Only Bonus points (not regular points), limited to the $$ owed.
5,000 bonus points = $500 in fees.
IMHO, a better use would be for HGVC or RCI reservations.
What's better... $500 in fees or a week in a 2BR TS?
Not sure, but you may be able to use BP's to book an RCI
stay after they expire, like you can with regular points.