Chase Ultimate Rewards® points are some of the most valuable and useful credit card rewards. However, what they're worth varies depending on how you use them.
You can easily redeem Chase Ultimate Rewards points for one cent each as cash back — that's the baseline you always want to hit. It's important to understand all of your options because some redemptions offer outsized value and others offer less than a cent per point.
Let's dive into all your options for redeeming Chase points so you can have a better understanding of what your Chase points are worth.
What are Chase Ultimate Rewards points worth?
- How to earn Chase Ultimate Rewards points?
- Chase points cash-back value
- Chase points gift card value
- Chase points travel value
- Chase points Pay Yourself Back value
- The best use of Chase points: Ultimate Rewards transfer partners
- The worst uses of Chase points
- Combining Chase points to boost value
- Bottom line
How to earn Chase Ultimate Rewards points?
There are a handful of Chase credit cards that earn Ultimate Rewards points, and earning a welcome bonus is the best way to quickly stock up on Chase points.
With the Chase Sapphire Preferred® Card, you can earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. (see rates and fees)
What you can do with your Chase points depends on which card or cards you have. One of the best ways to use Chase points is to transfer them to travel partners. You must have one of these cards to unlock that option:
The Chase Sapphire Preferred® Card packs a punch for a $95 annual fee card, offering annual travel credits, comprehensive travel protections and more.
- You can transfer rewards to all of Chase's travel partners including World of Hyatt, Southwest Rapid Rewards and many more
- Long list of travel and shopping protections
- $50 annual Chase Travel hotel credit
- Has an annual fee
- Requires a high credit score
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
- Enjoy benefits such as 5x on travel purchased through Chase TravelSM, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases
- Earn up to $50 in statement credits each account anniversary year for hotel stays through Chase TravelSM
- 10% anniversary points boost - each account anniversary you'll earn bonus points equal to 10% of your total purchases made the previous year.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Complimentary DashPass which unlocks $0 delivery fees & lower service fees for a min. of one year when you activate by 12/31/27. Plus, a $10 promo each month on non-restaurant orders.
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
The Chase Sapphire Reserve® is a standout premium credit card with plenty of luxury perks and statement credits to justify its annual fee.
- Access over 1,300 airport lounges worldwide with a complimentary Priority PassTM Select membership, plus every Chase Sapphire Lounge® by The Club with two guests.
- Up to $300 in annual travel credit each account anniversary year
- You can transfer rewards to all of Chase's travel partners including World of Hyatt, Southwest Rapid Rewards and many more
- Top-tier travel and shopping protections
- High annual fee
- Requires a high credit score
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn 150,000 bonus points after you spend $6,000 on purchases in the first 3 months from account opening.
- Get $3,000 in annual value with Sapphire Reserve.
- Earn 8x points on all purchases through Chase TravelSM, including The EditSM and 4x points on flights and hotels booked direct. Plus, earn 3x points on dining worldwide & 1x points on all other purchases
- $300 annual travel credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Access over 1,300 airport lounges worldwide with a complimentary Priority PassTM Select membership, plus every Chase Sapphire Lounge® by The Club with two guests. Plus, up to $120 towards Global Entry, NEXUS, or TSA PreCheck® every 4 years
- Get up to $150 in statement credits every six months for a maximum of $300 annually for dining at restaurants that are part of Sapphire Reserve Exclusive Tables.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Coverage, Lost Luggage Insurance, no foreign transaction fees, and more.
- Get complimentary Apple TV+, the exclusive streaming home of Apple Originals. Plus Apple Music — all the music you love, across all your devices. Subscriptions run through 6/22/27 — a value of $288 annually
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
The Ink Business Preferred® Credit Card is an excellent business card with useful benefits, valuable rewards and a generous welcome bonus.
- Earns flexible travel rewards you can transfer to airline and hotel loyalty programs such as World of Hyatt, Southwest Rapid Rewards and many more
- Valuable welcome bonus worth $1,125 in travel when redeemed through Chase Travel
- Strong travel and shopping protections
- No intro APR offer
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn 100k bonus points after you spend $8,000 on purchases in the first 3 months from account opening.
- Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per $1 on all other purchases
- Earn 5x total points on Lyft rides through 9/30/27.
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- Redeem points for cash back, gift cards, travel and more - your points don't expire as long as your account is open
- Go further when you book with Chase TravelSM. Enjoy competitive rates, seamless booking and premium benefits.
- Purchase Protection covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.
- Receive complimentary access to DashPass by DoorDash.
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Chase also issues several cash-back credit cards that earn cash back in the form of Ultimate Rewards points. If you pair one of these cards with a Chase card that enables point transfers, you can combine your points and transfer the rewards you earned with a cash-back card to Chase's travel partners.
These no-annual-fee credit cards all earn cash back that you can combine with other Chase cards:
The Chase Freedom Unlimited® is a no-annual-fee card that earns generous cash-back on everyday purchases and a lucrative welcome bonus.
- Users get a high rewards rate and strong welcome bonus
- Purchases and balance transfers get long intro APR
- No annual fee
- Travelers face a foreign transaction fee
- Few rewarding ongoing benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Enjoy 5% cash back on travel purchased through Chase TravelSM, 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.
- No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, in the first 60 days. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
The Ink Business Cash® Credit Card is a no-annual-fee cash-back business card that's especially rewarding at office supply stores and gas stations.
- Valuable welcome bonus
- Intro APR for purchases
- No annual fee
- Bonus spending categories have annual limits
- Has a foreign transaction fee
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn $750 when you spend $6,000 on purchases in the first three months after account opening
- 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 on dining and gas each account anniversary year. Earn 1% cash back on all other purchases
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- No Annual Fee
- Complimentary three-month lnstacart+ membership.
- 0% introductory APR for 12 months on purchases
- Earn 5% total cash back on Lyft rides through 9/30/27.
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Foreign transaction fee
3% of each transaction in U.S. dollars
The Ink Business Unlimited® Credit Card is a flat-rate cash-back card with a strong intro-APR offer for purchases.
- Intro APR for purchases
- Valuable welcome bonus
- No annual fee
- You can't transfer rewards to travel partners without pairing it with another Chase card
- Has a foreign transaction fee
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase made for your business
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
- Round-the-clock monitoring for unusual credit card purchases
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- 0% introductory APR for 12 months on purchases
- Earn 5% total cash back on Lyft rides through 9/30/27.
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Foreign transaction fee
3% of each transaction in U.S. dollars
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Bank from anywhere with access to more than 15,000 Chase ATMs, more than 4,700 Chase branches, the Chase Mobile® app and Chase.com.
Chase points cash-back value
You can redeem Chase Ultimate Rewards points for one cent per point as cash back. No matter which Chase Ultimate Rewards card you have — from the no-annual-fee Chase Freedom Unlimited to the luxury Chase Sapphire Reserve — you'll get the same value for cashback.
You can opt to have the cashback credited to your account as a statement credit, or you can directly deposit your cash-back earnings into most U.S. checking and savings accounts. If you opt for a statement credit, it's important to note that this won't count as a payment. You'll still need to make at least the minimum payment on your bill.
Chase points gift card value
Chase cardholders can generally redeem Ultimate Rewards® points toward gift cards at a rate of one cent per point. That means there's no advantage to buying gift cards with Chase points over redeeming them for cash back.
One exception is, Chase has regular gift card sales for 10% to 15% off, which increases the redemption value to 1.11 to 1.18 cents per point.
Chase points travel value
Chase Ultimate Rewards points can be used to pay for travel you book through Chase Travel℠. The redemption rate depends on the Chase credit card account through which you book. The Chase Sapphire Reserve, Chase Sapphire Preferred Card and Ink Business Preferred® Credit Card all offer reward redemption bonuses.
To get this redemption rate, you'll need to book travel through Chase Travel, which is Chase's third-party travel site. You can book flights, hotels, rental cars, cruises, tours and activities through the site, and you can pay with a combination of points and cash.
Chase points Pay Yourself Back value
You can redeem Chase Ultimate Rewards to offset eligible purchases through the Pay Yourself Back program at a rate between 1 and 1.5 cents per point. The categories and redemption rate depend on the Chase card you have and regularly change.
This feature is available with all Chase cards that earn Ultimate Rewards points. Past categories include grocery stores, gas stations, contributions to eligible charities and others. Certain cards allow you to redeem points to offset the annual fee.
You can also use this redemption option with many of Chase's co-branded airline credit cards and hotel credit cards.
The best use of Chase points: Ultimate Rewards transfer partners
The best way to get incredible value from your Chase Ultimate Rewards points is by transferring points to Chase's travel partners. However, not all of Chase's airline and hotel partners provide the same value.
IHG Rewards and Marriott Bonvoy points are typically worth less than one cent per point. So for partners like this, it can make more sense to redeem Chase Ultimate Rewards points through Chase Travel rather than transferring points to these programs.
Instead, you'll want to focus on transfer partners like British Airways, Iberia, United Airlines, Virgin Atlantic, Aeroplan, Flying Blue and Hyatt. You'll generally get the best redemption value for international flights and luxury hotels.
Virgin Atlantic Flying Club prices award flights dynamically, which means you'll pay more when prices and demand are high and less when they are low. If you're flexible with when you travel, you can book flights from the U.S. to Europe for as little as 6,000 points each way in economy or 29,000 points each way in business class.
At the time of writing, these economy flights cost $314. After accounting for $74 in taxes, you're receiving four cents per point for these economy awards.
This Virgin Atlantic business-class award flight costs 29,000 points and $255 in taxes, and the cash price is $3,088. That's a value of almost 10 cents per point after taxes.
World of Hyatt is a great program for booking luxury hotels. The Park Hyatt Maldives is a Category 7 hotel and you can book a room for 25,000 to 35,000 points a night. At the time of writing, CNBC Select found a standard room available during peak season for 35,000 points. The lowest cash price for the same night is $1,445, which is a value of over four cents per point.
The worst uses of Chase points
You can use Chase Ultimate Rewards points to directly pay for purchases, but this option never makes sense.
You can redeem Chase points for 0.8 cents per point for Amazon purchases through Amazon's Shop with Points feature. You can cash out those same points for one cent per point and then pay for any purchase, including Amazon. Plus, if you redeem Chase points for a statement credit or direct deposit, you'll also earn points on your purchase, which you wouldn't if you used the Shop With Points option.
Combining Chase points to boost value
If you have the right combination of Chase credit cards, you can move points between accounts and boost the value of those points.
For example, the Chase Freedom Flex earns 5X points on up to $1,500 in combined purchases in a rotating category each quarter, then 1%. If the Chase Freedom Flex is your only Chase card, you can redeem these points for cash back at one cent per point. However, you can boost that redemption rate by moving your Chase Freedom Flex points to a Chase Sapphire Preferred, Ink Business Preferred, or Chase Sapphire Reserve account.
By moving your points to one of these accounts, you can also transfer these points to Chase's airline and hotel transfer partners or redeem them at a higher rate through the Chase Travel Portal.
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