In one sense, certainly not, for example I have 2931 points, in theory that's £14.65 value. As this story explains, if you knew the 11 digit account code for t

In one sense, certainly not, for example I have 2931 points, in theory that's £14.65 value. As this story explains, if you knew the 11 digit account code for those 2931 points you can just rock up to a Sainsburys store with the appropriate code on like a piece of paper, scan it with the reader, and it'll conclude you're me (that's my code after all, that's what I do when I shop with them although my code is printed on a little plastic card they gave me) and therefore you can "spend" my points, typically in lump sums of £5, so you could buy £12 of booze, take 2x £5 = £10 off the price and spend £2 on booze that costs £12. You can't turn it directly into cash, but obviously goods like booze, electronics, jewellery which are all potentially available are very easy to turn back into cash at a discount.