250 Points: Red Lobster $5 e-gift card (must print) at My Coke Rewards
From now until 5/31, you can redeem 250 MCR points for a $5 e-gift certificate to Red Lobster (limit 1 redemption per day). The recommendation is to have access to a printer to print your certificate right away. In lieu of that, you will be able to look in your rewards and retrieve it there. It does not state any expiration date.
Other gift cards that might interest you: 1,750 MCR points for a $25 Old Navy e-gift card, 1,425 MCR points for a $20 B&N e-gift card, and 1,425 MCR points for a $20 e-gift card to Petco