Note that this is for the Canadian version of the program. Other countries have different rewards and prizes, but I believe they are pretty similar overall.
Microsoft Rewards is a reward system from Microsoft, that rewards users for using Bing. It gives users points for every Bing search. Microsoft presumably started this program to increase Bing users. It was actually Xbox Rewards originally, until Microsoft started pushing Bing more. Then it became Bing Rewards, and then Microsoft renamed it again, to Microsoft rewards.
There are multiple ways for you to redeem your points. As I write this, I have multiple options to buy gift cards for various stores, such as a gas station, and a movie theater. All of these gift cards cost 10140 points. For the purposes of this articles, let’s assume that these gift cards are the same value as their cash equivalent - 10 dollars. This is mostly true, because you can sell gift cards, and because most people would probably be buying things from these places anyways. 10 dollars divided into 10140 points is about 0.0986 cents. So, one Microsoft Rewards point is worth about 10% of a cent. For charity donations, the cost is 0.1 cents per point.
The program offers a few way to earn points. The first, and easiest way, is to complete quizzes, shown on the Microsoft Rewards dashboard. These are quite easy to complete, but don’t give too many points - none give more than 50. However, the only consistent way to earn points is by searching on Bing. For every search, you get 3 points. However, you can only obtain a maximum of 30 points, or about 3 cents, per day, this way. However, this is if you are at level 1. Once you obtain 500 points in a month, then you get upgraded to level 2. This increase the maximum number of points obtainable through searching to 90 points a day on desktop, and 60 points a day on the Bing mobile app. This comes to a combined total of 150 points, or 15 cents per day via this method.
Because all but one gift card don’t have options for below $10, you need 10140 points to actually get anything with Microsoft Rewards. The one exception is Starbucks, which has a $5 gift card, for exactly half the price of all of the other $10 gift cards, at 5070 points.