I'm like DI ... never used those method to redeem my pts. I like the Gift Card too 
But, It may not be bad idea to redeem the pts to check or credit.
Example;
1. You get a gift card for $50 at Restaurant ... total due at restaurant was $60,
you use $50 gift card and $10 charge on your Freedom.
You will earn the pts on $10 charge.
2. You get a check of $50 and cashed it out ... total due at restaurant was $60
you charge $60 on your Freedom
you will earn the pts on $60 charge
Pay Yourself Back
1. Enter a purchase: Log in within 60 days of your purchase and enter the date and amount below.
2. See points needed: Calculate points total to pay yourself back.
3. Receive a credit: We will credit your account.
Rewards Name: Pay Yourself Back
Item Number: PP0003
Description:
The minimum amount that can be redeemed is $20 or 2000 points. Credits may take up to 2-3 business days to process and post to your account. Credit will appear on your monthly Chase statement within 1-2 statement cycles. Credits cannot be cancelled or returned once you place your order. Reward credits are not applied towards your minimum payment due to your billing statement.
The Cash Back is like a gift card, receive it in the mail.
The Pay Myself Back is sort of refund but you kept the product/service. This one is quicker than Cash Back. Just on the statement wise, it takes longer.
I think I will going to redeem my pts with Cash Back or Pay Myself Back from now on!! OP, thanks for this post! 
