Chase Ultimate Rewards® points are valuable and useful credit card rewards. However, their 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
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 100,000 bonus points after you spend $5,000 on purchases in the first three months from account opening (see rates and fees). This is a limited-time welcome bonus that matches the best we've ever seen for this card.
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, flexible rewards 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
- 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 100,000 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, 3x on vacation homes, 3x on gas & EV charging, 3x on top streaming services and online groceries (excluding Walmart, Target, and wholesale clubs), 2x on all other travel purchases, 1x on all other purchases
- Earn up to $100 in statement credits each account anniversary year for hotel stays through Chase Travel
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get a year of complimentary Apple TV when activated by December 31, 2026 - a value of $156.
- 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.
- Receive one statement credit of up to $120 every four years as reimbursement for the application fee charged to your card for a Global Entry, TSA Precheck® or NEXUS application.
- Transfer points to leading airline and hotel loyalty programs
- 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 luxury perks including, hotel credits, complimentary hotel elite status, travel credits, dining credits, rideshare and delivery benefits and much more.
- Access Priority Pass lounges, including unlimited access to Chase Sapphire Lounge® by The Club locations.
- 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
- Complicated list of benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn 100,000 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 subscriptions to Apple TV and Apple Music for a minimum of one year when activated by June 22, 2027, 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. Plus, if you pair it with a premium Chase credit card that allows point transfers, you can convert your cash back into flexible travel rewards.
- Users get a high rewards rate and strong welcome bonus
- Purchases and balance transfers receive an intro APR
- No annual fee
- Has 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 $1,000 when you spend $8,000 on purchases in the first four months after account opening
- Earn 5% cash back at office supply stores and on internet, cable and phone services each account anniversary year on the first $25,000 in combined spend
- Earn 2% cash back on dining and gas each account anniversary year on the first $25,000 spent in combined spend.
- Earn 1% cash back on all other purchases with no limit to the amount you can earn.
- Earn 5% total cash back on Lyft rides through 9/30/27.
- As a Chase cardmember, you'll be automatically checked for a credit line increase at least every 6 months.
- Complimentary three-month lnstacart+ membership.
- No Annual Fee
- 0% introductory APR for 12 months on purchases
- 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 $1,000 bonus cash back after you spend $8,000 on purchases in the first 4 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
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
$0
With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
$0
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 cash back.
You can opt to have the cash back credited to your account as a statement credit, or you can directly deposit your cash-back earnings into a U.S. Chase checking and savings account. 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: 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 can vary based on the Chase credit card account you book through. The Chase Sapphire Reserve, Chase Sapphire Preferred Card, Sapphire Reserve for Business and Ink Business Preferred all offer Points Boost redemptions.
To access the increased redemption rate offer by Points Boost, 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.
When you use points to pay for Chase Travel bookings, they are worth 1 cent each. Points Boost eligible flights and hotels offer values of up to 1.5 cents per point for Sapphire Preferred and Ink Business Preferred cardholders and up to 2 cents per point for Sapphire Reserve and Sapphire Reserve for Business cardholders.
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 of up to 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.
You can transfer Chase points to the following travel programs, and the transfer ratio to Hyatt is reduced depending on which card you use to complete the transfer.
Chase Ultimate Rewards® transfer partners
| Chase transfer partner | Transfer ratio for Chase Sapphire Reserve® and Sapphire Reserve for BusinessSM cards | Transfer ratio for Chase Sapphire Preferred® Card and Ink Business Preferred® Credit Card |
|---|---|---|
| Aer Lingus AerClub | 1:1 | 1:1 |
| The British Airways Club | 1:1 | 1:1 |
| Flying Blue (Air France and KLM) | 1:1 | 1:1 |
| Iberia Club | 1:1 | 1:1 |
| JetBlue TrueBlue | 1:1 | 1:1 |
| Singapore Airlines KrisFlyer | 1:1 | 1:1 |
| Southwest Airlines Rapid Rewards | 1:1 | 1:1 |
| United MileagePlus | 1:1 | 1:1 |
| Virgin Atlantic Flying Club | 1:1 | 1:1 |
| Air Canada Aeroplan | 1:1 | 1:1 |
| IHG One Rewards | 1:1 | 1:1 |
| Marriott Bonvoy | 1:1 | 1:1 |
| World of Hyatt | 1:1 | 4:3 |
| Wyndham Rewards | 1:1 | 1:1 |
IHG One Rewards, Wyndham Rewards and Marriott Bonvoy points are typically worth less than 1 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 The British Airways Club, Iberia Club, United Airlines MileagePlus, Virgin Atlantic Flying Club, Air Canada Aeroplan, Flying Blue (Air France and KLM) and World of 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 need more points when cash prices and demand are high and less when they are low. If you're flexible with when you travel, you can book flights from New York to London 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, you can book a standard economy flight for $395. After accounting for $162 in taxes, you would receive almost 4 cents per point for this redemption.
This Virgin Atlantic business-class award flight costs 29,000 points and $691 in taxes, and the cash price is $2,359. That's a value of over 5 cents per point after factoring in the high taxes.
World of Hyatt is a great program for booking luxury hotels. The Park Hyatt Maldives Hadahaa is a Category 7 hotel, and you can book a room for 25,000 to 55,000 points a night. At the time of writing, CNBC Select found a Beach Villa room available during peak season for 35,000 points.
The cash price for the same room on the same night is $1,674 including taxes, which is a value of 4.8 cents per point for Sapphire Reserve and Sapphire Reserve for Business cardholders. Even at the lower 4:3 World of Hyatt transfer ratio that's available with the Sapphire Preferred and Ink Business Preferred, this redemption nets a value of over 3.5 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 card that allows transfers.
By moving your points to one of these accounts, you can then transfer them to Chase's airline and hotel transfer partners or take advantage of Chase Travel Portal Points Boost redemptions.
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
