Priority Club’s new cash and points option allows you to, in effect, purchase points when making an award booking at a discounted three-fifths of a cent per point.
Normally point purchases cost 1.15 to 1.35 cents apiece.
Cash and points award nights are cancellable, and when you do cancel you get your full points refunded to your account (provide you cancel by the cancellation deadline). You don’t get your points and cash refunded. As a result, the cash and points award option is a backdoor way to discounted points purchase even when you aren’t looking to book an award night.
Why might you want to do this? Well, one reason would be Priority Club offers “PointBreaks” awards, room nights at select hotels for only 5000 points. Using the cash and points backdoor for points purchases, you can acquire 5000 points for $30.