MyPoints has been around for a long time. I've personally been a member for many years. I started during my big couponing days when I was looking for every way to save and earn money.
It's a pretty simple idea. You get paid in points for doing different things online. If you are a big online shopper, you can earn points pretty quickly by using MyPoints as a portal to your shopping site. You can get "paid" in points for how much you spend at different stores. Simply go to MyPoints, log in, and then click on the store you are looking to shop at. My Points keeps track and does the rest.
I, personally, do not do a whole lot of shopping online.
The majority of the points I get from MyPoints is through their daily emails. I can get 5 points for certain emails that I recieve and "read." Which means, I click on the Points button at the bottom of the email and visit the website. I get several emails a day from them, so it's simply a matter of clicking and visiting. I rarely sign up or shop through the email, but there are more points available if that interests you.
Doing it this way takes a lot longer to get points than if you're a big shopper, but it doesn't cost me anything to do it since I'm usually clicking through email several times a day anyway.
If you are into doing surveys, you can earn points even faster with the Survey emails that MyPoints sends out. I don't usually do these since the time isn't worth it to me, but if you enjoy doing surveys, it's a good way to help you get to your point totals faster.
I like to redeem the points for Gift Certificates at Walmart so I can use them for Christmas, groceries, or party supplies, but there are ALOT of other stores available if you'd rather use it somewhere else. I have always recieved my gift cards in a few weeks and have never had a problem redeeming them.