Right now, there’s an offer that will let you redeem at 1 cent per point on all gift cards. Their selection includes lots of merchants, like Amazon, eBay, Walmart etc, so everyone should be able to find something worthwhile to cash out their points. The offer is valid through October 31, 2017.
You should usually wait for these promotions to redeem your Reward Points to get the most value. We see this type of promotion every 6 months or so, and occasionally there’s increased rates on select gift cards, but never better than this.