We all know that Bing points can be converted into Microsoft Points, which can then be used to purchase Xbox 360 and GFWL games. Microsoft points however cannot be used to purchase apps and games on Windows Phone marketplace.
This is a new Bing offer that allows you to redeem 170 Bing rewards points (160 if you are a Bing rewards gold member) for $1.25 credit on Windows Phone 8 marketplace, or 525 points (515 if you are gold) for $5 credit. One per account and cannot be reloaded.
I know that's not much but since I've accumulated a lot of Bing points for free just by using Bing, it is better than nothing.
After you redeem it you will get an email with a code for Microsoft Gift card. Use Windows Phone 8's Wallet application to apply the gift card to your account.
EDIT: It seems that one can only redeem one such offer per account. After I redeemed my initial $1.25, I placed 2 more orders to redeem more Bing points for $1.25 and $5. Now my 2 new orders got stuck in In Progress state.
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