This photo of Gangehi Island Resort is courtesy of TripAdvisor
Now that I showed you the best options to use points in the Maldives I also did a bit of research on what to do if you do not have points. Especially for my readers outside of the US where credit cards are just no real option.
I found Priceoftravel's research about cheap Over Water Bungalow options anywhere in the world. The place they recommend in the Maldives and which is very well rated on Tripadvisor (for all it's flaws I still think Tripadvisor has some uses) is the Gangehi Island Resort. Regular rooms start at $122 on agoda.com and Over Water Villas at $284.
That's very reasonable for a good resort in the Maldives. I haven't found information on food and transport costs but I'd bet it's also on the cheaper side for the Maldives.