This week, Sears and Kmart are offering 100% back in Shop Your Way Rewards points for many items. Points do not roll (that means that you can’t pay with points and get points back), but you can roll gift card credit into points. For details of why you might want to do this (even if you’re not interested in these items), see: Roll gift cards into points for triple rewards.
To find the 100% back in points items, go to Sears.com or Kmart.com, log into your Shop Your Way Rewards account, then (at Sears) select “Deals… Member Exclusives”. At Kmart.com, click “Deals & Coupons” and then “Weekly Member Deals”.
Unfortunately, many of the items listed here are not available for shipping, and your local Sears or Kmart store may not have them in stock. If you hunt around these items enough, though, you may find a few available for shipping.
The best current portal option for Sears is uPromise at 10%. uPromise advertises itself as a way to save for college, but you can request cash back as a check once it becomes payable. uPromise also has the best current Kmart payout at 7%.
The uPromise portal terms state that gift card redemption doesn’t qualify, but in my experience those terms are not enforced (your experience may differ).
For additional ideas, please see: Sears Quintuple Dip Results, and why I should have bet more on Discover.