Statement credits will reduce your balance but you are still required to make at least your minimum payment.
Let me explain how that works. If you had a statement balance of $100 and a minimum payment due of $25, and you redeemed your rewards balance of $100 to pay your statement balance in full, you'd still need to make the minimum payment of $25. Why, I have no idea, but I just double-checked with Chase and that's what they say.
Strange rule, to say the least. I can see a lot of people missing their payments because of this rule.