This question comes from this line in game guide "Each time your wolf earns 25 play points they can redeem them for Character Points"

In this image my play point count is 27 (haven't redeemed yet),

If I redeem right now(27 play points), what will be the next amount of points I have to reach to be able to redeem again?

Is it 50 (assuming that redeeming play points are unlocked at 25,50,75,100,etc play points) ?

Is it 52 (assuming I have to earn 25 more points after the first redeem which was done at 27 points, to be able to do a second redeem)?

Is it something else?

Character points are redeemed every 25 play point

So if you have 27 play points and redeem 25, you will have 2 play points. And when you earn another 23 play points, you will be able to redeem another 25 character points

Your questions do confuse me a little, and since I don't personally use the play feature often I don't want to mention anything I could be wrong about -

But you can only redeem character points (25) when you've achieved 25 play points.

If you have over 25 play points, say 80, you'd be able to redeem character points three times (75), and would have 5 play points leftover. These would go towards your next redeem, so you'd only need another 20 play points.

Your play level won't decrease when you redeem your play points.

If you redeem the first play at say 27 instead of 25, you get 27 CP and then when you get 50 you'll get 23 CP instead of 25.

Got it. Thanks for the clarification!