I routinely cash in points at Sams and Red Rock (usually 300,000 to 500,000 each every trip). Absolutely no effect on comps and they have nothing to do with status. Last trip the GM at Sams was talking to me and reminded me to cash in some of my points (I was pushing a million).
Cash in as often as you want. Unless you want to use the points to buy buffets etc - you'll normally get a discount with a players card paying with points, which can make them worth more effectively than their cash value. Otherwise, cash is king!
Especially at CET, where you get less for your points when cashing them in. Trouble is, for the last year all my meals at CET have been comped, so points just keep going up. Plan to use a few on the next visit taking out some California friends. At Stations I get 50% off the buffet when paying with points, which is a nice bonus.
