I think you are talking about two different rewards programs. There is one Verizon rewards that gives you points for signing up for ebills or renting on-demand movies, and that one I've used for Panera and other gift cards, which is fine. Then there is the other one, that I noticed I had like 500,000 points in, that's a crock of crap and the points are good for small discounts on things I'd never buy-- and I believe that by being enrolled in that one you're letting them add you to a mailing list.
Leave it to Verizon... what a horrible, non-customer friendly company.