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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 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.
What We're Geeking Out On
MoneyGeek’s Takeaways
One Chase Ultimate Rewards point’s value typically varies from 1 cent to 1.5 cents.
When redeemed for cash back, you get 1 cent per Ultimate Rewards point.
You stand to get the best value by transferring your points to a travel partner.
Some of the links on this page will take you to one of our partner's sites, where you can compare and apply for a selected credit card.
How Much Are Chase Ultimate Rewards Points Worth?
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.
Value of Chase Points Across Different Redemption Methods
Redemption Options | Value per Point |
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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) |
We’ve selected the no-annual-fee Chase Freedom Unlimited Card as the best card to earn Ultimate Rewards points. While Chase markets it as a cash back card, it comes linked to the Ultimate Rewards program. Every dollar you earn as cash back equals 100 Ultimate Rewards points.
This card offers 5% cash back (5X points per dollar) on travel purchases made through Chase Ultimate Rewards. You get 3% cash back at restaurants (including eligible delivery and takeout services) and on drugstore purchases. All other purchases come with 1.5% cash back.
The Freedom Unlimited Card has a spend-based welcome offer that lets you earn bonus cash back. You also get the ability to earn extra cash back during the first year. An introductory low APR offer applies to balance transfers and purchases.
The no-annual-fee Chase Freedom Flex Card is a good alternative for earning Ultimate Rewards points. Like the Freedom Unlimited Card, each dollar you earn as cash back through this card translates to 100 Ultimate Rewards points. This card offers up to 5% cash back through its bonus categories.
Which Credit Cards Earn Chase Ultimate Rewards Points?
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.
Information on the Chase Sapphire Reserve® Card
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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.
Information on the Chase Sapphire Preferred® Card
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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.
Information on the Ink Business Preferred® Credit Card
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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.
Information on the Chase Freedom Unlimited® Card
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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.
Information on the Ink Business Unlimited® Credit Card
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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.
Information on the Chase Freedom Flex℠ Card
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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.
Information on the Ink Business Cash® Credit Card
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How Chase Ultimate Rewards Points Compare to Other Credit Cards
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.
Chase Points Value vs. Other Cards
Credit Card Issuer | Average Value |
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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 |
How Much Are Chase Points Worth 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 is better than what you may expect through American Express or Capital One.
Chase Points Value vs. Other Cards: Cash Back
Credit Card Issuer | Cash Back Value |
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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 (depends on the card you have) |
Discover | 1 cent per mile |
Wells Fargo | 1 cent per point |
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.
The no-annual-fee Amazon Prime Rewards Visa Card from Chase is a great cash back card that's not linked to the Ultimate Rewards program. You get 5% back at Amazon.com and Whole Foods Market if you have an eligible Prime membership. Restaurant, drugstore and gas station purchases come with 2% back. You get 1% back on all other purchases.
How Much Are Chase Points Worth for Gift Cards
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.
Chase vs. Other Card Issuers: Gift Cards
Credit Card Issuer | Average Value |
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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 (depends on the card you have) |
Discover | Cannot redeem miles for gift cards |
Wells Fargo | 1 cent per point |
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.
How Much Are 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.
Chase Points Value vs. Other Cards: Travel
Credit Card Issuer | Average Value |
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Chase | 1 cent to 1.5 cents per point (depends 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 |
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.
We feel that the United Gateway Card from Chase is great for people who wish to earn MileagePlus miles without paying an annual fee. You earn 2X miles per dollar on United purchases, local transit and commuting, as well as at gas stations. All other purchases earn 1X mile per dollar. Meeting a simple spend-based requirement lets you earn bonus miles as a new cardholder. You also get 25% back on United in-flight food, beverages, Wi-Fi and Club premium drink purchases.
How Much Are Chase Points Worth for Transfer Partners
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.
Chase Points Value vs. Other Cards: Transfer Partners
Credit Card Issuer | Average Value |
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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 look at the available choices.
How Much Are 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, 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.
Chase Points Value vs. Other Cards: Shopping
Credit Card Issuer | Average Value |
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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 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.
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 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.
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 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.
Buying Points From Chase
While Chase used to let cardholders purchase points in the past, this is no longer the case.
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 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.
How We Determined the Value of Chase Ultimate Rewards Points
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.
Other Questions You May Have About Chase Ultimate Rewards Points
We’ve answered commonly asked questions about Chase Ultimate Rewards points’ value to help you determine which redemption method might work best for you.
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sources
- Chase. "Ultimate Rewards." Accessed November 2, 2022.
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