Chase Ultimate Rewards points are a type of credit card rewards currency that you can earn with certain Chase credit cards. They give you access to some of the best airline and hotel transfer partners for redeeming points, making them extremely flexible and useful. You can also redeem Chase rewards points through the Chase Travel portal for things like flights, hotels, rental cars, tours, and more – all within a user-friendly platform.
Even with growing competition from other programs (like Amex Membership Rewards or Citi ThankYou points), Chase Ultimate Rewards remains one of the most valuable transferable points currencies. Chase points are valued at about 2.05 cents each as of June 2025. This high Chase Sapphire points value is largely because you can transfer these points to various travel partners and get great redemption rates.
If you’re ready to travel more while spending less, here’s everything you need to know about how to earn, redeem, and transfer your Chase Ultimate Rewards points.
What are Chase Ultimate Rewards points?
Chase Ultimate Rewards points are the rewards currency earned by select Chase credit cards. You earn these points on everyday spending with eligible cards, and you can redeem them for a wide range of options, including travel bookings, cash back, gift cards, and more. They’re one of the favorite reward currencies among travelers because of their flexibility and high potential value.
To put their value in perspective, TWN currently values Chase Ultimate Rewards points at 2.05 cents apiece (June 2025). That means 10,000 points could be worth about $205 in travel value if used strategically. This strong valuation is largely due to the ability to transfer
Chase points to airline and hotel partners for outsized rewards. In other words, you can often get the best value for Chase points by moving them to programs like Hyatt or United rather than using them for simple cash back.
How do I earn Chase Ultimate Rewards points?
There are many ways to earn Chase Ultimate Rewards points, typically ranging from 1 to 5 (or even more) points per dollar depending on the card and the purchase category. However, it’s important to understand that Chase issues two types of rewards cards: those that earn transferable Ultimate Rewards points and those that earn cash back. The good news is that you can combine points between these cards if you hold at least one card that earns Ultimate Rewards. This means you can transfer Freedom Flex points to a Sapphire card, for example, converting cash-back rewards into full Ultimate Rewards points in one account.
For this reason, having more than one Chase card can make sense to maximize your earning potential. We often suggest pairing a no-annual-fee card (like the Chase Freedom Unlimited) with a premium card (like the Chase Sapphire Preferred) so you can pool points and unlock higher value. By using multiple cards strategically, you earn more points in different bonus categories and then combine those points under a single account to redeem for bigger rewards.
Here are the eight Chase credit cards that allow you to earn Ultimate Rewards points, either directly or by converting from cash back:
Chase Sapphire Preferred® Card
Welcome offer: Earn 75,000 bonus points after spending $5,000 on purchases in the first three months of account opening. This is the standard offer, worth approximately $1,538 based on our June 2025 point valuations.
Annual fee: $95
Why you want it: The Chase Sapphire Preferred is a well-rounded travel credit card that’s great for beginners and seasoned travelers alike. It earns bonus points on travel and dining (among other categories) and comes with no foreign transaction fees – ideal for international travel. It also offers useful travel protections like trip cancellation/interruption insurance, delayed baggage coverage, and primary rental car insurance. Our team regards the Sapphire Preferred as one of the best cards for getting started with Chase Ultimate Rewards.
Chase Sapphire Reserve® Card
Welcome offer: Earn 100,000 bonus points plus a $500 Chase Travel credit after spending $5,000 in the first three months from account opening. It is valued at around $2,550 as of June 2025.
Annual fee: $795
Why you want it: The Sapphire Reserve is Chase’s premium travel card, prized for its strong earning power and upscale perks that can offset the hefty annual fee. Cardholders get an easy-to-use $300 annual travel credit, an additional $500 annual hotel credit when booking through the new Chase Travel “The Edit” portal, Priority Pass Select airport lounge access, and even access to Chase’s growing network of Sapphire airport lounges. It also earns 3X points on travel and dining purchases. In short, the Chase Sapphire Reserve provides a lot of value for frequent travelers.
Chase Sapphire Reserve® for Business
Welcome offer: Earn 200,000 bonus points after spending $30,000 on purchases in the first three months from account opening. This huge bonus is worth about $4,100 according to our June 2025 valuations, an exceptionally high-value offer.
Annual fee: $795
Why you want it: The Sapphire Reserve for Business is a top-tier card for business owners who have significant travel expenses. It carries over many benefits of the personal Sapphire Reserve and adds business-oriented rewards. You earn 4X points on travel (airfare and hotels booked directly) and 3X on social media and search engine advertising purchases, great for businesses that spend in those areas. The card also offers a $300 annual travel credit and a $500 annual hotel credit through The Edit portal (split into two $250 credits every six months) to help cover travel costs. Simply put, if your business involves travel, this card can deliver outsized value.
Ink Business Preferred® Credit Card
Welcome offer: Earn 90,000 bonus points after spending $8,000 on purchases in the first three months from account opening. That’s worth roughly $1,845 based on our June 2025 point valuations
Annual fee: $95
Why you want it: The Ink Business Preferred is one of the best credit cards for small businesses. It earns 3X points per dollar on the first $150,000 spent each year in combined purchases across travel, shipping, internet/cable/phone services, and advertising on social media and search engines. These are common expense categories for many businesses, allowing you to rack up points quickly. For a relatively low annual fee, the card also provides cell phone protection and travel coverage. It’s an excellent way for business owners to earn Ultimate Rewards points on everyday operations.
Ink Business Cash® Credit Card
Welcome offer: Earn up to $750 cash back: $350 after spending $3,000 in the first three months, plus an additional $400 after spending $6,000 in the first six months from account opening.
Annual fee: $0 (no annual fee)
Why you want it: The Ink Business Cash is a great no-annual-fee business card that earns bonus cash back in useful categories. You get 5% back (5X points) on office supply stores and internet, cable, and phone services (on up to $25,000 combined per year), and 2% back (2X points) at gas stations and restaurants (up to $25,000 per year). All other spending earns 1% back. If you also hold a card like the Ink Preferred or Sapphire Preferred, you can convert these rewards into Ultimate Rewards points, effectively getting 5X or 2X points per dollar in those categories. This makes the Ink Cash extremely powerful for a business owner who maximizes those bonus categories.
Ink Business Unlimited® Credit Card
Welcome offer: Earn $750 bonus cash back after spending $6,000 in the first three months from account opening. (Like the Ink Cash, this is $750 cash back that can become 75,000 points if you also hold a Sapphire/Ink Preferred card.)
Annual fee: $0
Why you want it: The Ink Business Unlimited is simple and effective – it earns a flat 1.5% cash back (1.5X points) on all purchases, with no limit. This is great for businesses that don’t want to worry about specific bonus categories. Every purchase earns 1.5 Ultimate Rewards points per dollar when combined with a premium Chase card. Pairing the Ink Unlimited with a card like Sapphire Preferred means all your business spend automatically earns 1.5X points, which you can then redeem for travel at a higher value.
Chase Freedom Flex℠
Welcome offer: Earn $200 cash back after spending $500 in the first three months of account opening.
Annual fee: $0
Why you want it: The Chase Freedom Flex is a cash-back card with a twist – it earns 5% cash back in rotating bonus categories each quarter (up to $1,500 in spending per quarter, activation required). Examples of pathe st 5% categories include groceries, gas stations, and home improvement stores. It also earns 5% on travel booked through Chase, 3% on dining and drugstores, and 1% on everything else. On its own, the rewards are in cash back, but if you have a card like the Sapphire Preferred or Ink Preferred, you can convert that cash back into Ultimate Rewards points for more value. This effectively means up to 5X points per dollar in those rotating categories. The Freedom Flex is an excellent complement to the Sapphire cards for maximizing points.
Chase Freedom Unlimited®
Welcome offer: Earn $200 cash back after spending $500 in the first three months of account opening.
Annual fee: $0
Why you want it: The Chase Freedom Unlimited is a no-annual-fee card that earns at least 1.5% cash back on all purchases, making it perfect for everyday spending outside of bonus categories, you get 1.5% back on everything, 5% on travel through Chase, and 3% on dining and drugstores – it has a similar earning structure to the Flex, but with a flat 1.5X on other purchases instead of rotating 5% categories. These cash-back earnings can be converted to Ultimate Rewards points if you also have a Sapphire Preferred, Sapphire Reserve, or Ink Preferred.
Do Chase Ultimate Rewards points expire?
No, Chase Ultimate Rewards points do not expire as long as you keep at least one card that earns Ultimate Rewards open. Your points are tied to your account, so if you close all your Chase cards that earn these points, you would lose any remaining points. Always make sure to redeem or transfer your points before closing your last Ultimate Rewards card. As long as one card (like a Freedom or Sapphire) remains active, your hard-earned points will stick around.
What are Chase Ultimate Rewards points worth?
The value of Chase Ultimate Rewards points depends on how you choose to use them. It is currently valued at 2.05 cents each, which is among the highest for any bank rewards currency. Why so high? It’s largely thanks to Chase’s valuable transfer partners, such as World of Hyatt and United Airlines MileagePlus. By transferring points to airline or hotel programs, you can often get far more than 1 cent per point in value, sometimes 3-4+ cents per point on luxury hotel stays or business class flights. For example, a Chase to Hyatt transfer can easily yield outsized value.
Of course, not every redemption will get ~2 cents per point. If you redeem points for cash back, you’ll get a flat 1 cent per point (e.g.,10,000 points = $100). Other options fall in between. For instance, you can use points in the Chase Travel portal to book travel at a fixed rate: 1.25 cents per point if you have the Sapphire Preferred (or Ink Preferred), or 1.5 cents per point if you have the Sapphire Reserve. In fact, until October 26, 2027, those rates apply to all travel bookings for Sapphire cardholders. After that date, Chase is changing the policy so that new Sapphire Reserve/Preferred cardholders will only get the bonus rate on certain “Points Boost” categories, and other purchases in the portal will drop to 1 cent per point.
Chase also runs a program called Pay Yourself Back, which lets you use points to offset certain purchases at a rate between 1 and 1.5 cents each, depending on the card and the current promotional categories. This can be a good way to use points for everyday expenses at a higher value than regular cash back. Occasionally, there are also limited-time deals to redeem points for Apple products or gift cards at better than 1 cent per point.
In summary, Chase points’ value ranges from 1 cent (cash) to around 2+ cents (travel) each. If you ask savvy travelers, the best value for Chase points is typically achieved by transferring to travel partners for high-value awards, or by using the Chase travel portal with a Sapphire Reserve for the 1.5x rate. In the next section, we’ll dive into how to redeem your points and get the most out of them.
How to redeem Chase Ultimate Rewards points
When it comes time to redeem Chase Ultimate Rewards points, you have three basic options :
- Fixed-value, non-travel redemptions: For example, you can cash out points for a statement credit or bank deposit (at 1 cent per point), redeem for gift cards, or use points for Apple products. (Keep an eye on special deals; sometimes gift cards or Apple redemptions temporarily improve beyond 1 cent per point.)
- Fixed-value travel bookings through Chase: You can use the Chase Travel portal (powered by Expedia) to book flights, hotels, car rentals, cruises, etc., using your points at a set value. As noted, you’ll usually get 1.25 cents per point with a Sapphire Preferred/Ink Preferred, or 1.5 cents per point with a Sapphire Reserve when booking this way.
- Transfer to travel partners: You can move your points to one of Chase’s airline or hotel partner programs, usually for a much higher potential value per point. This is often the strategy that gives the highest reward for your points.
Determining which redemption is “best” really comes down to your goals. There’s no wrong way to use your points – they’re there to save you money on what matters to you. That said, it’s wise to aim for a higher value when possible. Let’s break down these redemption options in detail.
Transfer to travel partners.
Chase Ultimate Rewards has 14 travel transfer partners in total: 11 airline frequent flyer programs and 3 hotel loyalty programs. All point transfers are at a 1:1 ratio, meaning 1 Chase point = 1 airline mile or hotel point. You must transfer in increments of 1,000 points, and most transfers are instant or near-instant, which is great because you can wait until you find a specific flight or hotel award before moving your points. (Occasionally, Chase offers a transfer bonus – for example, a Chase-to-Hyatt transfer bonus could give you extra Hyatt points for every point transferred – but these promos are rare .)
Chase’s airline partners include popular programs like United MileagePlus, Air Canada Aeroplan, British Airways Avios, Singapore KrisFlyer, and more. On the hotel side, the big ones are World of Hyatt, Marriott Bonvoy, and IHG One Rewards. Yes – if you’re wondering “can you transfer Chase points to Hyatt?” – the answer is absolutely yes. Being able to transfer Chase Ultimate Rewards to Hyatt is one of the most valuable aspects of this program. Likewise, you can transfer Chase Sapphire points to United’s MileagePlus program at a 1:1 rate, among other partners.
For those curious about the mechanics, it’s straightforward. How to transfer Chase points to Hyatt or United? Simply log into your Chase Ultimate Rewards account online, select the “Transfer to Travel Partners” option, and choose the partner (for example, World of Hyatt or United). You’ll enter your loyalty program membership number and the number of points you want to transfer (in 1,000-point chunks), then confirm. The transfer typically happens instantly or within a few minutes. So you can move points right when you find a great award seat or hotel night available – no need to plan far in advance.
Transferring points to travel partners is often the most rewarding way to redeem. Here are a few sweet spot examples that show why transferring Chase points can give incredible value :
- Top-tier Hyatt hotels: World of Hyatt has a very generous award chart. You can book some of the most upscale Park Hyatt properties – including Park Hyatt Maldives Hadahaa, Park Hyatt London River Thames, or Park Hyatt Beaver Creek in Colorado – for around 25,000 points per night on off-peak dates. These hotels often charge $800+ per night in cash, meaning you could get 4 cents (or more) per point in value by using points. Even lower-tier Hyatt redemptions are great deals: for example, Category 1 Hyatt hotels start at just 3,500 points per night (off-peak) up to 6,500 (peak), which is a steal compared to their nightly rates. In short, a Hyatt–Chase transfer can unlock free nights at luxury resorts that might otherwise cost a fortune.
- Iberia flights to Madrid: You can use Chase points to fly to Europe for fewer miles than most programs would require. For instance, round-trip flights from New York (JFK), Chicago (ORD), or Boston (BOS) to Madrid can cost only 34,000 Avios (the currency of Iberia Plus) in off-peak economy. It’s about 59,000 Avios in premium economy or 81,000 Avios in business class round-trip off-peak. By transferring your Chase points to Iberia’s Avios program, you’re essentially getting a transatlantic flight for what many other airlines charge for a one-way ticket. (For context, many U.S. programs charge 60,000+ miles one-way for business class to Europe, so 81,000 for round-trip is like a 50% discount !)
- Short-haul flights to Canada (Air Canada Aeroplan): Air Canada’s Aeroplan program uses dynamic pricing for its flights, which can result in some very cheap awards for short trips. For example, you might find a flight from New York (JFK) to Toronto (YYZ) for under 6,000 points one-way. By transferring Chase points to Aeroplan, you can take advantage of these deals. It’s often much cheaper (in points) than what United or American would charge for the same route, and you’re still booking an Air Canada flight. This is a fantastic way to use leftover points or to save cash on regional travel.
And that’s just a sampling – Chase’s other partners (like United, Southwest, JetBlue, Emirates, etc.) each have their sweet spots. The key point is that transfers give you flexibility to choose the airline or hotel program that offers the best deal for your trip. If you put a little effort into learning partner programs, you’ll frequently get significantly more than 1 cent per point in value by transferring.
Book via Chase Travel
If you prefer simplicity or can’t find available award seats/hotel nights through transfer partners, the Chase Travel portal is a very useful option. It works much like any online travel booking site, except you can pay with your points (or a mix of points and cash). Flights, hotels, rental cars, cruises, and activities can all be booked this way.
When you use the portal, your points have a fixed value depending on your card. If you have the Chase Sapphire Preferred (or Ink Business Preferred), each point is worth 1.25 cents toward travel bookings. If you have the Chase Sapphire Reserve, each point is worth 1.5 cents toward travel. For example, a $750 flight would cost 50,000 points with Sapphire Preferred (since 50,000 × $0.0125 = $625, you’d need 50k + $125 cash, or 60k points for $750), but only ~50,000 points with Sapphire Reserve (50,000 × $0.015 = $750). Until late 2027, these elevated rates apply broadly; after that, as mentioned, new Sapphire cardholders will have more limited, higher-value categories. If you also have multiple Chase cards, you can combine all your points into the account that has the highest rate. For instance, you can transfer Freedom Flex points to your Sapphire Reserve account so that those points get the 1.5 cents value instead of the 1 cent they’d be worth on their own. This way, all your points are effectively upgraded to the best rate available to you.
Booking through Chase Travel can be a great deal in certain scenarios. If you find a cheap airfare or hotel rate, using points at 1.25–1.5 cents each can save your cash while still getting decent value. Plus, any flight booked with points through the portal is treated as a paid ticket by the airlines. That means you earn airline miles and elite status credit on those flights, which you typically wouldn’t if you booked an award seat using miles. For example, spending about 3,000 points for a short one-way flight might be “free” travel to you, but the airline will still credit you as if you bought a $45 ticket – you’ll get miles, and it counts toward elite status. It’s a win-win.
Another advantage of the portal is partial redemptions: you can choose to pay part of the trip cost in points and the rest in cash. If you only have a small number of points left, you can still apply them to shave a bit off the price of your booking. This flexibility ensures no points get stranded unused.
When might the portal be the best choice? Aside from flights (when they’re cheap), consider using it for car rentals, independent or boutique hotels, or any time you find that transferring points wouldn’t give a good value. For instance, if a certain hotel isn’t part of a chain like Hyatt or Marriott (or if its chain loyalty program has high rates), using the Chase portal to book it with points could make sense. Just note that if you book a major chain hotel via Chase Travel, you usually won’t earn hotel points or elite night credits for that stay, since it’s considered a third-party booking. You also might not receive elite status perks on those stays. However, Chase has introduced The Edit by Chase Travel, a collection of luxury hotels bookable through the portal that do allow you to earn hotel points and enjoy elite benefits during your stay. The Edit properties even come with extra perks like free breakfast, room upgrades, late checkout, and a property credit, so you get the best of both worlds by booking via Chase but still being treated as a valued guest by the hotel.
In summary, the Chase Travel portal offers a convenient, fixed-value way to redeem your points for travel. It’s especially powerful if you have a Sapphire Reserve (for the higher point value) or if you want the ease of booking any flight or hotel without worrying about award inventory. And since you can still earn rewards on those bookings, it’s often a better deal than using other flexible point programs’ travel portals.
Enjoy fixed-value, non-travel redemptions.
Not everyone wants to use their points for travel all the time. Chase Ultimate Rewards points are versatile and can be used for more straightforward redemptions if you prefer cash or other rewards. The simplest option is to redeem points for cash back as a statement credit or direct deposit to your bank. The rate is a flat 1 cent per point. So, 10,000 points = $100. This is an easy way to offset any purchase or just get money back into your account.
Similarly, you can redeem points for gift cards to many retailers or for Apple products through the Apple Ultimate Rewards store, also at the standard rate of 1 cent per point (unless a special promo is running). Sometimes around the holidays, Chase might offer a slight bonus on certain gift cards (e.g., a $50 gift card for 4,500 points, effectively 1.11 cents per point), but generally it’s a 1:1 value.
One semi-cash option with a twist is Chase Pay Yourself Back. This feature lets you use points to erase eligible purchases in certain categories at an elevated rate – often 1.25 or 1.5 cents per point for Sapphire cards, and 1.1 cents or 1.25 cents for some others. The eligible categories rotate every few months (for example, dining, grocery, or charitable donations have been past categories). If you have a Sapphire Reserve, for instance, using Pay Yourself Back on a dining purchase could give you the same 1.5 cents per point value you’d get on travel. This can be a good deal if the categories align with your spending. Always check what the current Pay Yourself Back categories are to take advantage of this option.
Lastly, Chase allows you to link your Ultimate Rewards points to Amazon for the Shop with Points feature. This lets you pay for Amazon purchases using your Chase points at checkout. However, the value is only ~0.8 cents per point on Amazon, which is notably lower than other redemption methods. In most cases, it’s better to avoid using points at this poor rate – you’re usually better off paying with cash or your Chase card (to earn more points) and saving the points for travel or cash back.
Overall, you’ll get more value from Chase points by sticking to travel redemptions (transfers or the portal). But it’s nice to have options for cash back, gift cards, or other uses in case you just want simplicity or have a few leftover points to burn. The flexibility is part of what makes Ultimate Rewards a top program.
Chase Ultimate Rewards is one of the top credit card rewards programs available. It combines strong points-earning potential on everyday spending (with bonus categories like travel, dining, groceries, etc.) and a wide array of redemption choices. You can redeem points for straightforward cash back or dive into transferring points for luxurious travel experiences – whatever fits your goals. The ability to mix-and-match cards (like using a Freedom Unlimited for 1.5X on everything and a Sapphire for high-value redemptions) means both casual and avid travelers can get great value.
In the end, Chase Ultimate Rewards points give you the chance to travel more and pay less. Whether you’re booking a dream vacation at a Park Hyatt, flying to Europe in business class, or just offsetting your everyday expenses, Ultimate Rewards provides a flexible currency that’s hard to beat. With a bit of planning, you can unlock exceptional value and turn your regular credit card spending into memorable rewards. Safe travels and happy collecting!
