It is actually more than using Bing. You can get points for buying stuff in the Microsoft App Store, renting movies, etc... They say that you'll get 1 point for each 1$ spent. Using Bing, you be awarded 30 points per day, per search if you meet some prerequisites.
What's the catch? There seems to be none or at least it it the same as Google's reward program where you answer some questionnaires in exchange for credits on the Google Play Store.
With Microsoft, you can exchange points for credits on your Xbox Live account, Skype account or send them to the Special Olympics, Care, First, or other helping associations.
You can even enter some contests to win an Xbox One S or a Surface Pro.
For more info, log into your Microsoft account and see the rewards section: https://account.microsoft.com/rewards
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