Have you ever wondered how valuable Chase Ultimate Rewards points are? Whereas other rewards programs you can only use their miles/points on certain/select incentives, Chase UR points can be used for pretty much anything! You’re able to cash out your points, book travel directly, transfer points to several hotel and airline partners, and more! See below on more info regarding Chase Ultimate Rewards.
How to Use Your Chase Ultimate Rewards
When you decide to use your Chase Ultimate Rewards points, it can be redeemed in many different ways. Whether you take the simple route such as converting your UR points into gift cards or statement credits (we can call this “cash equivalents”) or take it further and use it for travel.
Converting Chase Ultimate Rewards to Cash Equivalents
When taking this route, Chase Ultimate Rewards points can be converted into cash at a 1:1 ratio meaning 1 cent per point. There are three “cash equivalents”:
- Gift Cards – Fore example, if you decide to convert your UR points in the form of a gift card, a $100 gift card are worth 10,000 points, whereas points are worth a 1 cent each. This is a perk as Chase will not short you, so a $15 gift card will be worth 1,500 points. You’ll earn the equivalent regardless of what amount tier you choose. Some gift cards can be redeemed for as low as $5.
- Statement Credit – This open is listed as “Get cash back” in the menu. If you do not choose to redeem your rewards for gift cards, you can redeem it as statement credit or have it deposited into your checking/savings account. With this method, your points are still a 1:1 ratio, meaning 1 point = 1 cent.
- Shop on Amazon – Amazon conversion rates may vary, but generally it’s slightly less than 0.80 cents per point. The perk here is that you’re able to pay fractionally (and not in $15 increments – the lowest Amazon gift card option available). Tip: If I were you, I would just get an Amazon Gift Card or even use your existing one and simply reload it so you aren’t giving up 20% of its value. Just get a gift card and load your Amazon.com gift card balance so you aren’t giving up 20% of its value.
- Apple purchases: Redeem points for Apple merchandise through the Chase Ultimate Rewards® portal. Redemptions are for a penny per point. But Chase called that rate “a special limited time offer” when it was announced as a new redemption option in November 2018. Chase did not say what the redemption rate would be after the offer expired.
What I’ve discovered about Chase Ultimate Rewards is that they do not tamper around with their consumers rewards. Conversion rates for gift cards do not change based on the face value of the card and they do not make statement credits “expensive.” Also, they do not force you to a statement credit when a deposit to your account is all the same. But now, you’ll see how you can turn that 1 cent per 1 point ratio into a better ratio and get more than just 1 cent per point.
Converting Chase Ultimate Rewards on Travel
If you didn’t know, the Chase Ultimate Rewards program is about travel, so it may be ideal that the best use of your points is actually directed to travel. Now, there are two ways you can redeem your points on travel:
- Transfer points to an airline or hotel partner via their own rewards program(s)
- Book via Chase’s Ultimate Rewards travel portal directly for car rentals, cruises, flights, & hotels
Transferring Points to Partners
With more than 10+ airline and hotel rewards programs that Chase has partnered with, you’re able to transfer your points over. When you transfer your Ultimate Rewards (UR) points over to these partners, you’re able to book your travel on these partners’ portals/website.
Here is the current list of travel partners which include:
- Aer Lingus AerClub
- British Airways Executive Club
- Flying Blue AIR FRANCE KLM
- Iberia Plus
- Korean Air SKYPASS
- Singapore Airlines KrisFlyer
- Southwest Airlines Rapid Rewards
- United MileagePlus
- Virgin Atlantic Flying Club
- IHG Rewards Club
- Marriott Rewards
- The Ritz-Carlton Rewards
- World of Hyatt
You’ll receive a simple 1:1 ratio conversion rate transfer with no fee involved and this is one-way (meaning you cannot transfer these points back to Chase UR points). Now keep in mind that this rule means that the receiving party is owned by you or a person listed as an authorized user on the account. If this rule is violated (selling points to someone else per say), you might be forced to forfeit the points and/or have your account closed. We do not recommend this or tampering around.
My preferred airline is Southwest Airlines – we’ll value the Southwest Rapid Rewards Points at approximiately 1.6 cents per point, so in turn, you’re receiving a solid 60% more per point in comparison to redeeming your points for a “cash equivalent.” Keep in mind that points converted from Chase UR to Southwest does not count towards Southwest’s Companion Pass. Note: transfers may take up to a week, but in most cases, it’s near instant.
The Southwest Rapid Rewards® Plus Credit Card offers 50,000 bonus points after spending $1,000 on purchases in the first 3 months from account opening. You'll also earn 3,000 bonus points after your Cardmember anniversary each year. You'll earn: • Earn 2X points on Southwest purchases. • Earn 2X points on local transit and commuting, including rideshare. • Earn 2X points on internet, cable, phone services, and select streaming. You're able to redeem your your points for flights, hotel stays, gift cards, access to events & more! This card does carry a $69 annual fee. |
The Southwest Rapid Rewards® Premier Credit Card offers 85,000 bonus points after spending $3,000 on purchases in the first 3 months from account opening. In addition, you'll earn 6,000 bonus points after your Cardmember anniversary each year. You'll earn: • Earn 3X points on Southwest purchases. • Earn 2X points on local transit and commuting, including rideshare. • Earn 2X points on internet, cable, phone services, and select streaming. You're able to redeem your points for flights, hotel stays, gift cards, access to events and more. This card does carry a $99 annual fee, but there are no foreign transaction fee. |
If you want it to take it a step further, you can “daisy-chain” your UR points if you’re aware of the relationships. In a given example, you can transfer your UR points to Korean Air SKYPASS (now keep in mind you can’t transfer UR points to Delta or KLM). Delta, KLM, & Korean Air are all a part of the SkyTeam Alliance, so you can redeem those SKYPASS Miles on any of the SkyTeam Alliance airlines. This means that you can indirectly transfer your Chase Ultimate Rewards points to Delta & KLM.
Booking Travel via Chase Ultimate Rewards Portal
Depending on the card you have, you can get a bonus on your “spending.” See “Best Cards To Earn Chase Ultimate Rewards” below. With the Chase Sapphire Reserve Card, you’re offered 50% more (1.5 point valuation). With the Chase Sapphire Preferred Card & Ink Business Preferred Card, you’re offered 25% more (1.25 point valuation). Everyone else will receive the regular pricing via the portal.
So as stated, you’re able to get a better value for each point than you would if you were to redeem your UR points for statement credit or a gift card, however you are limited by the travel tool (does not include as many vendor options as some other travel search tools).
For example, the flight I looked up is one we take all the time. Baltimore International Airport (BWI) to Islip Airport (ISP) on Long Island is a frequent flight on Southwest. I looked up that exact flight and it’s $109 each way (total is $217.95 after taxes/fees). Southwest is rarely on the search aggregators but that’s an example of the limitations of Chase’s search functionality. You can only book what they have, which may not be the best price.
Book Experiences via Chase Ultimate Rewards
You’re also able to book experiences with your Chase UR points. Chase UR Experiences are VIP experiences that include culinary events, entertainment, sports, etc! However, these are generally available at 1 cent per point. Do keep in mind that some events are available to certain card-members. For example, event ABC may be only available to only Chase Sapphire Preferred cardholders, whereas event DEF may only be available to Chase Ink Preferred cardholders, etc. These fall in a category known as Chase Preferred Experiences.
Best Cards To Earn Chase Ultimate Rewards
Below is a variety of Chase cards that accumulate Chase Ultimate Rewards points:
The Chase Freedom FlexSM offers a $150 bonus after you spend $500 on purchases in your first 3 months from account opening. 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.24% - 27.99%. You'll earn: • Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! • 5% cash back on travel purchased through Chase Travel℠, 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 • Unlimited 1% cash back on all other purchases You cash back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back. This card has no annual fee. |
The Chase Freedom Unlimited® Card offers: INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back! Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.99% - 28.74%. In addition, you can earn: • 6.5% 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 • 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service • 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 TravelSM, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases. There is no minimum to redeem for cash back & your cash back rewards do not expire as long as your account is open. This card comes with no annual fee and you'll get a free credit score that is updated weekly with Credit JourneySM. Member FDIC |
The Chase Sapphire Preferred® Card offers up to $1,050 in Chase TravelSM value. Earn 60,000 bonus points after $4,000 in purchases in your first 3 months from account opening. That's worth $750 when redeemed through Chase Travel. Plus, get up to $300 in statement credits on Chase Travel purchases within your first year. You'll earn: • 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 • $50 Annual Chase Travel Hotel Credit • Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027. Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase TravelSM This card carries a $95 annual fee. |
The Chase Sapphire Reserve offers 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase TravelSM. You'll earn • 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel immediately after the first $300 is spent on travel purchases annually. • 3x points on other travel and dining • 1 point per $1 spent on all other purchases • Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027. Get 50% more value when you redeem your points for travel through Chase Travel. This card does carry a $550 annual fee and there are no foreign transaction fees. However, you're able to earn a $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year & up to $100 application fee credit for Global Entry or TSA Pre✓®. Member FDIC |
The Ink Business Preferred® Credit Card offers 90,000 bonus points after you spend $8,000 on purchases in the first 3 months from account opening. That's $900 cash back or $1,125 toward travel when redeemed through Chase TravelSM. You'll earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year; 1 point per $1 on all other purchases - with no limit to the amount you can earn. Furthermore, points are worth 25% more when you redeem for travel through Chase TravelSM. This card does come with a $95 annual fee but does not have any foreign transaction fees. |
The Ink Business Cash® Credit Card offers $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening. You'll 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 • 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year • 1% cash back on all other card purchases with no limit to the amount you can earn. This card comes with no annual fee. You'll be able to take advantage of employee cards at no additional cost. |
As you compare these cards to one another, each card is different and for different types of spenders.
Author’s Verdict
Now that you’re more familiar with Chase’s Ultimate Rewards Program, you can see that Chase offers quite generous rewards for applying and it’s definitely a great system. Let us know in the comment section below which card you have, prefer, and why! For more of what Chase has to offer, see our list of the latest Chase Bank Promotions & the Best Chase Credit Card Offers.
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