Starwood Preferred Guest members can buy or gift points at a 20 percent discount through June 30, 2011. With the discount, 500 Starpoints are $14 instead of $17.50. Members can purchase up to 20,000 points per year.

Bottom line: While purchasing miles or points from a program generally isn’t advised, buying points from SPG may make financial sense. Purchase 1,000 points for $28, and you can redeem those 1,000 points for a 50 percent discount off regular rack rates. A free weekend night at a category 1 hotel is only 2,000 points, which will cost you $56. And Cash & Points start out at 1,200 points plus $25 for a stay at a category 1 hotel. Do the math to see whether buying points will be cheaper than paying for a hotel stay.