How Much Are Chase Ultimate Rewards Points Worth?

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 from 1 cent to 1.5 cents in most cases. However, the card you have 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. The 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 is not the case with the Pay Yourself Back alternative it 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.

• How Much Are Chase Ultimate Rewards Points Worth?
• Chase Ultimate Rewards Points vs. Other Credit Cards
• How to Earn and Maximize Points From Chase
• About Chase Ultimate Rewards
• Other Questions About Chase Ultimate Rewards Points

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How much Chase Ultimate Rewards points are worth depends on two basic 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. When transferring your points to select travel partners, you may expect the best value.

Chase Sapphire Reserve® Card

An outstanding travel card with flexible redemption points

We recommend the Chase Sapphire Reserve® Card to travelers who are willing to pay a high annual fee to earn rewards faster and enjoy premium benefits. While this card charges a $550 annual fee, it offers up to $300 in statement credits as reimbursement for travel purchases each year. It also comes with a sizable spend-based welcome bonus.

Once you spend $300 in a year on travel purchases, you earn 10X points on hotels and car rentals and 5X points on flights for purchases made through Chase Ultimate Rewards. Other travel purchases earn 3X points. Dining purchases made through Ultimate Rewards earn 10X points. Other dining purchases at restaurants (including eligible delivery services, takeout and dining out) come with 3X points. All other purchases let you earn 1X points.

You stand to get 50% more redemption value when you redeem your points through Chase Ultimate Rewards. This is also the case if you redeem them through the Pay Yourself Back alternative.

International travelers stand to benefit by paying no foreign transaction fees. You also get Global Entry/TSA PreCheck/NEXUS fee credit and access to VIP airport lounges through one-time enrollment in Priority Pass Select.

Additional benefits include purchase protection, return protection, extended warranty protection, trip cancellation/interruption insurance, auto rental collision damage waiver, lost luggage reimbursement, trip delay reimbursement and emergency evacuation and transportation.

Chase Sapphire Preferred® Card

A very good rewards card with no foreign transaction fees and comprehensive travel cover

We're stoked about the Chase Sapphire Preferred® Card because it comes with a healthy welcome bonus offer of 60,000 bonus points, provided you spend $4,000 on purchases in the first three months.

You may earn up to 5X points per dollar through its bonus categories. If you redeem your points via Chase Ultimate Rewards, you get 25% more value for money. You may also redeem your points in the form of cash, gift cards and travel, as well as to pay for purchases.

Using this card when overseas is perfect because it comes with no international transaction fees. Extensive travel coverage provides just the protection you need when traveling.

Ink Business Preferred® Credit Card

A great card to maximize earning unlimited rewards

The Ink Business Preferred Credit Card caught our particular attention not only because of its introductory bonus points offer — you stand to earn a sizable welcome offer if you meet certain spend-based requirements — but also because of its 3X points per $1 rate across multiple categories.

What's more, you may redeem your rewards in different ways, including for cash back, travel and gift cards. When you redeem your points for travel through the Chase Ultimate Rewards program, they become worth 25% more.

Employee cards come with no additional annual fees, and these can help add to your rewards. Plus, you don’t have to worry about overseas transaction fees when your employees travel internationally.

Cardholders may also benefit through purchase and travel coverage benefits.

Chase Freedom Unlimited®

An excellent no-annual-fee card that lets you earn unlimited cash back

We're in love with the Chase Freedom Unlimited® because it comes with no annual fee and gives you the ability to earn unlimited rewards. In the first three months of account opening, you can earn a $200 bonus after you spend $500 on purchases. Additionally, spending a minimum of $12,000 on groceries in the first year (except at Walmart and Target) can earn you an easy $600 cash back. Another plus is that the cash back rewards you earn don't expire for the life of the card.

An introductory 0% APR on purchases for the first 15 months enables you to make big-ticket purchases without having to pay interest — provided you repay the entire amount during the introductory period. Cardholders can also eliminate interest on existing debt with a balance transfer. You'll enjoy 15 months with no interest to pay off your transferred balances. After the promo period expires, you might benefit by getting a low ongoing rate depending on your credit score.

Complimentary purchase and travel protection might come in handy in various scenarios, such as if you miss your flight or an item is damaged or stolen after you buy it.

If you use Lyft to get around, you stand to benefit even more — by earning 5% cash back until March 2025.

Ink Business Unlimited® Credit Card

A great business card with a flat, simple rewards structure and no annual fees

We recommend the Ink Business Unlimited® Credit Card to business owners who want to keep their rewards earning simple and do not wish to pay annual fees. All purchases earn 1.5% cash back. This card comes with an introductory 0% APR on purchases for the first 12 months. It also gives you the ability to earn a considerable spend-based welcome bonus.

Employee cards come at no additional cost. Cardholders might benefit through purchase protection, extended warranty, roadside dispatch, auto rental collision damage waiver and travel and emergency assistance services.

Using this card outside of the U.S. might not work well, given that it charges a 3% foreign transaction fee.

Chase Freedom Flex℠

An easy-to-use cash back card with quarterly rotating bonus categories

We recommended the Chase Freedom Flex℠ to people who wish to earn high category-based cash back without paying an annual fee. You get 5% cash back on combined purchases of up to $1,500 in bonus categories you activate every quarter and on travel purchased through Chase Ultimate Rewards. You get 3% cash back on multiple bonus categories. You also get higher-than-usual cash back at gas stations during the first year.

This card comes with an introductory APR, applicable on purchases and balance transfers. However, if you use this card to transfer a balance, you need to pay a balance transfer fee. This card also comes with foreign transaction fees.

Some of the additional benefits come in the form of purchase protection, extended warranty, cellphone protection, trip cancellation/interruption insurance and auto rental collision damage waiver.

Ink Business Cash® Credit Card

Fantastic card for earning rewards on office supplies

We love the Ink Business Cash Credit Card because of its generous 5% rewards rate on office supplies. This rate also applies to your phone, internet and cable subscriptions. Spending across all other categories comes with 2% or 1% rewards.

Not having to pay any annual fees is great. Being able to redeem your rewards in different ways, be it as cash back or for travel, is a definite plus too.

You may get free employee cards that come with purchase and travel protection, thereby giving your employees added peace of mind.

Integrating your Ink credit card with bookkeeping software is easy and simplifies accounting.

If you apply in time, you can take advantage of an introductory 0% APR offer and a $900 spend-based bonus cash back offer.

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 your points' value.

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.

If you wish 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.

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 is better than what you may expect through American Express or Capital One.

You need to log in to the Chase Ultimate Rewards platform to redeem your points as cash back. To do this, select Cash Back from the redemption options. You may then receive 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.

If you redeem your points for gift cards, you may 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 better value for your points.

When it comes to how to redeem Chase Ultimate Rewards points for gift cards, you need to start by logging in to the Ultimate Rewards portal. Then, select Gift Cards and choose the ones you want.

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.

To use Chase Ultimate Rewards points for travel, you need to log in to the Ultimate Rewards portal. 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.

While there is no official Chase Ultimate Rewards redemption chart that highlights the value you receive for your points, all transfers take place 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 may 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 may expect a value that’s upwards of 3 cents per point.

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 look at the available choices.

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, the value you get will be 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.

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

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 people who get approved 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 credit card and the Freedom Flex credit card also come with this benefit.

Remember that not all Chase rewards cards are linked 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. The Marriott Bonvoy Bountiful credit card, with its $250 annual fee on the other hand, is ideal for people who stay at Marriott properties frequently and are looking for premium benefits.

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

While Chase used to let cardholders purchase points in the past, this is no longer the case.

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 allows you to maximize the value you receive through different cards.

Not being able 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.

MoneyGeek experts have taken a close look at 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 different travel partners.

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