C/p from the information that was on the site when I signed up:

Gymboree Rewards member benefits:

• • $5 rewards certificate for every 250 points earned
  • Special members-only bonus point events
  • Exclusive access to special savings and promotions
  • Free class pass plus $20 off enrollment at Gymboree Play & Music (for new members only)

If you sign up now, you get 100 extra points! Not as great as gymbucks, but since you get it and can still earn Gymbucks, it's something! And you can use and get your rewards at the outlets, too!