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ipoints Week in the Sun - what's the catch?

It's 12,000 ipoints for a Week in the Sun, which comprises an apartment in Spain or Tenerife.

Have checked them out and they look OK for a cheap getaway, OK they're not in the main tourist areas but they look clean and tidy and you can rent a car and explore. No flights, service etc is included, it's all self catered etc.

Now my question is why is it so cheap - it's cheaper than a two man tent on ipoints, and cheaper than a DVD player!! Is it a timeshare scam??
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