Chase Ultimate Rewards points are considered some of the most valuable rewards currencies available. According to Flying Frugal’s valuations from April 2025, if you were to convert Chase points into cash, they would be worth approximately 2.05 cents each. However, the actual value you derive from your Chase points varies considerably based on your redemption choices.
You have a diverse selection of redemption methods—ranging from transferring points to highly regarded airline and hotel partners, using the user-friendly Chase Travel℠ portal, to receiving cash back or applying points toward everyday expenses.
If you’re interested in maximizing the value of your Chase points, keep reading to learn the worth of each redemption option.
What are Chase Ultimate Rewards points?
Ultimate Rewards points serve as the currency for the majority of Chase-branded credit cards. You can earn these points through everyday purchases and redeem them for a variety of rewards.
Here are some of the most effective ways to earn Chase points:
Keep in mind that only three cards allow for transfers to airline and hotel loyalty programs. However, pairing one of these with a cash-back Chase card, such as the Chase Freedom Unlimited® or Ink Business Cash® Credit Card, enables you to combine points into a single account, turning cash-back rewards into transferrable Ultimate Rewards points.
If you are new to rewards credit cards, Chase offers a great starting point, particularly due to its well-established 5/24 rule. Essentially, if you’ve applied for five or more new credit cards from any bank in the past 24 months, you may not qualify for Chase cards that earn Ultimate Rewards points.
Keep this restriction in mind as you develop your strategy to maximize your credit card rewards.
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How much are Chase Ultimate Rewards points worth?
Flying Frugal values Chase Ultimate Rewards points at around 2.05 cents each, which should be your target when redeeming. However, the exact value is contingent on the redemption option you select.
There are three main redemption paths for Ultimate Rewards points:
| Redemption option | Examples | Point value |
|---|---|---|
| Transfer points to travel partners | 14 airline and hotel loyalty programs | Up to 2.05 cents each |
| Fixed-value redemptions through Chase Travel | Flights, hotels, cruises, tours, rental cars | 1 to 1.5 cents each, depending on your Chase card |
| Fixed-value, nontravel redemptions | Cash back, gift cards, Apple products | 0.8 to 1.5 cents each, based on the redemption type |
Let’s take a more detailed look at each option.
Chase Ultimate Rewards points value with travel partners
Transferring Ultimate Rewards points to travel partners often yields the highest redemption value.
You can transfer your points to 11 different airline programs, and Chase collaborates with three hotel loyalty programs.
The transfer ratio is typically 1:1 (though occasional bonuses may apply), and transfers must be made in increments of 1,000 points. Remember that transfers can only be made from Sapphire Preferred, Sapphire Reserve, and Ink Business Preferred accounts, but you can combine cash-back rewards from other cards into these accounts.
Top Hotel Transfer Partner
One standout partner is World of Hyatt, where points provide substantial value, especially given the program’s affordable redemption rates and extensive selection of budget and luxury options.
Transferring your points to World of Hyatt can yield at least 2 cents per Chase point in valuable markets like London. For instance, redeeming 30,000 points for a night at the Park Hyatt London River Thames, priced at $690, would give you an impressive value of 2.3 cents per point, surpassing Flying Frugal’s estimate of 2.05 cents per point.
Best Airline Transfer Partners
If flights are your preference, you can find valuable options for both short and long-haul travel in economy and premium cabins, be it within North America or transatlantic flights.
Some optimal redemptions include:
- Iberia flights to Madrid: Round-trip flights to Madrid from JFK, Chicago O’Hare, or Boston Logan on off-peak dates require only 34,000 Avios for economy, 51,000 for premium economy, and 68,000 for business class when points are transferred to Iberia Plus.
- Flights to Hawaii with Alaska and American Airlines: Use British Airways awards to book flights to Hawaii with Oneworld partners. Under 3,000 miles, you could pay as little as 26,000 Avios round-trip.
- All Nippon Airways flights via Virgin Atlantic: A round-trip in first class costs only 145,000 Chase points from the West Coast to Tokyo, while business-class redemptions can range from 105,000 to 120,000 points round-trip.
- Short-haul flights to Canada: United Airlines flights from JFK to Toronto can be booked for as low as 6,000 miles one-way using Aeroplan by transferring your Ultimate Rewards points.
Chase Points Value When Booking through Chase Travel
Alternatively, you can use Chase Travel to book flights, hotels, rentals, cruises, and experiences at set cash value rates. The cash value per point relies on the card you hold:
It’s beneficial to consolidate your points into the account that offers the highest redemption value. For instance, if you transfer points from Freedom Flex to Sapphire Reserve, you can increase their value from 1 cent to 1.5 cents when used through Chase Travel.
This approach could save you substantial points. If a flight or hotel costs $300, redeeming that at 1 cent per point would require 30,000 points; however, redeeming at 1.5 cents would only need 20,000 points.
Value of Chase Points for Non-Travel Redemptions
Many non-travel redemption options are available for your Chase Ultimate Rewards points, including cash equivalents through Amazon and PayPal, Apple products, and gift cards. Unfortunately, these tend to offer a lower value of 1 cent or even less per point.
However, Chase Pay Yourself Back provides a better value by allowing redemptions for cash back at rates ranging from 1.25 to 1.5 cents per point, depending on your card. This redemption method applies to statement credits for eligible purchases like select charities.
How to Earn Chase Ultimate Rewards Points
You can accumulate Chase points through credit card spending with rates varying from 1 to 10 points per dollar, depending on the Chase card and purchase category.
As mentioned, the Chase Sapphire Preferred, Sapphire Reserve, and Ink Business Preferred cards earn fully transferable Ultimate Rewards points. If you’re looking to sign up for a Chase card, now is an excellent time to consider the Sapphire Preferred, which currently offers a welcome bonus of 100,000 Ultimate Rewards points after spending $5,000 within the first three months after account opening—a fantastic offer.
Chase’s cash-back credit cards don’t directly generate points, but you can transfer cash-back rewards to Ultimate Rewards-earning accounts, maximizing your points across various categories. Pairing these cards with an Ultimate Rewards card is often recommended for optimal rewards accumulation.
You can also earn additional points through Shop Through Chase, the online shopping portal offered by Chase.
Conclusion
The value of Chase Ultimate Rewards points is largely influenced by your specific travel preferences and objectives. Evaluating a dollar value per point can guide you toward more strategic redemption choices.
Generally, we advise against using points for cash back, gift cards, or merchandise due to their low value—typically 1 cent per point or less. Instead, to maximize your points’ value—potentially exceeding 2.05 cents each—consider transferring to Chase’s extensive airline and hotel partners or taking advantage of award opportunities. For a more straightforward approach, the Chase Travel portal offers a variety of options that can yield up to 1.5 cents per point, depending on your Chase card.
