American Express Membership Rewards vs. Chase Ultimate Rewards®: Which Rewards Are Best 2024?
Flexible rewards offer tremendous value because of how many choices cardholders have when redeeming. American Express Membership Rewards® and Chase Ultimate Rewards® are two of the most powerful programs with flexible and valuable points.
Although they are both excellent programs, they each have unique strengths. Chase is best for people looking for simpler redemptions or frequenters of United and Southwest. American Express has more airline partners, so it’s best for people who want to transfer to several different airlines. Knowing the pros and cons of each ecosystem can help you decide which cards to get — or how to use both programs to maximize points.
What are the values of Chase and American Express points?
American Express Membership Rewards® point value: 0.5-2 cents*
Both Chase and Amex points vary drastically in value depending on how you use them. Redeeming points for travel or transferring to airline and hotel partners will net you the highest value with both programs. Both allow you to transfer points at a 1:1 rate with numerous transfer partners, and this flexibility increases the value of your points because you can choose the best option for your travel needs. Chase has 14 partners, including United and Hyatt, while American Express has 21 partners, like Delta and Hilton. Plus, Air France/KLM Flying Blue and Marriott participate in both programs.
While both programs allow you to redeem points through their travel portals, you’ll get a higher value on travel portal redemptions with Chase points. Certain Chase cards increase the value of your Ultimate Rewards points up to 50% more on certain redemptions, for a value of 1.5 cents per point. In comparison, Amex points are worth 1 cent per point at most when redeemed through the Amex portal for airfare. You’ll only get 0.7 per point on the Amex travel portal for other types of travel, including hotels and car rentals.
Both programs offer a variety of other options that will give you a lower value than travel redemptions. Amex has more redemption options than Chase. However, it also offers lower value than Chase on many redemption options. For instance, Chase gives you 1 cent per point on statement credits, whereas Amex generally gives you 0.6 cents per point.
Chase point redemption options
- Travel: 1-1.5 cents per point
- Pay Yourself Back: 1 cents per point
- Gift cards: 1 cents per point
- Chase Dining: 1 cent per point
- Cash back: 1 cent per point
- Pay with Points: 0.8 cents per point
American Express point redemption options
- Flights (redeemed through American Express Travel): 1 cent per point
- Hotels/rental cars (redeemed through American Express Travel): 0.7 cents per point
- Statement credits/covering card charges: 0.6 cents per point
- Gift cards: Up to 1 cent per point
- Pay with Points at Checkout: 0.7 cents per point
- Shopping (with Amex partners): 0.5 cents per point
Earning Chase vs. American Express points
Chase and Amex both offer a wide number of options for stacking up points through everyday purchases, online shopping, travel and more.
Both programs offer a variety of credit cards that allow you to stack up points through category bonuses, welcome offers and other promotions.
You can combine the benefits of multiple credit cards with either program to earn maximum rewards. These card combinations are often referred to as “the Amex trifecta” and “the Chase trifecta.” You can match the category bonuses from two cards with your spending patterns and use a third card to maximize rewards on all non-bonus spending.
Chase credit cards vs. Amex credit cards
Getting a credit card is the most straightforward method of earning Amex points or Chase points. You can earn points through welcome bonuses, bonus categories and everyday purchases.
You’ll earn a welcome bonus when you apply for a new credit card and meet the minimum spending requirement within the allotted timeframe. For example, one of the best Chase credit cards is the Chase Sapphire Preferred® Card, and new cardholders can earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
Most cards offered by Amex and Chase have a bonus on categories of purchases like travel, dining, gas and groceries. Some cards, like the Chase Freedom Unlimited® and The Blue Business® Plus Credit Card from American Express, give you a high rewards rate on every purchase. These are a good option if you prefer to keep all your spending on one card, or if you’re looking for a card to pair with a card with a category bonus.
| Chase Ultimate Rewards®-earning cards | American Express Membership Rewards-earning cards |
|---|---|
|
Chase trifecta vs. American Express trifecta
Having more than one card that earns Amex Membership Rewards or Chase Ultimate Rewards® helps capture more bonus categories to earn additional points. The Chase trifecta and Amex trifecta are card combinations that people use to maximize their rewards.
The Chase trifecta combines the power of the Chase Sapphire Reserve®, Chase Freedom Flex℠ and the Chase Freedom Unlimited®. The Chase Sapphire Reserve® is best for dining and travel purchases, the Chase Freedom Flex℠ is best for its quarterly rotating categories and the Chase Freedom Unlimited® is best for all other purchases. You can redeem points through your Chase Sapphire Reserve® to earn a 50% bonus on travel portal redemptions or to transfer to Chase’s travel partners.
Chase trifecta
| Chase Sapphire Reserve® | Chase Freedom Unlimited® | Chase Freedom Flex℠ | |
|---|---|---|---|
| Rewards rate | Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases. | Enjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases | Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter. Plus, earn 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases. |
| Welcome offer | Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. | Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases. | Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening. |
| Annual fee | $550 | $0 | $0 |
| Other perks |
|
|
|
The Amex trifecta combines The Platinum Card® from American Express, the American Express® Gold Card and the The Blue Business® Plus Credit Card from American Express. You’ll earn bonus rewards on flights, hotels, dining and U.S. supermarket purchases and a high flat rate on the remainder of your purchases with the The Blue Business® Plus Credit Card from American Express. This combination offers higher bonus category potential on everyday purchases than the Chase trio. Additionally, all three of these cards can transfer to Amex hotel and airline partners, while the Chase Freedom cards must be paired with eligible cards to unlock this feature.
While the Amex trifecta has significant earning power, it also comes with higher annual fees, which can be hard to justify for some people.
Amex trifecta
| The Platinum Card® from American Express | American Express® Gold Card | The Blue Business® Plus Credit Card from American Express | |
|---|---|---|---|
| Rewards rate | Earn 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel on up to $500,000 on these purchases per calendar year and 5X Membership Rewards® points on prepaid hotels booked with American Express Travel. Terms apply. | Earn 4X Membership Rewards® Points at Restaurants (on up to $50,000 per calendar year in purchases, then 1X), Earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X). Earn 3X Membership Rewards® points on flights booked directly with airlines or on AmexTravel.com. Earn 2X Membership Rewards® points on prepaid hotels and other eligible purchases booked on AmexTravel.com. Earn 1X Membership Rewards® point on all other eligible purchases. Terms Apply | Earn 2X points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter. Terms and limitations apply. |
| Welcome offer | Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. | Earn 60,000 Membership Rewards® points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. | Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership. |
| Annual fee | $695 | $325 | No annual fee |
| Other perks |
|
|
|
*To see rates & fees for American Express® Gold Card, please click here.
*To see rates & fees for The Blue Business® Plus Credit Card from American Express, please click here.
Shopping portals
You can earn bonus points through online purchases from both Amex and Chase. Chase has its own shopping portal with exclusive discounts, points promotions and more at hundreds of stores. Participating merchants include Under Armour, Samsung, The Home Depot and Macy’s.
American Express does not have its own shopping portal, but it has a relationship with Rakuten. Members can earn rewards with the Rakuten portal and then convert Rakuten points to Membership Rewards points. Every 1% cash back earned equals one additional Amex point.
Referring friends
You can earn Amex points or Chase points when you refer a friend or family member who gets approved for a new card. The number of points varies based on which credit card they apply for. For example, The Platinum Card® from American Express and the Chase Sapphire Reserve® both earn 15,000 points for a successful referral.
American Express Refer a Friend allows you to earn up to 100,000 points per year, while Chase Refer A Friend allows a maximum of 75,000.
Redeeming American Express vs. Chase points
Amex and Chase both offer outstanding value and flexibility for redeeming points. Both programs are a great option for transferring points to a variety of hotel and airline partners. You can also redeem points for any travel purchase through the travel portal with both programs. However, if you prefer simpler redemption options, Chase may be the better option for you, since it provides a much better value on travel portal redemptions.
American Express vs. Chase transfer partners
Transferring points to airline and hotel partners will unlock the highest value for your rewards with both Amex and Chase. When comparing Amex points and Chase points, you’ll notice that each program offers a mix of domestic and international brands. This provides members the opportunity to maximize the value of their rewards with travel across the globe.
The best program for you may depend on which partners you prefer. Chase is better for Hyatt, Southwest and United, while Amex is a good choice if you like Delta, Hilton or Hawaiian Airlines. The programs have some overlap, such as Marriott, Flying Blue and Singapore Airlines. Most of the airline partners also belong to alliances, which can unlock even more value when searching for award flights.
Before transferring, realize that not all transfers are equal. Some points transfer different ratios, which affects how much value you’re able to get when booking an award flight or hotel stay. Even when the ratio is equal, some rewards are worth more than others. For example, United miles are worth almost twice as much as Marriott points even though they both transfer at a 1:1 ratio with Chase.
| Airline partners | All partners transfer at a 1:1 ratio.
| All partners transfer at a 1:1 ratio.
|
| Hotel partners |
|
|
Travel portals
When it comes to redeeming points in travel portals, Chase offers more value than American Express. You’ll redeem points with the Chase Sapphire Preferred® Card at a 25% bonus and points with Chase Sapphire Reserve® at a 50% bonus. So with either card, your points will be worth 1.25 to 1.5 cents.
American Express points, on the other hand, will mostly be worth only 1 cent when you redeem them for flights through their travel portal. For all other redemption options on American Express Travel, like hotels and rental cars, your points are only worth just 0.7 cents.
There’s an exception with The Business Platinum Card® from American Express: You can redeem points through the portal for airline travel for a 35% bonus with one airline that you designate at the beginning of the year — which means your points can be worth up to 1.35 cents each. However, the card has a $695 annual fee (see rates & fees), so it’s not easily accessible to many travelers.
Statement credits
You’re better off sticking to travel redemptions with both Chase Ultimate Rewards® and Amex Membership Rewards. However, if you want to need to redeem your points for cash in a pinch, Chase is the better way to go. Chase offers a higher value at 1 cent per point for statement credits, while Amex offers just 0.6 cents per point. Additionally, you can redeem any amount of points with Chase at any time, while Amex requires a minimum of 100 points per redemption.
Gift cards
Both Chase and Amex let you redeem points for gift cards from hundreds of popular merchants like Chipotle, Lululemon, Starbucks and Target. However, Chase offers a far better value. Chase Ultimate Rewards® are usually worth 1 cent per point when buying gift cards. The bank even occasionally offers promos on select brands to offer more value for your points.
Gift cards from Amex are worth just 0.7 cents per point. If you’re purchasing an Amex gift card that can be used anywhere, the value is even lower at just 0.5 cents per point.
How do I determine the best rewards program for me?
Both of these flexible point programs offer tremendous value, but deciding between American Express points and Chase points can be challenging. They each offer numerous benefits that make them appealing to certain consumers. The best program for you often depends on which categories you spend the most and which travel partners you prefer.
Who is American Express Membership Rewards best for?
American Express is best for travelers who prefer Delta, Hilton or Choice Hotels, or if you want access to a greater variety of airport lounges. The American Express trifecta offers valuable benefits, but you may have to spend more to offset the larger annual fees.
If you prefer simplicity and flexibility, Amex Membership Rewards is not for you. Amex provides more redemption options than Chase; however, many options provide subpar value below 1 cent per point.
Who is Chase Ultimate Rewards® best for?
Chase is the ideal program for travelers who prefer United, Hyatt, Southwest or IHG. It’s also a better option for travelers on a budget. It offers many no-annual-fee cards that earn Ultimate Rewards points. You’ll need to pair them with other cards to unlock the Chase transfer partners. However, the Chase trifecta is a much more affordable combination than the Amex trio.
Chase is also the better way to go if you prefer more flexibility and simpler travel redemptions. All redemption options are worth at least 1 cent each, and if you have certain cards, your points are worth up to 50% more when booking travel through the Chase TravelSM portal.
Using both Chase and American Express points
Instead of choosing between American Express points and Chase points, some travelers want the best of both worlds. They earn rewards in both programs and utilize transfer partners that participate in both, like Aeroplan, Flying Blue, Singapore Airlines and Marriott. However, earning points in both programs is best for serious travelers who know how to navigate each bank’s transfer partners to find the best redemptions.
Frequently asked questions
American Express and Chase have valuable rewards programs that suit different types of travelers. American Express has more transfer partners and redemption options, but many redemptions are valued at less than 1 cent per point. Chase redemptions are worth at least 1 cent, and certain credit cards can unlock up to 50% more value when booking travel.
You cannot directly combine Amex points with Chase points, but you can transfer points from both programs to the travel partners they have in common. Common partners include Marriott, Aeroplan, Singapore Airlines and Virgin Atlantic.
Chase and Amex points offer a similar value, especially if you choose to transfer points to outside loyalty programs, where you can possibly get values of 2 cents per point or higher with both Chase and Amex. When you redeem Chase points, you’ll get at least 1 cent per point in value. Some of the Amex redemption options are valued at just 0.5 cents per point.
Choosing the right trifecta often depends on which categories you spend the most and how much you spend each year. The Chase trifecta tends to be a better value because it has lower annual fees, and none of its categories have annual spending caps.
The information related to the The Blue Business® Plus Credit Card from American Express, American Express® Green Card, Amex EveryDay® Credit Card from American Express, Amex EveryDay® Preferred Credit Card from American Express, Business Green Rewards Card from American Express, Chase Freedom Flex℠, The Platinum Card® from American Express, American Express® Gold Card and The Business Platinum Card® from American Express has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.