There is a difference between having 4,200 points and knowing that 4,200 points is a free delivery and something off your next order.
The first is a number on an account page. The second is a reason to place an order this week.
What it does
A page listing what is available, with the points cost against each. Customers can see what they can afford now and what is within reach, which turns an abstract balance into a set of choices.
Drop it on a page with a shortcode. Most shops call the page Rewards and link it from the account area and the footer.
Controlling what is in it
Include and exclude lists, by product or by category.
This matters because "spend points on anything" is rarely what a shop means. The high-margin range, yes. The new season stock at full price, no. Gift cards, definitely not, since points for gift cards is a loop that converts your loyalty liability directly into currency.
Setting the boundaries once means you can be generous inside them without watching every redemption.
On the product page
The same idea, inline. A customer looking at a specific product can see whether their points cover it and redeem there.
This is often where redemption actually happens. The customer is already looking at the thing, already deciding, and the points are the nudge. Sending them to a separate rewards page to come back is a step where people drop out.
There is also a rewards tab on the product page for shops that want it presented alongside the description and reviews rather than in the buy area.
Why a catalogue rather than just a discount
A discount is money off. A catalogue is a choice, and choosing is more engaging than saving.
It also lets you steer. What appears in the catalogue is what customers will aim for, and what they aim for is what they keep coming back to earn. That is a lever on which products your regulars build a habit around, and it costs you nothing but the decision about what to list.