Chase Ultimate Rewards has a promotion on several gift cards which are showing a 10% discount when you redeem your points through the portal. The most interesting option is Best Buy. You can redeem Ultimate Rewards points for $10, $25, $50 or $100 denominations and you receive a 10% discount. So a $100 Best Buy gift card for example will cost you 9,000 Ultimate Rewards points.
This is obviously not the best use of your points, since you can get much better value when redeeming for travel. But, it could be a good option to cash out points at just over 1 cent each, if you don’t plan to use them for travel or if you have just a few points left.