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 Rewards 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 Chase Ultimate Rewards points 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 2025 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 three 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 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. 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 75,000 bonus points after spending $5,000 on purchases in the first three months of account opening.

This is the standard welcome offer, worth $1,538 based on our June 2025 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.

To learn more, check out our full review of the Chase Sapphire Preferred

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Apply here: Chase Sapphire Preferred® Card

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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.

The welcome offer is worth $2,550, according to TPG’s June 2025 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 bi-annual credits), Priority Pass Select lounge access and entry to the growing list of new Sapphire lounges.

To learn more, check out our full review of the Chase Sapphire Reserve.

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Apply here: Chase Sapphire Reserve®

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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.

This offer is worth an astounding $4,100 based on TPG’s June 2025 valuation.

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 on airfare and hotels booked direct, 3 points per dollar on social media and search engine advertising, a $300 annual travel credit and a $500 credit for hotel bookings made through The Edit (split up into two bi-annual credits).

Learn more: Who should get the Chase Sapphire Reserve for Business card?

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Apply here: Sapphire Reserve for Business

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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.

This welcome offer is worth $1,845 according to TPG’s June 2025 valuation.

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 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.

To learn more, check out our full review of the Ink Business Preferred

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Apply here: Ink Business Preferred® Credit Card

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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 you want it: The Ink Business Cash® Credit Card (see rates and fees) earns bonus cash back on categories like gas stations, restaurants, office supply stores and internet, cable and phone services. Cardholders are subject to a $25,000 cap each year on combined purchases at restaurants and gas stations and 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 three rewards cards mentioned above.

To learn more, check out our full review of the Ink Business Cash

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Apply here: Ink Business Cash® Credit Card

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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 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 Chase Ultimate Rewards points if you have one of the 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, check out our full review of the Ink Business Unlimited

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Apply here: Ink Business Unlimited® Credit Card

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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 you want it: The Chase Freedom Flex® (see rates and fees) earns 5% cash back on select bonus categories that rotate every quarter (on up to $1,500 in combined spending; activation required). You can convert these rewards to valuable Chase Ultimate Rewards points if you also have a points-earning credit card.

To learn more, check out our full review of the Freedom Flex

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Apply here: Chase Freedom Flex®

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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 you want it: The Chase Freedom Unlimited® Chase Freedom Unlimited® 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 points-earning cards listed above.

To learn more, check out our full review of the Freedom Unlimited

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Apply here: Chase Freedom Unlimited®

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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 June 2025 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. For example, Ultimate Rewards points are worth up to 2 cents per point when booking eligible travel through Chase Travel, depending on the card and the specific redemption (see your rewards program agreement for full details).

Starting Oct. 26, 2027, points earned on the Sapphire Reserve and Sapphire Preferred will only be redeemable at a rate of 1 cent per point for purchases not eligible for Points Boost. Cardholders who applied prior to June 23 will continue to have the option to redeem for 1.5 cents per point if they hold the Sapphire Reserve and 1.25 cents per point if they hold the Sapphire Preferred until then.

If you have a Chase business card that offers elevated redemption rates for Chase Travel, your redemption rates are staying the same.

You’ll also have access to Chase Pay Yourself Back as a cardholder of any of the above cards, and there are occasionally offers to redeem Chase points for merchandise or gift cards at an enhanced value.

Finally, Chase points are worth 1 cent apiece if used for simple cash back.

How to redeem Chase Ultimate Rewards points

When redeeming Chase Ultimate Rewards points, you have three basic options:

• Fixed-value, non-travel redemptions (e.g., cash back, gift cards and Apple products)
• Fixed-value Chase Travel bookings
• Transfers to travel partners

The “best” option depends on your travel 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 for redeeming Chase credit card rewards.

Transfer to travel partners

Chase Ultimate Rewards 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.

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: 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 and the Park Hyatt London River Thames, for 25,000 points per night during off-peak dates. Since these hotels routinely sell for close to $1,000, you can easily get at least 4 cents per point. There’s also great value at the lower end of the Hyatt award chart. Category 1 hotels range from 3,500 to 6,500 points per night, depending on peak, standard and off-peak pricing.
• 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 Club Iberia Plus (formerly known as Iberia Plus). Considering that most airlines charge at least 60,000 miles for a one-way business-class award to Europe, you’re essentially getting a 50% 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.

As a Chase Sapphire Preferred or Ink Business Preferred cardholder, 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. As a reminder, the increased redemption rates for the Sapphire Reserve and Sapphire Preferred are only until Oct. 26, 2027.

However, 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 Ultimate Rewards bookings. For example, your 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. This is a generous offer from a credit card program.

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 from a Sapphire Reserve account to fly from Newark Liberty International Airport (EWR) to Fort Lauderdale-Hollywood International Airport (FLL) isn’t too shabby.

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 even 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 earn hotel points and elite benefits at select properties. This allows you to double dip, earning rewards through the hotel program and bonus Chase Ultimate Rewards points. 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.

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. Be sure to check out our article on the current Chase Pay Yourself Back 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.