Imagine turning your weekly grocery run, your next dinner out, or even your cell phone bill into a ticket for a luxury vacation. 

That is the power of the Chase Ultimate Rewards program. 

With multiple credit cards that fit different spending styles, a valuable list of airline and hotel transfer partners, and unique perks like Pay Yourself Back, Chase points continue to stand out. 

With the right strategy, these points can unlock Business Class flights to Europe, five-star hotel stays, or simple cash savings on everyday expenses.

In this Chase Ultimate Rewards guide, we will break down exactly how the program works, how you can start earning points faster, and the smartest ways to redeem them for maximum value. 

Whether your goal is saving money on family travel or finally booking that bucket-list trip, Chase points give you the flexibility and options to make it happen.

By the end of this guide, you will know how to earn, redeem, and maximize your points – and be ready to start planning your next trip.

What Are Chase Ultimate Rewards

At its core, Chase Ultimate Rewards is a flexible credit card rewards program that lets you earn points on everyday purchases and redeem them for travel, cash back, gift cards, and more. 

Unlike traditional cash-back rewards, Ultimate Rewards points can be transferred to a wide range of airline and hotel partners, often unlocking far more value.

How does Chase Ultimate Rewards work? 

To earn points, you need to hold a Chase credit card that participates in the program. 

As soon as you are approved for a card like the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, or one of the Ink Business cards, you are automatically enrolled. Your points then accumulate in your Ultimate Rewards account each time you make a purchase.

What makes the program unique is flexibility. You can:

• Use points at a fixed value for cash back or gift cards.
• Book travel through the Chase Travel℠ portal at an elevated rate (up to 1.5 cents per point with certain cards).
• Transfer points to airline and hotel partners at a 1:1 ratio, where they can often be worth 2 cents or more each.

With this combination of easy earning and high-value redemption options, Chase Ultimate Rewards has become a favorite for both beginners and experienced travelers. 

The program rewards everything from a quick coffee run to major business expenses, and the points you earn can help you stretch your travel budget much further.

Which Credit Cards Earn Chase Ultimate Rewards Points

To start earning Chase Ultimate Rewards points, you will need a Chase credit card that participates in the program. Each card has its own strengths, bonus categories, and annual fees, so the best choice depends on your spending habits and travel goals.

Chase divides its Ultimate Rewards cards into two groups:

Premium Travel Cards

These cards unlock the full value of the program, including the ability to transfer points to airline and hotel partners.

• Chase Sapphire Preferred® Card. A popular choice for beginners, this card earns bonus points on travel and dining, offers strong travel protections, and allows points to be redeemed at 1.25 cents each in the Chase Travel portal.
• Chase Sapphire Reserve®. A premium option with higher earning rates on travel and dining, Priority Pass lounge access, and points worth 1.5 cents each through the Chase Travel portal. While the $795 annual fee is steep, the benefits can outweigh the cost for frequent travelers.
• Ink Business Preferred® Credit Card. Designed for small business owners, this card earns 3x points on categories like travel, shipping, internet, and advertising. It also provides full access to transfer partners, making it one of the most powerful business cards available.
• Chase Sapphire Reserve for Business℠. A newer addition that combines business spending categories with premium travel perks, including an annual $300 travel credit.

No-Annual-Fee Cards

These cards are technically marketed as cash-back products, but when paired with a premium card, their rewards can be converted into full-value Ultimate Rewards points.

• Chase Freedom Flex℠. Earns 5% back on rotating quarterly categories (up to $1,500 in purchases per quarter) plus bonus rewards on dining and travel.
• Chase Freedom Unlimited®. A simple, flexible option that earns at least 1.5% back on every purchase, with no cap.
• Ink Business Cash® Credit Card. Earns bonus rewards at office supply stores, gas stations, and restaurants, up to $25,000 per year in combined purchases.
• Ink Business Unlimited® Credit Card. A flat-rate business card that earns 1.5% back on every purchase with no annual fee.

The Card Pairing Strategy

One of the smartest ways to maximize Chase points is to combine no-annual-fee cards with a premium card. 

For example, you can earn 5% back on groceries with the Chase Freedom Flex℠, then move those points to a Chase Sapphire Preferred® Card or Chase Sapphire Reserve® account. Once transferred, those points gain access to travel partners or the portal redemption boost, effectively doubling or tripling their value.

With this mix of personal and business cards, Chase offers a solution for almost every type of spender – from casual earners to frequent travelers to small business owners.

How To Earn Chase Ultimate Rewards Points

Earning Chase Ultimate Rewards points is not just about swiping your card. Chase has built in multiple ways to help cardholders grow balances faster, from large welcome bonuses to hidden opportunities like online shopping and referral programs. 

When you combine several strategies, points can accumulate much more quickly than you might expect.

Welcome Bonuses

The fastest way to build a balance is through welcome offers, which often range from 20,000 to 125,000 points depending on the card.

• For example, the Chase Sapphire Preferred® Card frequently offers 60,000 – 75,000 points after $4,000 in spending. That bonus alone can cover a round-trip flight to Europe in Economy Class or multiple nights at a World of Hyatt hotel.
• Premium business cards like the Ink Business Preferred® Credit Card can earn up to 90,000 points with an $8,000 spend, which is enough for several domestic round-trip flights.

TPA Pro Tip: Earning a single welcome bonus can feel like a “jump-start” because it is equivalent to years of organic spending. Always make sure you can meet the spending requirement comfortably before applying.

Bonus Spending Categories

Each Chase credit card has categories where it earns extra points. Using the right card for the right expense is key:

• Chase Sapphire Preferred® Card: 3x on dining and 2x on travel.
• Chase Sapphire Reserve®: 3x on dining and travel, plus 10x on hotels and car rentals booked through Chase Travel℠.
• Chase Freedom Flex℠: 5% back (5x points) on rotating quarterly categories like groceries, gas, or online shopping.
• Ink Business Preferred® Credit Card: 3x on travel, shipping, internet, phone, and social media advertising (up to $150,000 per year).

By spreading purchases strategically, you can easily turn everyday spending into accelerated rewards.

Shop Through Chase Portal

One of the most overlooked earning opportunities is the Shop Through Chase portal.

• It functions like an online shopping mall, offering 1x to 25x points per dollar at over 200 retailers.
• Examples:
  • Best Buy: often 1x – 5x bonus points per dollar.
  • Magazines.com: as high as 25x points.
  • Restaurants.com: up to 20x points.
• These bonus earnings stack on top of your card’s normal rewards.

Example: If you spend $200 at Nike through the portal at 10x, you earn 2,000 points plus the base earning from your card.

Book Travel Through Chase Travel℠

Booking directly through the Chase Travel portal is another way to boost your earnings.

• Chase Sapphire Preferred® Card: 5x points on all travel booked through the portal.
• Chase Sapphire Reserve®: 5x on flights and 10x on hotels and rental cars through the portal.
• Ink Business Preferred® Credit Card: 3x points on all travel.

TPA Pro Tip: While flights booked through the portal usually earn frequent flyer miles (since Chase issues them as cash tickets), hotels often do not honor elite benefits or award points when booked this way.

Refer-A-Friend

Chase allows you to earn points by referring friends and family.

• You can generate a referral link on the Chase website for each eligible card.
• Bonuses typically range from 10,000 to 20,000 points per referral, capped around 100,000 points per year per card.

Combine Personal And Business Cards

If you qualify for business cards, you can expand your earning potential.

• Use an Ink Business Preferred® Credit Card for advertising or shipping expenses.
• Use a Chase Sapphire credit card for travel and dining.
• Pool all points into a single premium card account, which unlocks full value through transfer partners or portal redemptions.

This approach lets you maximize points on categories that overlap between personal and professional spending.

Everyday Earning Strategy In Action

Here is an example of how a family might earn points in a single month with the right mix of cards:

• $500 groceries on the Chase Freedom Flex℠ (5x quarterly category) = 2,500 points
• $300 dining on the Chase Sapphire Preferred® Card (3x) = 900 points
• $200 business shipping on the Ink Business Preferred® Credit Card (3x) = 600 points
• $150 Amazon purchase through Shop Through Chase (5x offer) = 750 points
• $1,000 general spending on the Chase Freedom Unlimited® (1.5x) = 1,500 points

Total: 6,250 points in one month – without even counting welcome bonuses or referrals.

What Are Chase Ultimate Rewards Points Worth

The value of Chase Ultimate Rewards points depends on how you redeem them. While they always have a baseline value of 1.00 cent each, savvy travelers can often get 2.00 cents or more by transferring to partners or booking premium travel. 

Here is a breakdown of the most common redemption paths.

Baseline Value

At the simplest level, every Chase point is worth at least 1.00 cent. This applies when redeeming for cash back, gift cards, or even shopping at Amazon.

• Redeeming 10,000 points will give you $100 in cash back or statement credits.
• This option is straightforward but provides the lowest return compared to travel redemptions.

Boosted Value Through Chase Travel℠

When you hold a premium Chase card, your points become more valuable in the Chase Travel portal. This is often the easiest way to get more than 1.00 cent per point without learning airline or hotel loyalty programs.

• Chase Sapphire Preferred® Card & Ink Business Preferred®Credit Card: Points are worth 1.25 cents each.
• Chase Sapphire Reserve®: Points are worth 1.50 cents each.

Example: A $600 flight would cost 48,000 points with a Chase Sapphire Preferred® Card but only 40,000 points with a Chase Sapphire Reserve®.

Maximum Value: Transferring To Travel Partners

The highest potential value comes from transferring points to the Chase airline and hotel partners. Transfers are always 1:1, and in many cases you can stretch your points far beyond what you would get in the portal.

• The Points Analyst currently values Chase Ultimate Rewards points at 2.00 cents per point (as of Q3 2025)
• Premium redemptions can push values as high as 4.0 – 8.0 cents per point.

Examples:

• World of Hyatt: Park Hyatt Maldives for 25,000 points per night (worth $1,000+ cash = ~4.0 cents per point).
• Iberia Business Class: Round-trip New York City (JFK) to Madrid (MAD) for 81,000 points, often a $3,000+ ticket (~3.7 cents per point).
• Aeroplan Short-Hauls: New York City (EWR) to Toronto (YYZ) for fewer than 6,000 points (~2.0 – 3.0 cents per point).

Redemption Options Explained: Best To Worst

Once you have earned Chase Ultimate Rewards points, the next step is deciding how to use them. While every option has its place, some redemptions stretch your points much further than others. 

Here is a breakdown of the best and worst ways to redeem.

Transfer To Travel Partners (Best Value)

For travelers, the most valuable option is transferring points to the Chase airline and hotel partners at a 1:1 ratio. Transfers are usually instant and open the door to luxury flights and high-end hotels that would otherwise cost thousands in cash.

• Best Airline Partners: Air Canada Aeroplan, Air France-KLM Flying Blue, British Airways Executive Club, and Virgin Atlantic Flying Club.
• Best Hotel Partner: World of Hyatt, which offers some of the highest value in the entire industry.
• Example: 25,000 points can cover a night at a luxury Park Hyatt property that might cost $1,000 in cash, giving you a redemption value of 4 cents per point.

Book Travel Through Chase Travel℠ Portal (Strong Value)

The Chase Travel portal lets you redeem points like cash for flights, hotels, rental cars, and activities. If you have a premium card, your points are worth more than 1.00 cent each.

• Chase Sapphire Preferred® Card & Ink Business Preferred®Credit Card: Points = 1.25¢ each.
• Chase Sapphire Reserve®: Points = 1.5¢ each.
• Example: A $600 flight costs 48,000 points with the Chase Sapphire Preferred® Card or 40,000 points with the Chase Sapphire Reserve®.

This option is best for cheap flights and hotels where transferring to partners does not make sense. Another benefit: flights booked through Chase Travel usually still earn airline miles and elite credit.

Pay Yourself Back (Situational Value)

The Chase Pay Yourself Back feature allows you to use points as statement credits against select categories, such as groceries, dining, or home improvement.

• Redemption rates range from 1.0 cents to 1.5 cents per point, depending on your card.
• Categories rotate every few months, so value depends on timing.
• This is useful when you want flexibility but still want more than the baseline 1.0 cents per point.

Gift Cards (Average Value)

Chase lets you redeem points for gift cards at a flat rate of 1.0 cents per point, with occasional promotions offering 10 – 20% discounts.

• Example: A $25 Starbucks gift card might cost only 2,250 points during a promotion.
• While convenient, this is rarely the best use of your points compared to travel redemptions.

Cash Back (Basic Value)

You can redeem points as cash back, either as a statement credit or direct deposit into your bank account.

• Value is fixed at 1.00 cents per point.
• Simple and flexible but leaves a lot of value on the table compared to travel redemptions.

Shopping With Partners (Worst Value)

Chase also lets you use points for purchases at Amazon.com or through the Apple Ultimate Rewards store.

• Amazon redemptions usually give you only 0.8 cents per point, making this one of the lowest-value options.
• Apple purchases are redeemed at 1.0 cents per point, which is no better than cash back.

Unless you catch a rare promotion, these should generally be avoided.

Chase Transfer Partners

One of the strongest features of Chase Ultimate Rewards is the ability to transfer points to a variety of airline and hotel loyalty programs. 

Transfers are always 1:1, meaning 1 Chase point becomes 1 airline mile or 1 hotel point. With the right partner, this can unlock luxury travel worth far more than the baseline value of 1.00 cent per point.

Airline Transfer Partners

Chase has 11 airline partners, covering all three major alliances plus independent carriers. Most transfers are instant, though a few take 24 – 48 hours.

Chase Airline Partners:

• Aer Lingus AerClub
• Air Canada Aeroplan
• Air France-KLM Flying Blue
• British Airways Executive Club
• Emirates Skywards (ending October 15, 2025)
• Iberia Plus
• JetBlue TrueBlue
• Singapore Airlines KrisFlyer
• Southwest Airlines Rapid Rewards
• United Airlines MileagePlus
• Virgin Atlantic Flying Club

Sweet Spot Examples:

• Iberia Plus: Fly round-trip from New York City (JFK), Boston (BOS), or Chicago (ORD) to Madrid (MAD) in Business Class for just 81,000 Avios miles.
• Virgin Atlantic Flying Club: Redeem for Delta One Business Class flights between the U.S. and Europe for as little as 50,000 points one-way.
• Air Canada Aeroplan: Short-haul flights within North America for under 10,000 points one-way.

Hotel Transfer Partners

Chase offers three hotel transfer partners, but not all are equally valuable. Most transfers are instant, though a few take 24 – 48 hours.

Chase Hotel Partners:

• World of Hyatt
• Marriott Bonvoy
• IHG One Rewards

Sweet Spot Example:

• World of Hyatt: Stay at a luxury Park Hyatt for 25,000 points per night, where cash rates are often $800 – $1,000+. That means each point is worth 3.0 – 4.0 cents, well above average.

Partner Transfer Notes

• Transfers must be made in 1,000-point increments.
• Once points are transferred, the process is irreversible.
• In most cases, you can transfer to authorized users or household members.
• Some transfers may take up to a few days, but most are instant or near-instant.

TPA Pro Tip: Always check for award space availability in your chosen program before transferring points. Once points leave Chase, they cannot be moved back. If there is no award space on the flights or hotels you want, your points could end up stuck in a program where they are worth less.

Transfer Bonuses

One of the biggest advantages of Chase Ultimate Rewards over other programs is the frequency of transfer bonuses. Chase regularly offers promotions that give you an extra 20% to 40% (sometimes even more) when moving points to specific partners.

For example:

• A 30% bonus to Virgin Atlantic Flying Club lowers the effective cost of booking Delta One Business Class between the U.S. and Europe from 50,000 points to just 39,000 Chase Ultimate Rewards points one-way.
• A 25% bonus to Air France-KLM Flying Blue means a 40,000-point Premium Economy Class flight to Europe effectively costs only 32,000 Chase points.

TPA Pro Tip: Always check current transfer bonus promotions before booking. A well-timed transfer can stretch your Ultimate Rewards balance significantly further.

Chase Ultimate Rewards vs Other Programs

Chase Ultimate Rewards points are among the most valuable travel currencies, but they are not the only game in town. American Express, Capital One, Citi, and even Bilt all offer transferable points programs with their own strengths and weaknesses. 

Here is how Chase compares.

American Express Membership Rewards vs Chase Ultimate Rewards

Amex Membership Rewards has the largest selection of transfer partners, but Chase still holds its ground with Hyatt.

• Amex Strengths: More transfer partners, frequent transfer bonuses, strong premium cards like The Platinum Card® from American Express.
• Chase Strengths: Simpler program, better travel protections, and Hyatt partnership.
• Valuations:
  • Amex Membership Rewards: ~2.0 cents per point 
  • Chase Ultimate Rewards: ~2.0 cents per point

Bottom Line: Amex may be better for frequent international flyers chasing partner bonuses, while Chase is best for travelers who want simplicity and outsized hotel value through Hyatt.

Capital One Miles vs Chase Ultimate Rewards

Capital One has improved its program, but its transfer ratios are not always as strong.

• Capital One Strengths: Miles can be used as a statement credit for any travel purchase at 1.0 cents per mile, plus 15+ airline partners.
• Chase Strengths: Higher redemption potential through World of Hyatt, United Airlines MileagePlus, and Iberia Plus.
• Valuations:
  • Capital One Miles: ~1.8 cents per point
  • Chase Ultimate Rewards: ~2.0 cents per point

Bottom Line: Capital One is great for simplicity, flexibility, and “erase-any-travel” redemptions, but Chase delivers better value if you want premium travel at the lowest point cost.

Citi ThankYou Rewards vs Chase Ultimate Rewards

The Citi ThankYou Rewards program has strong partners but lacks consistency in travel protections and usability.

• Citi Strengths: Unique transfer partners like Turkish Airlines Miles&Smiles (cheap Star Alliance awards) and transfer bonuses.
• Chase Strengths: Better credit card ecosystem, stronger insurance protections, and easier point pooling across cards.
• Valuations:
  • Citi ThankYou Rewards: ~1.9 cents per point
  • Chase Ultimate Rewards: ~2.0 cents per point

Bottom Line: Citi can shine for advanced travelers who know how to maximize niche partners, but Chase is far more user-friendly.

Bilt Rewards vs Chase Ultimate Rewards

Bilt is the new player in the game, focused on rewarding rent payments.

• Bilt Strengths: First major program to let you earn points on rent payments without fees. Good transfer partners (including Hyatt).
• Chase Strengths: Larger card ecosystem, better overall earning structure across categories.
• Valuations:
  • Bilt Rewards: ~2.1 cents per point
  • Chase Ultimate Rewards: ~2.0 cents per point

Bottom Line: Bilt is appealing for renters, but the broader ecosystem of Chase makes it better for most people.

Comparison Table

Program Rules And Updates

Before diving headfirst into Chase Ultimate Rewards, it is important to understand the rules and recent changes that could impact your strategy. 

Chase offers some of the most valuable points in the industry, but there are also restrictions and updates that every cardholder should keep in mind.

The Chase 5/24 Rule

The Chase 5/24 Rule is one of the most important approval guidelines in the credit card world.

• If you have opened five or more credit cards (from any bank, not just Chase) in the past 24 months, Chase will usually deny you for a new card.
• Business cards from issuers like Chase, Amex, and Citi generally do not count toward your five, but most personal cards do.
• This makes planning your Chase applications critical, especially if you want to start with Sapphire or Ink Business cards.

TPA Pro Tip: If you are under 5/24, apply for Chase cards first before moving on to Amex, Citi, or Capital One. Once you go over the limit, you will be locked out of the most valuable Chase cards until some of your older applications age past 24 months.

Sapphire Bonus Eligibility: Once Per Product, Possibly Lifetime

In mid‑2025, Chase introduced new language indicating that you can only earn the welcome bonus once per Sapphire product, regardless of how much time has passed. 

This officially replaces the older 48‑month rule.

• You may still be approved for a Sapphire card even if you have had it before – but the bonus may not be available.
• The bonus eligibility pop‑up during application reveals whether you qualify – without a credit pull.
• Business versions like the Chase Sapphire Reserve for Business℠ have separate bonus rules.

TPA Pro Tip: If you have had a specific Sapphire card before and received the bonus, applying again probably will not trigger another bonus – even after years. Always check the bonus eligibility pop-up before proceeding.

Final Thoughts

Chase Ultimate Rewards has earned its reputation as one of the most powerful rewards programs in the travel world. 

What makes it so valuable is the combination of easy earning through welcome bonuses and bonus categories, flexible redemption options through the Chase Travel portal, and the ability to unlock outsized value by transferring points to partners like World of Hyatt, United Airlines MileagePlus, or Virgin Atlantic Flying Club. 

Few programs strike the same balance of simplicity and potential.

The key to success with Chase is strategy. Pairing the right cards ensures that every dollar you spend is optimized, while transferring to high-value partners allows you to stretch your points two or three times further than cash-back redemptions ever could. 

For travelers who want to make their money go further, Chase Ultimate Rewards points provide a path to experiences that might otherwise feel out of reach. 

Whether that means a family vacation paid almost entirely with points, or a business-class seat on an international flight, Chase Ultimate Rewards gives you the flexibility to shape your travel dreams in the way that matters most to you. 

With a little planning and the right mix of cards, you can unlock opportunities that turn everyday spending into unforgettable journeys.

Kevin Zanes