Depending on how you define a nearby trip. Southeast asia or Asia? Or even to Oz or NZ?
For e.g. Thailand, you will need 21,250 KFM (after less 15% for online redemption for 2-way).
Based on your conversion of 14,400 PM/KFM versus $320 rebate yearly,
1 PM/KFM = 2.2222cents
So for 21,250 miles, it equates to $472.
21,250 miles is excluding misc tax.
It depends very much on individual.
For, me, i will try to secure a budget tic on offer to Thailand which will cost me less $100 and spend the balace from the $472 accomodation and dinning, sightseeing and shopping.
Yes, no doubt it is budget but i can see throught the 2hrs+ in view of the $300~400 saving.