By KBC Associate 
Chase Ultimate Rewards points are among the most useful and valuable currencies you can collect. If you could translate Chase points to dollars, they’d be worth 2.05 cents each based on TPG’s April 2025 valuations — but you can get far more (or less) value from your Chase points depending on how you redeem them.
You can choose from a wide range of redemption options, including some of the best airline and hotel transfer partners, the easy-to-use Chase Travel℠ portal, cash back and payment for everyday expenses.
If you’re looking to maximize the value of your Chase points, keep reading to discover how much each redemption option is worth.
What are Chase Ultimate Rewards points?
Ultimate Rewards points are the currency of most Chase-branded credit cards. You can earn Chase Ultimate Rewards points for everyday spending and redeem them for various rewards.
Here are some of the best options for earning Chase points:
Note that these three cards are the only ones that allow transfers to airline and hotel partner programs. However, if you pair one of them with a cash-back Chase card — like the Chase Freedom Unlimited® (see rates and fees) or the Ink Business Cash® Credit Card (see rates and fees) — you can combine your points in a single account, thus converting your cash-back rewards into fully transferable Ultimate Rewards points.
If you’re new to the world of rewards credit cards, it’s typically best to start with Chase products, thanks to the issuer’s well-documented 5/24 rule. In short, you generally can’t get approved for any Chase cards — including those that earn Ultimate Rewards points — if you’ve applied for five or more new credit cards across all banks in the past 24 months.
Remember this restriction as you build a strategy to maximize your credit card rewards.
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How much are Chase Ultimate Rewards points worth?
TPG values Chase Ultimate Rewards points at 2.05 cents each, which you should ideally aim for when redeeming them. However, the exact value will depend on your choice of redemption.
When redeeming Ultimate Rewards points, you have three basic options:
| Redemption option | Examples | Point value |
|---|---|---|
| Transfer points to travel partners | 14 airline and hotel loyalty programs | Possibly 2.05 cents each |
| Fixed-value redemptions through Chase Travel | Flights, hotels, cruises, tours and rental cars | Between 1 and 1.5 cents each, depending on which Chase card you have |
| Fixed-value, nontravel redemptions | Cash back, gift cards and Apple products | Between 0.8 and 1.5 cents each, depending on the redemption option |
Let’s take a closer look at each of these options.
Chase Ultimate Rewards points value with travel partners
Transferring Ultimate Rewards points to travel partners is often the most valuable way to redeem them.
You can transfer Ultimate Rewards points to 11 airline programs:
Chase also partners with three hotel loyalty programs:
All transfer ratios are 1:1 (though there are occasional transfer bonuses), and you must transfer points in 1,000-point increments. As noted previously, you can only transfer points from Sapphire Preferred, Sapphire Reserve and Ink Business Preferred accounts, though you can move your cash-back rewards into those accounts using the “Combine points” functionality in the portal.
The best hotel transfer partner
A particular standout transfer partner is World of Hyatt. Hyatt points are among the most valuable hotel points, given the program’s low award redemption rates and excellent range of budget and luxury properties.
You can easily obtain at least 2 cents of value per Chase point by transferring your points to World of Hyatt and redeeming them in a pricey hotel market like London.
For example, if you were to redeem 30,000 points for a one-night stay at the Park Hyatt London River Thames (which costs $690 a night), you’d get a value of 2.3 cents per point — a stellar value compared to our current estimate of 2.05 cents apiece for Chase points.
The best airline transfer partners
If you prefer flights over hotels, we have found numerous sweet spots for both short- and long-haul flights in economy and premium cabins, whether you fancy flying within North America or as far as Europe or Asia.
Our favorite Ultimate Rewards sweet spots include:
- 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 Adolfo Suárez Madrid-Barajas Airport (MAD) on off-peak dates will only set you back 34,000 Avios in economy, 51,000 Avios in premium economy and 68,000 Avios in business class when you transfer your Chase points to Club Iberia Plus.
- Flights to Hawaii with Alaska Airlines and American Airlines: By transferring your Ultimate Rewards points to British Airways, you can book awards with Oneworld partners American Airlines and Alaska Airlines. As long as your nonstop flight distance is under 3,000 miles each way (and there’s partner award availability), you can leverage British Airways’ distance-based award chart to fly from any West Coast gateway to Hawaii for as low as 26,000 Avios round-trip.
- All Nippon Airways flights booked through Virgin Atlantic: For just 145,000 Chase points, you can fly ANA round-trip in first class between the West Coast and Tokyo (again, as long as there’s award availability). Flights from the East Coast only cost an extra 25,000 points (170,000 points round-trip). Business-class redemptions are an even better deal, costing just 105,000 to 120,000 points round-trip, depending on your U.S. departure airport.
- Short-haul flights to Canada: Flights from JFK to Toronto Pearson Airport (YYZ) on United Airlines start at 6,000 miles one-way, with availability showing on several dates. To book these United flights, transfer your Ultimate Rewards points to Air Canada Aeroplan.
Value of Chase points when redeeming through the Chase portal
You can also book travel through Chase Travel and redeem points for plane tickets, hotel stays, rental cars, cruises or experiences at a fixed cash value per point. This value depends on which card you hold:
This is another case where it makes sense to combine your points in the card account that offers the most value. For example, all the points you earn with the Freedom Flex can be moved to your Sapphire Reserve account, thus increasing their value from 1 cent to 1.5 cents each when redeemed via Chase Travel.
This strategy can save you a lot of points. For example, a $300 hotel or flight would cost 30,000 Chase points redeemed at 1 cent each. But if you can redeem them for 1.5 cents each instead, you’ll only need 20,000 points for this booking.
Chase Ultimate Rewards points value for nontravel redemptions
There are several nontravel ways to spend your Chase Ultimate Rewards points. You can use them like cash through Amazon and PayPal or redeem them for Apple products and gift cards. Unfortunately, you’ll get a poor value of 1 cent or less per Chase point this way.
You can squeeze more value out of your Chase points with Chase Pay Yourself Back, which lets you redeem points for cash back at a rate of 1.25 to 1.5 cents each, depending on your card. This redemption rate is valid on statement credits toward rotating purchase categories, such as select charities.
How do I earn Chase Ultimate Rewards points?
You can earn Chase points through credit card spending at rates of 1 to 10 points per dollar, depending on the Chase credit card you carry and the purchase category.
As mentioned above, there are three cards that earn fully transferable Ultimate Rewards points: the Chase Sapphire Preferred, Chase Sapphire Reserve and Ink Business Preferred. Now is a great time to add the Sapphire Preferred to your wallet since you can earn a welcome bonus of 100,000 Ultimate Rewards points after spending $5,000 on purchases in the first three months from account opening. This is one of the most lucrative offers we’ve ever seen on this card.
Chase’s cash-back credit cards may not directly earn you points, but if you hold another card that does, you can transfer your cash-back rewards to this card to turn them into Ultimate Rewards points. We often recommend pairing an Ultimate Rewards-earning card with at least one of Chase’s cash-back cards so you can earn bonus points in different categories and maximize your rewards.
You can earn additional points with Shop Through Chase, Chase’s online shopping portal.
Bottom line
How much Chase Ultimate Rewards points are worth depends on your travel style and goals. However, assigning a dollar value per Chase point can help you determine the smartest way to redeem them.
We generally don’t recommend using your Chase points for cash back, gift cards or merchandise because you’ll get the poorest value this way — 1 cent per point or less. You can maximize the value of your points, up to and above 2.05 cents each, by transferring them to Chase’s wide range of airline and hotel partners and booking award sweet spots. If you prefer a simpler way to redeem, the Chase Travel portal offers a ton of options, and you can get a solid value of up to 1.5 cents depending on the Chase card you hold.