September 6, 2023
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Chase Ultimate Rewards® is one of the most popular credit card rewards programs for frequent travelers, and it’s easy to see why. Not only can you rack up points quickly with a Chase travel credit card that earns these points, but you have multiple options for redeeming. You can turn Chase Ultimate Rewards® points into cash back, merchandise, gift cards, travel through the Chase Ultimate Rewards® portal, or even 1:1 point transfers to a number of Chase airline and hotel partners.
Before you dive into this program, you should learn more about all the Chase credit cards that let you earn Chase Ultimate Rewards® points. Read on to find out what Chase points are worth, which airline and hotel partners you can transfer them to, and some of the best ways to redeem your rewards.
| Chase Ultimate Rewards® quick facts | ||
|---|---|---|
| Earning points | Earn points with seven cards, including the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, and Ink Business Preferred® Credit Card | |
| Redeeming points | Redeem for cash back (1 cent per point), gift cards, merchandise, travel through Chase or 1:1 point transfers to travel partners | |
| Point value | 2 cents each when transferred to travel partners | |
| Transfer partners? | 11 frequent flyer programs and three hotel loyalty programs, including Southwest, United and Hyatt | |
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Chase Ultimate Rewards® points are one of the most valuable currencies around. We estimate points are worth around 2 cents apiece on average when transferred to a Chase travel partner.
However, the value of your points varies by the type of card you own and how you ultimately redeem your points:
| Form of redemption | Value |
|---|---|
| Cash back | $10 |
| Gift cards | $10 |
| Travel on Ultimate Rewards portal | $15 |
| Transfer to loyalty program | $20 |
| Pay with points on Amazon.com and PayPal | $8 |
Tip: Knowing the value of each point is only half the equation. Rewards rates among the available cards vary, and many cards offer higher rewards in particular spending categories. Of these, the Chase Sapphire Preferred® Card is a standout, allowing you to earn 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases.The benefits of the Chase Ultimate Rewards® program are significant, especially when you compare this rewards program to comparable programs from American Express, Capital One and Citibank. The beauty of Chase Ultimate Rewards® is it offers the most flexible redemption options of these programs.
Here are a few reasons earning points with Chase is well worth the trouble:
The extraordinary flexibility of Chase points makes the Chase Ultimate Rewards® program one of the most dynamic and easy to use. This is especially true when it comes to Chase transfer partners, which can be very valuable for both domestic and international travel.
If you want access to premium travel redemptions through Chase like point transfers, you’ll need to have the Chase Sapphire Preferred® Card, Chase Sapphire Reserve® or the Ink Business Preferred® Credit Card. However, you can easily have more than one of these cards, and you can also pool rewards from Chase cash back credit cards to one of your travel card accounts to boost your rewards haul even further.
Each Chase credit card has its own unique advantages, however, so you’ll want to compare them to find the right fit.
The Chase Sapphire Preferred® Card will set you back $95 per year, yet its current welcome bonus more than covers that fee in the first year. Points also transfer to airline and hotel partners for premium travel redemptions, or you can get 25% more value when redeeming points through the Chase travel portal.
The Chase Sapphire Reserve® has a $550 annual fee, but offers many premium travel benefits to make up for that fee. On top of a terrific sign-up bonus, it comes with a $300 annual travel credit, a fee credit for Global Entry or TSA PreCheck membership, a Priority Pass™ Select airport lounge membership (valued at $469) and more.
Points are worth 50% more when redeemed for travel through Chase, or they can transfer seamlessly to Chase airline and hotel partners. This card also features the most robust selection of travel insurance benefits of any travel credit card.
The Chase Freedom Flex℠ is the best option for cardholders who love to maximize their rewards each quarter. It gives you 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.. Cardholders even get an introductory APR offer for purchases and balance transfers.
The Chase Freedom Unlimited® lets you earn the same flat rate on all your purchases, plus bonus rewards in a few categories. You’ll Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, 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.
New customers can also 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 Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases. Cardholders get an intro APR for purchases and balance transfers, too.
Business owners who travel will love the Ink Business Preferred® Credit Card for its huge welcome offer and high earnings on business purchases. It lets you Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year. Earn 1 point per $1 on all other purchases—with no limit to the amount you can earn.
The $95 annual fee is reasonable, and business owners can benefit from free employee cards. Cardholders even get travel perks like primary rental car coverage when renting a car for business purposes, trip cancellation and interruption insurance, and cell phone protection, among other perks.
The Ink Business Cash® Credit Card offers superb cash rewards on business purchases for $0 annual fee. Cardholders Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn. This business credit card also includes free employee cards and an introductory APR for purchases.
The Ink Business Unlimited® Credit Card keeps things simple for business owners by letting you Earn unlimited 1.5% cash back on every purchase made for your business. There’s $0 annual fee, and cardholders get an introductory APR for purchases. Perks include free employee cards, primary rental car coverage when renting a car for business purchases, purchase protection, extended warranties and more.
Before you apply for any of these cards, you should be aware of the Chase 5/24 rule — an unwritten rule that prevents you from opening more than five credit cards within the past 24 months. If you’ve opened too many cards recently — from any issuer — you won’t be able to open a new Chase card (or earn the sign-up bonus on that card).
Beyond the sign-up bonuses, Chase has established multiple avenues for Chase credit cardholders to build up Ultimate Rewards points.
Chase Refer-A-Friend
Chase’s Refer-A-Friend program offers credit card referral bonuses for each friend who signs up for a card. Here are the referral bonuses currently being offered:
| Referral bonus offer | Details |
|---|---|
| Earn up to $500 cash back per year | $100 cash back for each person you refer to a participating Chase Freedom®. |
| Earn up to 75,000 bonus points per year | 15,000 bonus points for each person you refer to the Chase Sapphire Preferred® Card |
| Earn up to 50,000 points per year | 10,000 points for each person you refer to the Chase Sapphire Reserve® |
Special Ultimate Rewards promotions
Chase offers special promotions and points-earning rates from time to time. If you wish to truly maximize your Ultimate Rewards points, keep an eye on your email and your Ultimate Rewards account for these promotions.
Also, keep an eye on the sign-up bonus for your card for the first 90 days after you sign up. If the offer increases, you can call in to request the new bonus amount, which Chase will often grant.
Buying gift cards
Many retailers, including office stores, carry a selection of gift cards that can be spent with other merchants. Purchasing gift cards from a merchant that falls under the bonus category can allow you to earn bonus points on purchases that otherwise wouldn’t qualify for a bonus — if the merchant allows you to purchase gift cards with a credit card.
For example, Staples, an office supply store that yields 5 points per dollar with the Ink Business Cash® Credit Card, offers gift cards to places ranging from Starbucks to Home Depot. Many of these stores are not covered by the Ink Business Cash® Credit Card‘s bonus categories.
Warning: Sometimes, purchasing a Chase gift card may be flagged as a cash advance. This is an extremely expensive transaction that comes with fees and a higher APR attached. After purchasing a gift card, make sure it is registered as a purchase, and not a Chase cash advance. If it went through as a cash advance, you will not receive any points and will only lose money.Using the Chase Ultimate Rewards® Mall
The Chase Ultimate Rewards® Mall is another easy way to earn points when you shop with Chase. If you have a big purchase coming up, you can get anywhere between 1 extra point to 15 points per dollar depending on the store. The most common bonuses range between 1-2 points. The mall, or online shopping portal, includes hundreds of stores with brands ranging from Apple to Rite Aid and Walmart.
Clicking on one of the stores takes you to their respective online portals where you can complete your purchase as usual. Be careful that you don’t close the merchant’s website. If you do, you will have to go through the Chase portal once again to get the extra points.
Generally speaking, you’ll get the most value by redeeming Ultimate Rewards for travel, and there are two ways to go: redeeming points through the Chase travel portal or transferring your points to Chase’s travel partners.
Redeeming your points for travel through the Chase travel portal is one of the best ways to get the most value out of your Ultimate Rewards.
With the annual fee Ultimate Rewards cards like the Chase Sapphire Preferred® Card, Chase Sapphire Reserve® and the Ink Business Preferred® Credit Card, you’ll get a 25% to 50% discount when redeeming points for travel. That means your Ultimate Rewards points that are usually worth 1 cent per point get boosted to 1.25 or 1.5 cents per point.
As you can see in the screenshot below, the Westin Excelsior in Rome, Italy, would normally set you back $710 per night (including fees) in September of 2023. With the Chase Sapphire Reserve®, however, this room will cost you 47,273 points.
If you have an annual fee Chase Ultimate Rewards® card, redeeming points through one of the Chase transfer partners will give you the most bang for your buck. While the redemption rate varies by partner, we estimate you can get around 2 cents per point (and possibly more) by transferring to high-value partners.
We’ve sampled various travel itineraries from five Chase Ultimate Rewards® partners to show how powerful redeeming your rewards with Chase transfer points can be.
| Program and Itinerary | Award type | Cash Price | Redemption | Point Value |
|---|---|---|---|---|
| British Airways New York (JFK) to London (LHR) | Economy round trip | $833.75 | 50,000 Avios + $200 | 1.27 cents |
| Business class round trip | $2,877.55 | 160,000 Avios + $700 | 1.36 cents | |
| United Airlines Chicago (ORD) to Aruba (AUA) | Economy round trip | $849 | 57,100 miles + $97.80 | 1.31 cents |
| Business class round trip | $2,437 | 100,000 miles + $90.05 | 2.34 cents | |
| Air France Flying Blue Chicago (ORD) to Berlin (BER) | Economy round trip | $659.75 | 39,000 miles + $261.25 | 1.02 cents |
| Business class round trip | $3,792.05 | 169,000 miles + $588.85 | 1.89 cents | |
| Virgin Atlantic Airways New York (JFK) to London (LHR) | Economy round trip | $818.75 | 20,000 points +$493.25 | 1.62 cents |
| Business class round trip | $2,981.35 | 95,000 points +$2,073.05 | 0.09 cents | |
| Hyatt Paris Madeleine | 1 queen bed | $871 | 30,000 points | 2.9 cents |
No, Chase points don’t expire. Your Chase Ultimate Rewards® points will never expire as long as your account remains open. However, you will forfeit your points if you violate the terms of the Rewards Program Agreement, which includes things like fraudulent activity, bankruptcy and failure to pay.
Yes, you can have multiple Chase credit cards at the same time. Your spouse and other family members can also have their own Chase card accounts, even if they live at the same address.
Yes, you can transfer your Ultimate Rewards points between your own accounts or to family members within the same household. While you were once able to add other household members to your Chase account online, you now have to call in with the number on the back of your card to make this happen.
Chase Ultimate Rewards® does not offer price matching at this time.
The timeline for point transfers varies, although most transfers are automatic. Chase also lists the transfer timeline on its website for each partner. For example, Chase says point transfers to Air Canada Aeroplan can take up to seven days.
Current Ultimate Rewards Transfer partners are: Aer Lingus AerClub, Air Canada Aeroplan, British Airways Executive Club, Emirates Skywards, Flying Blue AIR FRANCE KLM, Iberia Plus, JetBlue TrueBlue, Singapore Airlines KrisFlyer, Southwest Airlines Rapid Rewards, United MileagePlus, Virgin Atlantic Flying Club, IHG Rewards Club, Marriott Bonvoy and World of Hyatt.
Chase Ultimate Rewards® is a rewards program you earn points in through credit card spending. Thus, rewards earned in this program are nonrefundable.
The above offers and/or promotions may have since changed, expired, or is no longer available. Check the Issuers’ website for more details.
