Chase Ultimate Rewards points are among the most useful and valuable currencies you can collect.
You can choose from a wide range of redemption options, from some of the best airline and hotel transfer partners to the easy-to-use Chase travel portal, as well as cash back and payment for everyday expenses.
Today, we show how much each redemption option is worth and help you get the most value from your Chase points.
What are Chase Ultimate Rewards points?
Ultimate Rewards are the currency of most Chase-branded credit cards. You can earn Chase Ultimate Rewards points for everyday spending and then redeem them for a wide range of rewards.
Here are some of the best options for earning Chase points:
Note that these three cards are the only ones that allow transfers to partner programs. However, if you pair one of them with a cash-back Chase card — like the Chase Freedom Unlimited or Ink Business Cash Credit Card — you can combine your points into a single account, thus converting your cash-back rewards into fully transferable Ultimate Rewards points.
If you’re just getting started in the world of rewards credit cards, it’s typically best to start with Chase products, thanks to the issuer’s well-documented 5/24 rule. In short, you generally can’t get approved for any Chase cards — including those that earn Ultimate Rewards points — if you’ve applied for five or more new credit cards across all banks in the past 24 months.
Remember this restriction as you build a strategy to maximize your credit card rewards.
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How much are Chase Ultimate Rewards points worth?
TPG values Ultimate Rewards points at 2.05 cents each, which you should ideally aim for when redeeming them. However, the exact value will depend on your choice of redemption.
When redeeming Ultimate Rewards points, you have three basic options:
| Redemption option | Examples | Point value |
|---|---|---|
| Transfers to travel partners | 14 airline or hotel loyalty programs | A possible 2.05 cents each |
| Fixed-value Chase Ultimate Rewards travel portal bookings | Flights, hotels, cruises, tours, rental cars | Between 1 and 1.5 cents each, depending on which Chase card you have |
| Fixed-value, non-travel redemptions | Cash back, gift cards, Apple products | Between 0.8 and 1.5 cents each, depending on the redemption option |
The main reason we value Chase points at 2.05 cents apiece is the slate of transfer partners. Each individual loyalty program has a number of sweet spots, and you have incredible flexibility by holding on to your Chase points until you’re ready to book a specific award.
Let’s take a closer look at each of these redemption options.
Chase Ultimate Rewards points value when transferring to travel partners
Transferring Ultimate Rewards to travel partners is often the most valuable way to redeem them.
You can transfer Ultimate Rewards points to 11 airline programs:
Chase also partners with three hotel loyalty programs:
All transfer ratios are 1:1 (though there are occasional transfer bonuses), and you must transfer points in 1,000-point increments. And, as noted previously, you can only transfer points from Sapphire Preferred, Sapphire Reserve and Ink Business Preferred accounts — though you can move your cash-back rewards into those accounts using the “Combine points” functionality in the Ultimate Rewards portal.
The best hotel transfer partner
A particular standout transfer partner is World of Hyatt. Hyatt points are among the most valuable hotel points given the program’s low award redemption rates and excellent range of budget and luxury properties.
You can easily obtain at least 2 cents per Hyatt point/Chase point by redeeming in a pricey hotel market like London.
The best airline transfer partners
If you prefer flights over hotels, we have found numerous sweet spots for both short- and long-haul flights in economy and premium cabins, whether you fancy flying within North America or as far as Europe or Japan.
Our favorite Ultimate Rewards sweet spots include the following:
- Iberia flights to Madrid: Round-trip flights from New York’s John F. Kennedy International Airport (JFK), Chicago’s O’Hare International Airport (ORD) and Boston Logan International Airport (BOS) to Spain’s capital on off-peak dates will only set you back 34,000 Avios in economy, 51,000 in premium economy or 68,000 in business class when you transfer your Chase points to Iberia Plus or British Airways Executive Club.
- Flights to Hawaii with Alaska Airlines and American Airlines: By transferring your Ultimate Rewards points to British Airways, you can book awards with Oneworld partners American Airlines and Alaska Airlines. As long as your nonstop flight distance is under 3,000 miles each way (and there’s partner award availability), you can leverage British Airways’ distance-based award chart to fly from any West Coast gateway to Hawaii for only 26,000 Avios round-trip.
- All Nippon Airways flights booked through Virgin Atlantic: For just 145,000 miles, you can fly round-trip in first class between the West Coast and Tokyo (again, as long as there’s award availability). Flights from the East Coast only cost an extra 25,000 miles (170,000 miles round-trip). Business-class redemptions are an even better deal, costing just 90,000-95,000 miles round-trip, depending on your U.S. departure airport.
- Short-haul flights to Canada: Flights from New York to Toronto Pearson Airport (YYZ) on United can be booked for under 6,000 miles one-way on many dates when transferring your Ultimate Rewards to Air Canada’s Aeroplan program.
Chase Ultimate Rewards points value via the Chase portal
You can also book travel through the Chase travel portal and redeem points for your plane tickets, hotel stays, rental cars or experiences at a fixed cash value per point.
As a Chase Sapphire Preferred or Ink Business Preferred Credit Card cardholder, each point is worth 1.25 cents. If you have the Chase Sapphire Reserve, your points are worth 1.5 cents each toward travel redemptions in the portal. If you have a Chase Freedom Flex, Ink Business Unlimited Credit Card, Ink Business Cash Credit Card or Chase Freedom Unlimited, points are worth 1 cent each.
This is another example of when it makes sense to combine your points in the card account that offers the most value for Ultimate Rewards bookings.
For example, all of your points earned with the Freedom Flex can be moved to your Sapphire Reserve account, thus increasing their value from 1 cent to 1.5 cents each when used for travel.
Chase Ultimate Rewards points value for non-travel redemptions
You can also redeem Chase points for a statement credit or bank deposit at a flat rate of 1 cent each. This rate also applies to gift cards and Apple products (outside of a limited-time special).
However, with Chase Pay Yourself Back, you can redeem points for cash back at a rate of 1.25-1.5 cents each, depending on your card. This redemption rate is valid on statement credits toward rotating purchase categories, such as dining.
Finally, you can link your eligible Chase cards to your Amazon account and pay for purchases with the Shop With Points program. However, you will only receive around 0.8 cents per point, which is lower than virtually all other redemption options.
How do I earn Chase Ultimate Rewards points?
There are many ways to earn Chase points at rates of 1-10 points per dollar spent, depending on the specific Chase credit card you carry.
Remember that only the first three cards below earn fully transferable Ultimate Rewards points all by themselves, while the remaining four are technically billed as cash-back credit cards. However, you can combine your Chase cash-back rewards in a single account to maximize your earning and redeeming potential.
Here are the seven cards that allow you to earn Chase Ultimate Rewards points.
Chase Sapphire Preferred Card
Welcome bonus: 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening.
Why you want it: This is a fantastic all-around travel credit card. It earns points at the following rates:
- 5 points per dollar on Lyft (through March 2025)
- 5 points per dollar on all travel purchased through Chase Ultimate Rewards
- 3 points per dollar on dining, including eligible delivery services, takeout and dining out
- 3 points per dollar on select streaming services
- 3 points per dollar on online grocery purchases (excluding Target, Walmart and wholesale clubs)
- 2 points per dollar on all other travel
- 1 point per dollar on all other purchases
The Sapphire Preferred has no foreign transaction fees and comes with many travel perks, including delayed baggage insurance, trip cancellation/interruption insurance and primary car rental insurance.
Annual fee: $95
Application link: Chase Sapphire Preferred Card
Chase Sapphire Reserve
Welcome bonus: 60,000 points after you spend $4,000 on purchases in the first three months from account opening.
Why you want it: For its earning power paired with travel perks that can easily cover the annual fee. It accrues the following earnings:
- 10 points per dollar on Lyft (through March 2025)
- 10 points per dollar on Chase Dining booked through Ultimate Rewards
- 10 points per dollar on hotel and car rental purchases through the Ultimate Rewards travel portal
- 5 points per dollar on airline travel booked through the Ultimate Rewards travel portal
- 3 points per dollar on travel not booked through Chase
- 3 points per dollar on other dining purchases
- 1 point per dollar on all other eligible purchases
Other perks include an easy-to-use $300 annual travel credit, a fee credit for Global Entry or TSA PreCheck (up to $100 once every four years) and Priority Pass Select lounge access, as well as access to the growing list of new Sapphire airport lounges. This is one of the few cards that allow you to use your Priority Pass membership for discounted meals in airport restaurants. Cardholders also get primary car rental coverage, trip interruption/cancellation insurance and other protections.
Annual fee: $550
Application link: Chase Sapphire Reserve
Ink Business Preferred Credit Card
Welcome bonus: 100,000 points after you spend $8,000 on purchases in the first three months from account opening.
Why you want it: This is one of the best credit cards for small-business owners, earning 3 points per dollar on the first $150,000 spent in combined purchases on travel; shipping; internet, cable and phone services; and advertising made with social media sites and search engines each account anniversary year. You earn 1 point per dollar on all other purchases, and points don’t expire as long as your account is open.
Annual fee: $95
Application link: Ink Business Preferred Credit Card
Ink Business Cash Credit Card
Welcome bonus: $900 cash back after you spend $6,000 on purchases in the first three months from account opening. This can be converted to 90,000 points if you have another Ultimate Rewards points-earning credit card.
Why you want it: Earn 5% cash back on the first $25,000 in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year (then 1%). Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year (then 1%). You can convert these earnings to Ultimate Rewards points if you have one of the three cards above.
Annual fee: $0
Application link: Ink Business Cash Credit Card
Ink Business Unlimited Credit Card
Welcome bonus: $900 cash back after you spend $6,000 on purchases in the first three months from account opening (which can become 90,000 Ultimate Rewards points).
Benefits: Earn unlimited 1.5% cash-back rewards on every purchase. These cash-back earnings can be converted to Ultimate Rewards points if you have one of the top three cards listed above, which means your small business can essentially earn 1.5 points per dollar on all charges made with this card.
Annual fee: $0
Application link: Ink Business Unlimited Credit Card
Chase Freedom Flex
Welcome bonus: $200 after you spend $500 in the first three months of account opening (which can become 20,000 Ultimate Rewards points).
Benefits: The card earns 5% back on select bonus categories, which rotate every quarter and apply on up to $1,500 in combined spending (activation required). Past bonus categories include gas stations, supermarkets, restaurants, warehouse stores and department stores. You can convert these rewards to valuable Ultimate Rewards points if you have one of the top three cards listed above. Plus, earn 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants (including takeout and eligible delivery services) and 3% on drugstore purchases.
Annual fee: $0
Application link: Chase Freedom Flex
Chase Freedom Unlimited
Welcome bonus: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back (can become 30,000 Ultimate Rewards points).
Benefits: The card earns 1.5% cash back on purchases. These earnings can be converted to valuable Ultimate Rewards points if you have one of the top three cards listed above. Plus, earn 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants (including takeout and eligible delivery services) and 3% on drugstore purchases. Earn 1% on all other purchases. The card also offers 120-day purchase protection and extended warranty protection.
Annual fee: $0
Application link: Chase Freedom Unlimited
Bottom line
Chase Ultimate Rewards points are hugely valuable because they are both easy to earn and there is so much flexibility in using them.
Chase points are usually worth around 1 cent each for cash back or gift card redemptions. When redeeming them through the Chase travel portal, the value increases up to 1.5 cents, depending on the type of Chase card you hold.
However, you can obtain up to and above 2.05 cents in value per Ultimate Rewards point by transferring them to a wide range of airline and hotel partners.
