Chase Ultimate Rewards points consistently rank among the most valuable and versatile credit card rewards currencies out there, and for good reason. As a travel credit card enthusiast, I’ve spent years navigating the ins and outs of different rewards programs, and I can confidently say that Chase Ultimate Rewards offer incredible flexibility and opportunities to unlock amazing travel experiences. Today, I’m going to break down everything you need to know about earning, redeeming, and transferring these valuable points, so you can maximize their value and travel more for less.
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Understanding the Power of Chase Ultimate Rewards
First things first, let’s understand what we’re talking about. Ultimate Rewards points are the rewards currency you earn with select Chase credit cards. What makes them so desirable? Well, unlike some programs that lock you into specific redemption options, Ultimate Rewards points offer a wide range of choices, from cash back and gift cards to travel bookings and transfers to a collection of fantastic hotel and airline partners. Because of this flexibility, I see these points as an investment in future travel.
Furthermore, Chase Travel℠, Chase’s travel portal, makes redeeming your points for things like flights, hotels, rental cars, tours, and activities incredibly user-friendly. However, the true power of Ultimate Rewards lies in its transfer partners, which is why they consistently earn high valuations. Currently, we value Chase points at 2.05 cents apiece, but by strategically transferring them to partner programs, you can often squeeze even more value out of each point.
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Maximizing Your Earning Potential
Now, let’s talk about how to accumulate a mountain of these valuable points. There are several Chase credit cards that allow you to earn Ultimate Rewards, each with its own unique earning structure and benefits. You can earn anywhere from 1 to 8 points per dollar spent, depending on the card and the purchase category.
It’s crucial to understand the distinction between Chase cards that directly earn Ultimate Rewards points and those that earn “cash back.” While some cards are marketed as cash-back cards, you can convert those rewards into fully transferable Ultimate Rewards points if you also hold a card that earns points directly. This is where the real magic happens and allows you to create a powerful points-earning ecosystem. For example, I use a combination of cards to maximize my earning potential across different spending categories.
Here’s a rundown of the key Chase cards to consider:
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Chase Sapphire Preferred Card
* Welcome Offer: Earn 75,000 bonus points after spending $5,000 on purchases in the first three months of account opening. * Annual Fee: \$95 * Why I Like It: The Chase Sapphire Preferred Card is my go-to recommendation for anyone starting their travel rewards journey. It’s a fantastic all-around travel card that strikes a great balance between benefits and annual fee. I love that it earns bonus points on travel and dining, categories where I spend a lot. Plus, it comes with no foreign transaction fees and valuable travel protections like delayed baggage insurance, trip interruption/cancellation insurance, and primary car rental insurance. I also love that it’s easy to justify the annual fee.
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Chase Sapphire Reserve
* Welcome Offer: Earn 100,000 bonus points and a $500 Chase Travel credit after spending $5,000 on purchases in the first three months from account opening. * Annual Fee: \$795 * Why I Like It: If you’re a frequent traveler and can take advantage of its premium perks, the Chase Sapphire Reserve is well worth the higher annual fee. It offers even better earning rates on travel and dining than the Preferred, plus a $300 annual travel credit, a $500 annual credit for hotels booked through The Edit by Chase Travel (split into two bi-annual credits), Priority Pass Select lounge access, and entry to Sapphire lounges. I personally value lounge access highly, as it makes airport layovers much more comfortable.
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Sapphire Reserve for Business
* Welcome Offer: Earn 200,000 bonus points after spending $30,000 on purchases in the first three months from account opening. * Annual Fee: \$795 * Why I Like It: For business owners with significant travel expenses, the Sapphire Reserve for Business is a powerhouse. It earns 4 points per dollar on airfare and hotels booked directly, 3 points per dollar on social media and search engine advertising, and offers a $300 annual travel credit and a $500 credit for hotel bookings made through The Edit (split up into two bi-annual credits). I find this to be very lucrative for my travel and advertising needs for my side-hustle.
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Ink Business Preferred Credit Card
* Welcome Offer: Earn 90,000 bonus points after spending $8,000 on purchases in the first three months from account opening. * Annual Fee: \$95 * Why I Like It: This card is one of the best for small-business owners, offering 3 points per dollar 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. For my business, the bonus categories align perfectly with my operational expenses, making it a no-brainer.
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Ink Business Cash Credit Card
* Welcome Offer: Earn up to $750 cash back: $350 bonus cash back after spending $3,000 on purchases in the first three months and an additional $400 after spending $6,000 on purchases in the first six months from account opening. * Annual Fee: \$0 * Why I Like It: Even though it’s technically a cash-back card, the Ink Business Cash earns bonus rewards on valuable categories like gas stations, restaurants, office supply stores, and internet, cable, and phone services. The best part? There’s no annual fee. When paired with a card like the Sapphire Preferred or Sapphire Reserve, you can convert those cash-back rewards into Ultimate Rewards points and unlock even more value.
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Ink Business Unlimited Credit Card
* Welcome Offer: Earn $750 bonus cash back after spending $6,000 on purchases in the first three months from account opening. * Annual Fee: \$0 * Why I Like It: This card earns unlimited 1.5% cash-back rewards on every purchase, making it a great option for everyday spending in non-bonus categories. As with the Ink Business Cash, you can convert these rewards to Ultimate Rewards points if you have another card, essentially earning 1.5 points per dollar spent on all charges. I find this really useful.
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Chase Freedom Flex
* Welcome Bonus: Earn $200 cash back after spending $500 in the first three months of account opening. * Annual Fee: \$0 * Why I Like It: The Freedom Flex earns 5% cash back on select bonus categories that rotate every quarter (on up to $1,500 in combined spending; activation required). When combined with an Ultimate Rewards-earning card, you can convert those rewards into valuable points.
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Chase Freedom Unlimited
* Welcome Offer: Earn $200 cash back after spending $500 in the first three months of account opening. * Annual Fee: \$0 * Why I Like It: The Freedom Unlimited earns at least 1.5% cash back on all purchases, making it a solid choice for non-bonus category spending. Again, you can convert these earnings to Ultimate Rewards points if you have another eligible card.
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Understanding Expiration and Valuation
Before we dive into redemption, let’s cover a couple of important points: expiration and valuation.
Chase Ultimate Rewards points do not expire as long as you keep at least one card that earns Ultimate Rewards points open. If you cancel all of your cards, you must redeem or transfer your points before closing the last card, or you will forfeit them.
As mentioned earlier, we value Chase Ultimate Rewards points at 2.05 cents apiece. However, the actual value you get depends on how you redeem them. You’ll get the most value by transferring to travel partners, followed by booking travel through the Chase portal. Cash back and gift cards typically offer the lowest value.
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Strategic Redemption Strategies
Now for the fun part: redeeming your hard-earned points! You have three basic options:
* Fixed-Value, Non-Travel Redemptions: Cash back, gift cards, and Apple products. * Fixed-Value Chase Travel Bookings: Plane tickets, hotel stays, rental cars, cruises, and experiences booked through Chase Travel. * Transfers to Travel Partners: Transferring points to airline and hotel loyalty programs.
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Transferring to Travel Partners: Unlocking Maximum Value
In my experience, transferring Ultimate Rewards points to travel partners is almost always the most valuable redemption option. Chase offers 14 transfer partners, including 11 airlines and three hotel programs. All transfer ratios are 1:1 (though there are occasional transfer bonuses), and you must transfer points in 1,000-point increments.
Because most transfers are instantaneous, you can keep your Chase points in your Ultimate Rewards account until you are ready to transfer them, which provides excellent flexibility.
Some of my favorite transfer sweet spots include:
* World of Hyatt: Hyatt’s award chart is incredibly generous, allowing you to book luxurious hotels for a relatively small number of points. I’ve personally used Hyatt points to stay at Park Hyatt properties around the world, and the value I’ve received has been consistently outstanding. * Iberia: By transferring points to Iberia, you can often find incredible deals on flights to Madrid, especially in business class. I’ve booked round-trip business class flights to Europe for significantly fewer points than other airlines charge for a one-way ticket. * Air Canada Aeroplan: Aeroplan offers excellent options for short-haul flights within North America, especially to Canada. I’ve found flights from the U.S. to Canada for as little as 6,000 points one-way.
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Booking via Chase Travel: Convenience and Flexibility
Booking through Chase Travel can be a convenient option, especially if you want to use your points for a variety of travel expenses in one place. If you have the Chase Sapphire Preferred, or Ink Business Preferred card, you can redeem points through Chase Travel for 1.25 cents apiece. If you have the Chase Sapphire Reserve, your points are worth 1.5 cents each toward travel redemptions in the portal.
The increased redemption rates for the Sapphire Reserve and Sapphire Preferred are only until Oct. 26, 2027.
If you have multiple cards earning Chase Ultimate Rewards points, you can combine your points into the account with the highest value for Ultimate Rewards bookings. For example, rewards earned with the Chase Freedom Flex can be moved to your Ink Business Preferred account, thus increasing their value from 1 to 1.25 cents apiece.
Chase Travel is also a good option for car rentals, non-chain lodging, and situations where cash rates make transferring to travel partners a poor value.
The Edit by Chase Travel now lets you earn hotel points and elite benefits at select properties. Plus, booking through The Edit gives you access to additional perks like complimentary breakfast, room upgrades, late checkout, and an up to \$100 property credit.
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Fixed-Value, Non-Travel Redemptions: A Last Resort
Redeeming Chase Ultimate Rewards points for cash back, gift cards, or Apple products typically offers the lowest value, at a flat rate of 1 cent per point.
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.
I generally avoid these options unless I have a small number of points left over that aren’t enough for a travel redemption.
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Final Thoughts
Chase Ultimate Rewards is, without a doubt, one of the most valuable and versatile credit card rewards programs available. By understanding how to earn, redeem, and transfer these points strategically, you can unlock incredible travel experiences and save a significant amount of money.
Now go out there, start earning those points, and plan your next adventure! Happy travels!
