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Is it possible to use points to rent a car?
Yes.
Is it the best / most valuable use of your points?
No, not by a long shot.
Unfortunately, the points game doesn’t really have any sweet spots for car rentals.
You’ll have to accept middling to poor value for your points if you absolutely have to save cash.
If you’re flexible about the company you rent from, Autoslash is an excellent, free tool for tracking your car rental and alerting you when a cheaper deal is available.