Chase Ultimate Rewards: Earn, redeem and transfer points
Chase Ultimate Rewards points, a credit card rewards currency, give cardholders access to some of the best hotel and airline redemption transfer partners in the points and miles business. Plus, Chase Travel℠, the issuer’s easy-to-use travel portal, allows you to redeem your points for bookings like rental cars, hotels, flights, tours and activities.
Despite increasing competition from American Express Membership Rewards, Citi ThankYou Rewards, Capital One miles, Bilt and Wells Fargo Rewards, Chase Ultimate Rewards has maintained its place as one of the most valuable and useful transferable currencies.
If you’re ready to get serious about traveling more for 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?
Ultimate Rewards points are the currency of select Chase-branded credit cards and a favorite credit card rewards currency here at TPG. You can earn Ultimate Rewards for everyday spending on certain cards and then redeem them for a wide range of things, such as gift cards, cash back and travel.
TPG values Chase points at 2.05 cents apiece per our June 2026 valuations, largely because you can transfer these flexible points to various travel partners to maximize their redemption value.
Related: The ultimate guide to credit card application restrictions
How do I earn Chase Ultimate Rewards points?
There are many ways to earn these valuable points at rates of 1 to 8 points per dollar spent, depending on the Chase credit card you carry and the type of purchase. But it’s important to understand two types of Chase credit card rewards: Ultimate Rewards points and cash back.
The first four cards below earn fully transferable Ultimate Rewards points all by themselves, while the remaining four are technically marketed as cash-back credit cards.
However, if you have an eligible Ultimate Rewards points-earning card, you can combine your Chase Ultimate Rewards in a single account, effectively converting your cash-back rewards into fully transferable points.
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Note that this isn’t possible with the Ink Business Premier® Credit Card (see rates and fees).
For this reason, having more than one Chase card can make sense to maximize your earning and redeeming potential.
Here are the eight cards that allow you to earn Chase Ultimate Rewards points.
Chase Sapphire Preferred Card
Welcome offer: Earn 100,000 bonus points after spending $5,000 on purchases in the first three months of account opening.
This elevated welcome offer is one of the best we’ve seen on this card, worth $2,050 based on our valuations.
Annual fee: $95
Why you want it: The Chase Sapphire Preferred® Card (see rates and fees) is a fantastic all-around travel credit card. In addition to earning bonus points on travel (among other categories), it comes with no foreign transaction fees and many travel perks, including delayed baggage insurance, trip interruption/cancellation insurance and primary car rental insurance.
Plus, it was recently updated with new perks and bonus categories.
To learn more, check out our full review of the Chase Sapphire Preferred.
Apply here: Chase Sapphire Preferred Card
Chase Sapphire Reserve
Welcome offer: Earn 100,000 bonus points after spending $6,000 on purchases in the first three months from account opening.
This offer is worth $2,050, according to TPG’s valuations.
Annual fee: $795
Why you want it: Put simply, you want the Chase Sapphire Reserve® (see rates and fees) for its earning power and perks that can easily cover the annual fee.
These include an easy-to-use annual travel credit worth $300, an annual $500 credit for hotels booked through The Edit by Chase Travel (split into two up to $250 credits; minimum two-night stay required), Priority Pass Select lounge access and entry to Chase’s growing list of new Sapphire lounges.
To learn more, check out our full review of the Chase Sapphire Reserve.
Apply here: Chase Sapphire Reserve
Sapphire Reserve for Business
Welcome offer: Earn 200,000 bonus points after spending $30,000 on purchases in the first six months from account opening.
That’s worth a whopping $4,100 based on TPG’s valuations.
Annual fee: $795
Why you want it: The Chase Sapphire Reserve for Business℠ (see rates and fees) is the best card for business owners with travel expenses.
The card offers 4 points per dollar spent on airfare and hotels booked direct, 3 points per dollar spent on social media and search engine advertising, a $300 annual travel credit and a $500 credit for hotel bookings made through The Edit (split into two up to $250 credits; minimum two-night stay required).
To learn more, check out our full review of the Sapphire Reserve for Business.
Apply here: Sapphire Reserve for Business
Ink Business Preferred Credit Card
Welcome offer: Earn 100,000 bonus points after spending $8,000 on purchases in the first three months from account opening.
TPG’s estimates peg this offer at $2,050.
Annual fee: $95
Why you want it: The Ink Business Preferred® Credit Card (see rates and fees) is one of the best credit cards for small-business owners, offering 3 points per dollar spent 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 (then 1 point per dollar spent).
To learn more, check out our full review of the Ink Business Preferred.
Apply here: Ink Business Preferred Credit Card
Ink Business Cash Credit Card
Welcome offer: Earn $1,000 cash back after spending $8,000 on purchases in the first four months from account opening. This is the best welcome bonus we’ve ever seen on this card.
Annual fee: $0
Why you want it: The Ink Business Cash® Credit Card (see rates and fees) earns bonus cash back on categories like gas stations and restaurants (2% cash back) and office supply stores, internet, cable and phone services (5% cash back).
Cardholders are subject to a $25,000 cap on bonus rewards each anniversary year on combined purchases at restaurants and gas stations, and the same $25,000 cap each anniversary year for combined purchases at office supply stores and on internet, cable and phone services.
You can convert these earnings to Ultimate Rewards points if you have one of the four rewards cards mentioned above.
To learn more, check out our full review of the Ink Business Cash.
Apply here: Ink Business Cash Credit Card
Ink Business Unlimited Credit Card
Welcome offer: Earn $1,000 cash back after spending $8,000 on purchases in the first four months from account opening — pretty impressive for a card with no annual fee.
Annual fee: $0
Why you want it: The Ink Business Unlimited® Credit Card (see rates and fees) earns unlimited 1.5% cash-back rewards on every purchase.
These cash-back earnings can be converted to transferable Chase Ultimate Rewards if you have one of the eligible points-earning cards listed above, meaning your small business can essentially earn 1.5 points per dollar spent on all charges made with this card.
To learn more, see our full review of the Ink Business Unlimited.
Apply here: Ink Business Unlimited Credit Card
Chase Freedom Flex
Welcome bonus: Earn $200 cash back after spending $500 on purchases in the first three months from account opening.
Annual fee: $0
Why you want it: The Chase Freedom Flex® (see rates and fees) can be a real earning powerhouse, awarding 5% cash back on select bonus categories that rotate every quarter (on up to $1,500 in combined spending, then 1% back; activation required).
You can convert these rewards to valuable Chase Ultimate Rewards points if you also have an eligible points-earning credit card.
To learn more, check out our full review of the Freedom Flex.
Apply here: Chase Freedom Flex
Chase Freedom Unlimited
Welcome offer: Earn $200 cash back after spending $500 on purchases in the first three months from account opening.
Annual fee: $0
Why you want it: The Chase Freedom Unlimited® (see rates and fees) earns at least 1.5% cash back on all purchases, making it a great choice for spending in nonbonus categories like pet expenses and home improvement.
These earnings can be converted to valuable Chase Ultimate Rewards points if you have one of the eligible points-earning cards listed above.
To learn more, check out our full review of the Freedom Unlimited.
Apply here: Chase Freedom Unlimited
Do Chase Ultimate Rewards points expire?
Chase Ultimate Rewards points do not expire, provided you keep at least one card that earns Ultimate Rewards points open. If you cancel all of your Ultimate Rewards cards, you must redeem or transfer your points before closing the last card. Otherwise, you will forfeit the points.
What are Chase Ultimate Rewards points worth?
TPG values Chase Ultimate Rewards points at 2.05 cents apiece per our valuations. This is largely due to the array of valuable transfer partners, such as World of Hyatt and Air Canada Aeroplan.
These options give you plenty of flexibility in your redemptions, making Chase’s credit card rewards a great ecosystem for travelers.
However, you’ll get varying values for Chase points if you pursue other redemption opportunities, such as travel bookings through Chase Travel, merchandise or gift cards through Chase Pay Yourself Back or simple cash back. We’ll break these down in the following sections.
How to redeem Chase Ultimate Rewards points
You have three basic routes to redeem your Chase Ultimate Rewards points:
- Transfers to travel partners
- Fixed-value Chase Travel bookings
- Fixed-value, non-travel redemptions (e.g., cash back, gift cards and Apple products)
The “best” option depends on your needs. Points are here to save you money, and you should use them as it suits you.
That being said, you should aim for the highest value whenever possible. Here’s a look at your options, from most to least valuable.
Transfer to travel partners
Chase Ultimate Rewards offers 14 transfer partners, including 10 airlines and four hotel programs. Most transfer ratios are 1:1 (though there are occasional transfer bonuses to sweeten the deal), and you must transfer points in 1,000-point increments.
Note that the ratio for World of Hyatt is changing. For Sapphire Preferred cardholders who applied before June 15, 2026, the ratio will drop to 4:3 on Oct. 1. Cardholders who applied on or after June 15 will see the new ratio immediately. Additionally, Ink Business Preferred cardholders will see the ratio drop to 4:3 on Oct. 1.
Sapphire Reserve and Sapphire Reserve for Business cardholders are not affected; they will still be able to transfer Chase points to World of Hyatt at a 1:1 ratio.
Because most transfers are instantaneous, you can keep your Chase points in your Ultimate Rewards account until you’re ready to transfer them, which provides excellent flexibility.
Transferring Ultimate Rewards points to travel partners is often the most valuable way to redeem your hard-earned points. Our favorite sweet spots include:
- Top-tier Hyatt hotels: Despite a recent devaluation, the World of Hyatt award chart is inexpensive compared to many competitors. You can book some of the most upscale Park Hyatt properties in the entire portfolio, including the Park Hyatt Maldives Hadahaa, for 25,000 points per night during off-peak dates. Since these hotels routinely sell for close to $1,000 per night, you can easily get at least 4 cents per point. There’s also great value at the lower end of the Hyatt award chart, with Category 1 hotels ranging from 3,000 to 9,000 points per night.
- 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 will only set you back 32,000 Avios in off-peak blue-class economy, 59,000 points in off-peak premium economy or 81,000 points in off-peak business class when you transfer your Chase points to Iberia Club. Considering that most airlines charge at least 60,000 miles for a one-way business-class award to Europe, you’re getting a major discount.
- Short-haul flights to Canada: Air Canada’s Aeroplan program now uses dynamic pricing for Air Canada flights and some partner airlines. As a result, you can often find super-cheap short-haul tickets from the U.S. to Canada. For example, a flight from JFK to Toronto Pearson Airport (YYZ) can be booked for under 6,000 points one-way on many dates.
Book via Chase Travel
You can book through Chase Travel and redeem points for plane tickets, hotel stays, rental cars, cruises or experiences at a fixed cash value per point — but your mileage may vary depending on the redemption.
If you choose a Chase Points Boost redemption, you can get up to 2 cents per point in value. Starting Oct. 26, 2027, points will only be redeemable at a rate of 1 cent per point for purchases not eligible for Points Boost.
Until then, cardholders who applied prior to June 23, 2025, will continue to have the option to redeem them for 1.5 cents per point if they hold the Chase Sapphire Reserve and 1.25 cents per point if they hold the Chase Sapphire Preferred or Ink Business Preferred, as long as the points were earned before Oct. 26, 2025.
As noted previously, if you have multiple cards earning Chase Ultimate Rewards points, you can combine your points into the account with the highest value for Chase Travel bookings. For example, say you hold both the Sapphire Preferred and Sapphire Reserve (and you applied for them before June 23, 2025). You could combine all your points in your Reserve account to redeem them for 1.5 cents apiece on non-Points Boost bookings (until Oct, 26, 2027).
If you can find inexpensive airfare via Chase Travel, using your points for these flights can make sense to save cash. Plus, in the eyes of the airline, tickets booked this way are essentially the same as paid fares, meaning you’ll still earn airline miles and elite status credits.
In the case below, spending 2,973 Ultimate Rewards points to fly from Newark Liberty International Airport (EWR) to Fort Lauderdale-Hollywood International Airport (FLL) isn’t too shabby. That comes out to a value of 1.5 cents apiece because these points are in a Sapphire Reserve account.
You might also consider the travel portal option if you only have a handful of Ultimate Rewards points left, since Chase lets you redeem points to cover just a portion of the trip cost. You would then pay the remaining balance with cash.
Finally, this is a decent option for car rentals, non-chain lodging and when cash rates make spending points through transfer partners a bad value. The hotel options are quite varied, ranging from unique independent properties to chain hotels.
Be aware that if you book a hotel that participates in a major loyalty program through Chase, you likely won’t earn hotel points or be able to take advantage of any elite status perks.
However, The Edit by Chase Travel now lets you double dip by earning hotel points and elite benefits at select properties, on top of earning Chase points through the portal and taking advantage of The Edit’s elite-like perks (minimum two-night stay required for The Edit properties).
Enjoy fixed-value, non-travel redemptions
You can redeem Chase Ultimate Rewards 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 to 1.5 cents each, depending on your card. This redemption rate is valid on statement credits toward rotating purchase categories.
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 a value of around 0.8 cents per Ultimate Rewards point, so we don’t recommend this redemption.
You’ll generally get much better value out of Chase’s credit card rewards with the program’s transfer partners and Chase Travel bookings.
Bottom line
Chase Ultimate Rewards is one of our favorite credit card rewards programs at TPG. It allows you to earn bonus points on many everyday spending categories — like airfare, hotels, dining and groceries — and choose from a wide range of redemption options.
For more inspiration, check out some of our favorite Chase Sapphire Preferred redemptions and top ways to redeem Chase points for hotel stays.
