How Much Are Chase Ultimate Rewards Points Worth?

Updated: April 22, 2024

Updated: April 22, 2024

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The Chase Ultimate Rewards program allows you to redeem your points in different ways, including transferring them to various airline and hotel loyalty programs. A Chase Ultimate Rewards point’s value varies between 1 to 1.5 cents in most cases. However, the card you use affects your points’ worth, as does your redemption method.

For example, if you have the Chase Sapphire Reserve Card and use your points through the Chase travel platform, you get a value of 1.5 cents per point. This value changes to 1.25 cents per point with the Chase Sapphire Preferred Card.

When redeemed for cash back, the value of Chase Ultimate Rewards points remains the same across all cards. However, this differs if you use the Pay Yourself Back alternative launched in 2020, which offers a value of 1.25 cents to 1.5 cents per point.

If you’re wondering how to use Chase Ultimate Rewards points to get the best value, this is usually possible by transferring your points to an airline frequent flyer program.

MoneyGeek’s Takeaways

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The value of one Chase Ultimate Rewards point typically varies from 1 to 1.5 cents.

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You get 1 cent per Ultimate Rewards point when redeemed for cash back.

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You typically stand to get the best value by transferring your points to a travel partner.

Worth of Chase Ultimate Rewards Points

How much Chase Ultimate Rewards points are worth depends on two primary factors. These include which card or cards you have and how you choose to redeem your points. For example, Chase Sapphire Reserve cardholders may expect better value than others when redeeming their points through the Chase Ultimate Rewards portal. You can expect to get the best deal when transferring your points to select travel partners.

Chase Points Value Across Different Redemption Methods
Redemption Options
Value per Point

Overall

1 cent to 1.5 cents per point

Cash Back

1 cent per point

Gift Cards

1 cent per point (unless on sale)

Statement Credit

1 cent per point

Travel

1.5 cents per point with the Sapphire Reserve Card, 1.25 cents per point with the Sapphire Preferred Card and the Ink Business Preferred Card, 1 cent per point with all other cards

Transfer Partners

1 cent to 2 cents per point

Shopping

0.8 cents to 1 cent per point (unless through promotional offers)

Credit Cards Earning Chase Ultimate Rewards

The value of Chase Ultimate Rewards points is on par with what you may expect for your points or miles through other credit card rewards programs. The fact that you may transfer your points from one Chase card to another allows you to maximize the value of your points.

For example, the Sapphire Reserve Card gives you a value of 1.5 cents per point when redeemed for travel through Chase's portal. By transferring points or cash back from another Chase card that provides a lower value to this card, you get to increase the points value you receive.

To maximize your reward-earning potential, you may consider getting the Chase trifecta. You can make the most of your spending through different bonus categories.

Remember that a Chase Ultimate Rewards point's value varies based on the redemption method, as with most other credit card reward programs.

Chase Points Value vs. Other Cards
Credit Card Issuer
Average Value

Chase

1 cent to 1.5 cents per point

American Express

0.5 cents to 2 cents per point

Capital One

0.5 cents to 1 cent per mile

Citi

0.5 cents to 1 cent per point

Bank of America

0.6 cents to 1 cent per point

Discover

1 cent per mile

Wells Fargo

1 cent per point

Chase Points Value for Cash Back

No matter which Chase Ultimate Rewards credit card you have, when you redeem your points for cash back, you get a value of 1 cent per point. This value is better than what you can expect through American Express or Capital One.

Chase Points Value vs. Other Cards: Cash Back
Credit Card Issuer
Cash Back Value

Chase

1 cent per point

American Express

0.6 cents per point

Bank of America

0.6 cents to 1 cent per point

Capital One

0.5 cents per mile

Citi

0.5 cents to 1 cent per point (depending on the card you have)

Discover

1 cent per mile

Wells Fargo

1 cent per point

You can log in to the Chase Ultimate Rewards platform to redeem your points for cash back. To do this, select Cash Back from the redemption options. You may receive your cash back as a statement credit or a direct deposit into an eligible checking or savings account.

Remember that a statement credit would not count as a payment, and you still need to make at least your minimum monthly payment.

Chase Points Worth for Gift Cards

If you redeem your points for gift cards, you can expect to get a value of 1 cent per point. However, Chase offers gift cards at discounted prices from time to time, giving you the ability to get a better deal for your points.

Chase vs. Other Card Issuers: Gift Cards
Credit Card Issuer
Average Value

Chase

1 cent per point (unless on sale)

American Express

0.5 cents to 1 cent per point

Capital One

0.5 cents to 1 cent per mile

Citi

1 cent per point unless on sale

Bank of America

0.6 cents to 1 cent per point (depending on the card you have)

Discover

Cannot redeem miles for gift cards

Wells Fargo

1 cent per point

When redeeming Chase Ultimate Rewards points for gift cards, you can start by logging in to the Ultimate Rewards portal. Then, select Gift Cards and choose the ones you want.

Chase Points Worth for Travel

If you wish to use your points to make travel bookings through the Ultimate Rewards portal, the value you get depends on the card you have. For instance, the Chase Sapphire Reserve Card gives you a value of 1.5 cents per point when redeemed for travel.

On the other hand, the Chase Sapphire Preferred Card offers a value of 1.25 cents per point. It changes to 1 cent per point with the Chase Freedom Unlimited Card.

One of the Chase Ultimate Rewards benefits is that you may transfer your points from one Chase card to another to get better value. For example, you could transfer the points you earn through your Chase Freedom Unlimited Card to your Chase Sapphire Reserve Card to get better value for the former's points when redeemed for travel through the Ultimate Rewards portal.

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WANT MORE FROM YOUR TRAVELS?

Want to get the best rewards on your airline, hotel, and other travel purchases? We analyzed the Best Airline Credit Cards and the Best Travel Credit Cards to help you find cards that focus on travel rewards and perks.

Chase Points Value vs. Other Cards: Travel
Credit Card Issuer
Average Value

Chase

1 cent to 1.5 cents per point (depending on the card you have)

American Express

0.5 cents to 1 cent per point

Capital One

1 cent per mile

Citi

1 cent per point

Bank of America

1 cent per point

Discover

1 cent per mile

Wells Fargo

1 cent to 1.5 cents per point

You can log in to the Ultimate Rewards portal to use Chase Ultimate Rewards points for travel. Choose Travel from the redemption methods on offer. You may then use your points to pay for flight tickets, hotel stays, car rentals, cruises, vacation rentals or experiences.

Chase Points Worth for Transfer Partners

While no official Chase Ultimate Rewards redemption chart highlights the value you receive for your points, all transfers occur at a 1:1 ratio. However, just how much Chase Ultimate Rewards points are worth when transferring to an airline or hotel loyalty program depends on the transfer partner you select and a few other factors.

For example, you may expect better value when you transfer your points to Air Canada Aeroplan than Emirates Skywards or Virgin Atlantic Flying Club. In addition, you can expect to receive better value when you use your transferred points to book flight tickets across particular routes.

You sometimes get better value when you use your points to book a business class ticket instead of an economy class ticket. That is the case if you transfer your points to the British Airways Executive Club or the Virgin Atlantic Flying Club and use your points to fly business class from New York to London. In both these examples, you can expect a value that’s upwards of 3 cents per point.

Chase Points Value vs. Other Cards: Transfer Partners
Credit Card Issuer
Average Value

Chase

1 cent to 2 cents per point

American Express

1 cent to 2 cents per point

Capital One

1 cent to 2 cents per mile

Citi

1 cent to 2 cents per point

Bank of America

Does not have transfer partners

Discover

Does not have transfer partners

Wells Fargo

1 cent to 2 cents per point (only for the Bilt Mastercard)

Transferring your points to Chase Ultimate Rewards transfer partners requires that you log in to the Ultimate Rewards portal. Then, select the Transfer to Travel Partner option and check out your available choices.

Chase Points Worth for Shopping

If you plan to redeem your Ultimate Rewards points to pay for purchases, the value you receive depends on the partner merchant you use. For example, if you use your points to shop at Amazon.com, you'll receive 0.8 cents per point, less than what you get by redeeming them for cash back or gift cards. On the other hand, if you buy Apple products through the Chase platform, you get a value of 1 cent per point.

Chase Points Value vs. Other Cards: Shopping
Credit Card Issuer
Average Value

Chase

0.8 cents to 1 cent per point

American Express

0.5 cents to 1 cent per point

Bank of America

0.6 cents to 1 cent per point for gift cards

Capital One

0.8 cents to 1 cent per mile

Citi

0.8 cents per point

Discover

1 cent per mile

Wells Fargo

1 cent per point

To use your points with Amazon.com, you can link your eligible Chase card to your Amazon account. During checkout, use the Chase Ultimate Rewards option as the payment method. If you wish to use your points to purchase Apple products, log in to the Ultimate Rewards portal and select Apple as the redemption method.

The Best Cards To Earn Chase Ultimate Rewards

If you’re looking to earn Chase Ultimate Rewards points, here are our picks of the best Chase cards for various use cases. Cash back cards from Chase also earn Chase Ultimate Rewards points, which can be redeemed for 1 cent per point.

How to Earn More Points From Chase

Chase commonly offers bonus points to new cardholders if they meet their new card's spend-based requirement. Some cards that let you earn extra points or cash back through welcome offers include the Sapphire Preferred, Sapphire Reserve, Freedom Unlimited and Freedom Flex.

You also earn bonus points if you refer qualified people for new cards. If you have the Sapphire Preferred credit card, you get 15,000 bonus points for each successful referral, up to a maximum of 75,000 points each year. With the Sapphire Reserve credit card, you get 10,000 points per successful referral, up to a maximum of 50,000 points each year. The Freedom Unlimited and Freedom Flex credit cards also come with this benefit.

Remember that not all Chase rewards cards link to the Ultimate Rewards program. However, they may still offer good value based on what you're after. For example, the Marriott Bonvoy Bold credit card might work well for you if you wish to earn Marriott Bonvoy points without paying an annual fee. On the other hand, the Marriott Bonvoy Bountiful credit card, with its $250 yearly fee, is ideal for people who stay at Marriott properties frequently and are looking for premium benefits.

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EXPERT TIP:

Chase Ultimate Rewards are some of the best rewards available in the credit card space, as Chase has valuable transfer partners, including United Airlines, Singapore Airlines, Marriott Bonvoy and Hilton Honors. However, before you apply for a Chase card, be sure to check your 5/24 score to see if you’re eligible for the issuer’s products.
Brett Holzhauer, contributing expert for MoneyGeek

Earn Points Through Chase Partner Merchants

Using the Shop Through Chase portal and making purchases with the program's partner merchants allows you to earn points faster. You may earn 1X, 2X, 3X or 5X points per dollar, depending on the merchant you select. Sometimes, you may earn up to a whopping 25X points per dollar. For others, you may earn a fixed number of points per purchase.

About Chase Ultimate Rewards

Chase runs the Ultimate Rewards program for several consumer and business credit cards. Depending on your card, you may earn bonus points through category-based spending. How much Chase Ultimate Rewards points are worth depends on your card and the redemption method.

One distinguishing feature of the Chase membership program is that it lets you transfer points from one card to another. This flexibility allows you to maximize the value you receive through different cards. However, being unable to purchase points to cover the cost of a seemingly great reward might be a drawback in some instances.

Compared to rewards programs run by other popular card issuers such as American Express, Capital One and Citi, the Ultimate Rewards program manages to hold its ground.

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HOW WE DETERMINED THE VALUE OF CHASE ULTIMATE REWARDS POINTS

MoneyGeek experts have closely examined how the value of Chase Ultimate Rewards points changes based on different redemption methods. They have also carried out in-depth market research to determine the worth of your points, including when transferring points to various travel partners.

FAQ About the Value of Chase Ultimate Rewards Points

We’ve answered commonly asked questions about the value of Chase Ultimate Rewards points to help you determine which redemption method might work best for you.

Can I use my Chase points for someone else?
Can I use my Chase points to buy something else?
Can I convert my Chase Ultimate Rewards points to cash?
Are there any additional fees when transferring points to transfer partners?
When do my Chase Ultimate Rewards points expire?
Can I transfer my Chase Ultimate Rewards points?

About Rajiv Baniwal


Rajiv Baniwal headshot

Rajiv Baniwal is a former finance writer at MoneyGeek, with more than 15 years of experience covering financial topics. His expertise includes mortgages, loans, credit cards, insurance and international money transfers.

Baniwal has a bachelor’s degree in art studies from Delhi University.


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