- Chase Ultimate Rewards® is Chase Bank’s loyalty program where eligible cardholders can earn and redeem points on their purchases.
- There are many ways to redeem Chase Ultimate Rewards® points, including travel through Chase Travel℠, statement credits, transferring to airline and hotel partners, and Chase Experiences.
- Cards like the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, and Ink Business Preferred® Credit Card have a higher redemption rate for travel through Chase Travel℠ than other cards.
- Points can be pooled together from different Chase card accounts for even more value.
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Chase Ultimate Rewards: All You Need to Know
Reviewed By
Blake Esken - Los Angeles Times
What is Chase Ultimate Rewards?
Chase Ultimate Rewards® is the premier loyalty program offered by Chase Bank that allows cardholders to earn and redeem points on their purchases. Through this program, cardholders have access to Chase Travel where they can redeem points for hotels, rental cars, flights, and more.
This extra-flexible program remains one of the best credit card loyalty programs, with high-value redemption options and great transfer partners.
Your Chase Ultimate Rewards® points are capable of more than you may realize, and some redemption options are a better deal than others. Additionally, some Chase credit cards offer higher redemption rates on travel than others.
We’ll break it down for you in this comprehensive guide to Chase Ultimate Rewards® to help you get the most out of your credit card.
Cards with higher Chase Travel℠ redemption value
Advertiser Disclosure
Limited Time Offer: Worth Up to $1,050
Chase Sapphire Preferred® Card
Annual Fee
$95
Welcome Offer
Ending Soon! 60,000 points + $300 travel credit
Regular APR
20.99% to 27.99% variable
Recommended Credit
Good/Excellent (690 - 850)
EARNING REWARDS
Earn 5X points on Chase Travel℠ purchases, 3X points on dining, online grocery purchases, and select streaming services, and 1X points on other purchases.
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Chase Sapphire Reserve®
Annual Fee
$550
Welcome Offer
60,000 points
Regular APR
21.99% to 28.99% variable
Recommended Credit
Excellent (740 - 850)
EARNING REWARDS
Earn 10X points on hotels and car rentals booked through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually, 10X points on Chase Dining purchases, 5X points on flights booked through Chase Travel, 3X points on non-Chase travel and dining, and 1X points on all non-bonus spending.
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Best for high-spending businesses
Ink Business Preferred® Credit Card
Annual Fee
$95
Welcome Offer
90,000 points
Regular APR
20.74% to 25.74% variable
Recommended Credit
Good/Excellent (690 - 850)
EARNING REWARDS
Earn 3 points per $1 on the first $150,000 spent in combined purchases in select categories each anniversary year, and earn 1 point per $1 on all other purchases.
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What are Chase Ultimate Rewards points worth?
The value of Chase Ultimate Rewards® points varies based on how they are redeemed. Generally, points are worth about 1 cent each when redeemed for cash back or gift cards.
However, points can be worth more when redeemed for travel through Chase Travel℠ or transferred to travel partners. For example, when using points for travel through Chase Travel, points are worth 1.25 cents each (25% more) with the Chase Sapphire Preferred® Card and 1.5 cents each (50% more) with the Chase Sapphire Reserve®.
▶︎ Learn more: Maximizing rewards with the Chase Trifecta
Do Chase Ultimate Rewards® points expire?
Chase Ultimate Rewards® points do not expire as long as your account remains open, in good standing and you have at least one Ultimate-Rewards-earning card open. If you close all of your accounts, any unused points will be forfeited.
Credit cards that earn Chase Ultimate Rewards®
Advertiser Disclosure
Chase Sapphire Preferred® Card
Up to 5X Reward Rate
Earn 5X points on Chase Travel℠ purchases, 3X points on dining, online grocery purchases, and select streaming services, and 1X points on other purchases.
Annual Fee
$95
Welcome Offer
Ending Soon! 60,000 points + $300 travel credit
Regular APR
20.99% to 27.99% variable
Recommended Credit
Good/Excellent (690 - 850)
Why we like it
The Chase Sapphire Preferred® Card is popular for its travel benefits and earning potential. Cardholders earn 5x points per dollar on travel purchased through Chase Travel℠, 3x points on dining, select streaming services, and online grocery purchases, 2x on other travel purchases, and 1x on all other purchases. Points are worth 1.25 cents each when redeemed for travel through Chase Travel. This card also has perks like a $50 annual hotel credit, a 10% anniversary point bonus, and various partner benefits.
Chase Sapphire Reserve®
Up to 10X Reward Rate
Earn 10X points on hotels and car rentals booked through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually, 10X points on Chase Dining purchases, 5X points on flights booked through Chase Travel, 3X points on non-Chase travel and dining, and 1X points on all non-bonus spending.
Annual Fee
$550
Welcome Offer
60,000 points
Regular APR
21.99% to 28.99% variable
Recommended Credit
Excellent (740 - 850)
Why we like it
The Chase Sapphire Reserve® is known for its premium travel perks. Cardholders can earn 10 points per dollar on hotels and car rentals booked through Chase Travel, 10x points on Chase Dining purchases, 5x on flights booked through Chase Travel, 3x on non-Chase travel and dining, and 1x on other purchases. One of the best perks the Sapphire Reserve offers is its $300 annual travel credit, but the catch is that cardholders won’t earn any points on travel until after that credit is fully spent; the first $300 spent on travel automatically goes toward it. Points earned on this card are worth 1.5 cents each when redeemed for travel through Chase Travel.
Ink Business Preferred® Credit Card
Up to 3X Reward Rate
Earn 3 points per $1 on the first $150,000 spent in combined purchases in select categories each anniversary year, and earn 1 point per $1 on all other purchases.
Annual Fee
$95
Welcome Offer
90,000 points
Regular APR
20.74% to 25.74% variable
Recommended Credit
Good/Excellent (690 - 850)
Why we like it
The Ink Business Preferred® Credit Card is tailored for business owners, offering 3x points on the first $150,000 spent in combined purchases on travel, shipping, internet, cable, phone services, and advertising purchases made with social media sites and search engines. After that $150,000, the reward rate goes down to 1 point per dollar. Plus, this is the only Chase Business Card with a higher redemption rate—points are worth 1.25 cents each when redeemed for travel through Chase Travel. To sweeten the deal, the welcome bonus is insanely valuable, worth $1,125 when redeemed through Chase Travel.
Chase Freedom Unlimited®
Up to 6.5% Reward Rate
Enjoy 6.5% cash back on travel purchased through Chase Travel℠, 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services, and 3% on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% cash back on all other purchases.
Annual Fee
$0
Welcome Offer
Up to $300 cash back
Regular APR
19.99%-28.74% variable
Recommended Credit
Good/Excellent (690 - 850)
Why we like it
The Chase Freedom Unlimited® offers a simple earning structure with 1.5% cash back on all purchases, 5% cash back on travel purchased through Chase Travel℠, and 3% cash back on drugstore purchases and dining at restaurants (incl. takeout and eligible delivery services). While points are worth 1 cent apiece when redeemed through Chase Travel, they can be transferred to other Chase Ultimate Rewards cards for higher redemption value. This card also comes loaded with a generous yet easily earned welcome bonus, a few partner benefits, and possibly the best of all—no annual fee.
Ink Business Cash® Credit Card
Up to 5% Reward Rate
Earn 5% cash back in select business categories (on up to $25,000 per account anniversary year) and earn 2% cash back at gas stations and restaurants (on up to $25,000 per account anniversary year). Earn 1% cash back on all other purchases.
Annual Fee
$0
Welcome Offer
Up to $750
Regular APR
17.99% to 23.99% variable
Recommended Credit
Good/Excellent (690 - 850)
Why we like it
The Ink Business Cash® Credit Card offers 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each year. Cardholders also earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants and 1% on all other purchases. Points earned on this card are only worth the standard 1 cent apiece through Chase Travel, but they can be pooled with a different card for more value. It also has a nice sign-up bonus, especially considering its lack of an annual fee.
Ink Business Unlimited® Credit Card
1.5% Reward Rate
Earn unlimited 1.5% cash back on all purchases made for your business.
Annual Fee
$0
Welcome Offer
Last Call! LTO: $900
Regular APR
17.99% to 23.99% variable
Recommended Credit
Good/Excellent (690 - 850)
Why we like it
For simplicity, the Ink Business Unlimited® Credit Card wins. It provides a straightforward 1.5% cash back on every purchase, so if your business purchases don’t fall into specific categories, this card can still give you solid rewards. Like other Chase cards, points can be transferred to another Chase Ultimate Rewards card for higher-value redemption options. This card also has no annual fee and it comes with an intro APR offer, so if you’re planning on making a large purchase, it can give you a brief respite before interest starts to accrue.
Options to redeem Ultimate Rewards points
1. Travel through Chase Travel℠
Value of this option: 1 to 1.5 cents
One of the best ways to redeem your points is through Chase Travel℠, especially if you have a travel credit card such as the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, or Ink Business Preferred® Credit Card.
- With the Sapphire Preferred or Ink Preferred, you can redeem your points at 25% more value, so 1.25 cents apiece.
- With the Sapphire Reserve, you can redeem your points at 50% more value or 1.5 cents apiece.
- Other cards, like the Chase Freedom Unlimited® and the Ink Business Cash® Credit Card, have a value of 1 cent per point when redeemed through Chase Travel.
2. Transfer partners
Value of this option: Variable, but highest potential
Chase has a solid list of airline and hotel transfer partners, and transferring your points to their loyalty programs can offer significant value. All points can be transferred at a 1:1 ratio to these partners, meaning if you transfer them to the right program, they can be worth over 2 cents apiece.
Airline partners:
- Aer Lingus
- Air Canada
- Air France-KLM
- British Airways
- Emirates
- Iberia
- JetBlue
- Singapore
- Southwest
- United
- Virgin Atlantic
Hotel partners:
- Hyatt
- InterContinental Hotels Group
- Marriott
3. Statement credits or cash back
Value of this option: 1 cent
Points can be redeemed for cash back (via statement credits or a direct deposit) at 1 cent per point, so 1,000 points are worth $10.
4. Gift cards
Value of this option: 1 cent
Gift cards are typically worth 1 cent a point, but you may be able to score a deal. Occasionally, Chase sells certain gift cards at a discount, boosting the overall value of your points.
5. Shop with Points
Value of this option: 0.8 cents
You can use your Chase Ultimate Rewards® points through Amazon to pay through the Shop with Points program. While this is convenient, it’s arguably the worst way to redeem your points as they’ll only be worth roughly 0.8 cents apiece.
6. Chase Dining
Value of this option: Variable
Chase Ultimate Rewards® points can be used to pay for dining experiences through Chase Dining. Through the website Tock, cardholders can use their Ultimate Rewards® points to make reservations, order takeout or pay for food orders.
This is a great option for Chase Sapphire Reserve cardholders, as this card offers a reward-earning rate of 10 points per dollar spent on Chase Dining.
7. Chase Experiences
Value of this option: Variable
Certain card members can redeem points for exclusive events through Chase Experiences. These events can range from private dinners at unique locations with high-end chefs to luxury travel packages.
For example, Chase Sapphire Reserve cardholders could buy tickets to the exclusive “Dinner on the Court” series—a unique dining experience held on the court of San Francisco’s Chase Center (home of the NBA’s Golden State Warriors).
Best ways to use your Ultimate Rewards points
There’s no “best” way to use your Chase Ultimate Rewards® points since the best option will depend on your lifestyle and the card you have.
However, these are the three options that will likely get you the most bang for your buck:
- Transferring to select travel partners. Some of Chase’s travel partners have valuable points through their loyalty programs, so transferring points at a 1:1 ratio can be very beneficial. For example, Hyatt points are worth upwards of 1.7 cents each, meaning 10,000 Ultimate Rewards® points can be worth $170.
- Booking travel through Chase Travel℠. If you have the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, or Ink Business Preferred® Credit Card, you can redeem your points for significant value through Chase Travel. Rather than the standard 1 cent per point, they’ll be worth 1.25 cents each on the Sapphire Preferred or Ink Business Preferred and 1.5 cents each on the Sapphire Reserve.
- Gift cards, sometimes. If you can catch a good discount on a gift card through Chase, your points could be worth decently more than the standard 1-cent value.
That said, redeeming for statement credits, Chase Experiences or Chase Dining isn’t a bad deal if they strike your fancy. We don’t recommend the Shop with Points option through Amazon, since your points would be worth less than 0.8 cents each.
Chase Ultimate Rewards: FAQ
What is the best way to use your Chase Ultimate Rewards points?
The best way to use Chase Ultimate Rewards points depends on your lifestyle. You’ll get the most value from transferring to select travel partners or redeeming through Chase Travel on certain cards. You can also redeem points for statement credits or gift cards at a decent rate.
How much are 50,000 Chase points worth?
It depends on how you choose to redeem your points and which card you have. If you redeem for cash back, 50,000 points are worth $500. They can be worth significantly more through Chase Travel if you have certain credit cards like the Chase Sapphire Reserve or Chase Sapphire Preferred. They can also be worth more if transferred to certain travel partners.
Is Chase Ultimate Rewards a good program?
Chase Ultimate Rewards is one of the best credit card programs out there, offering high-value redemption options. Cardholders can redeem points through various travel partners for significant value but can also redeem points for statement credits or travel through Chase Travel at a solid rate.
How do I get 10X points on Chase Ultimate Rewards?
If you have the Chase Sapphire Reserve card, you can earn 10X points on hotels and rental cars booked through Chase Travel, 10X points on Chase Dining purchases, and 10X points on qualifying Lyft rides and eligible Peloton purchases through March 2025.
How do I access Chase Ultimate Rewards?
To access Chase Ultimate Rewards, log into your Chase account and then navigate to the Chase Ultimate Rewards® tab on the right side of the screen. Select your card and you’ll be brought to a homepage that shows how many points you have and options to redeem them.
Which airlines are part of Chase Ultimate Rewards?
Chase has 11 airline partners: Aer Lingus, Air Canada, Air France-KLM, British Airways, Emirates, Iberia, JetBlue, Singapore, Southwest, United, and Virgin Atlantic.
How much are Chase points worth?
Chase Ultimate Rewards® points vary in value depending on how you redeem them and which card you have. Cash-back is worth 1 cent per point and redeeming for travel through Chase can be worth up to 1.5 cents apiece. If you transfer your points to one of Chase’s travel partners, they may be worth even more.
Which credit cards earn Chase Ultimate Rewards?
All of Chase’s reward-earning cards earn Ultimate Rewards points, even the ones that market themselves as cash-back cards. Depending on the card you have, these points may have different values. Co-branded cards with hotels or airlines (like United or Southwest cards) don’t earn Ultimate Rewards points and instead earn rewards with the partner’s loyalty program.
About the Author
Jaiden Hart serves as a credit card writer and content manager at LA Times Compare. Beginning her career as an intern on the Compare team, she has since amassed considerable expertise and passion in the credit card industry.
Jaiden’s primary objective is to simplify the process of choosing and managing a credit card through engaging and honest content so individuals can more effectively maximize their benefits and meet their financial goals.
About the Reviewer
Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.
As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.
He has a strong background in data analysis, compliance, and communication, which allows him to support LA Times Compare through fact-checking in an effort to provide up-to-date and factual information across our content.
* Opinions expressed here are those of LA Times Compare and have not been reviewed or approved by any advertiser or entities included within this content. See our editorial policy for more details.
All products or services are presented in this content without warranty. The information, including card details such as rates and fees, is accurate at the time of publication. Please visit each bank's website directly for the most current information.