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The standard Chase Ultimate Rewards points value is 1 cent per point, but it can vary based upon which card you have and what you spend the points on. Unlike some credit card companies, Chase doesn’t discourage certain types of redemption, such as cash back or gift cards, by making points worth less when you choose them (e.g. half a cent instead of one cent). Rather, Chase Ultimate Rewards points are always worth at least 1 cent apiece when redeemed through Chase, and certain cards offer extra value when used for travel.

The only exceptions to the one-cent-per-point rule are when you use certain cards and when you transfer points to Chase’s travel partners. You can transfer Ultimate Rewards points to 13 different travel partners at a 1:1 ratio. Some have points or miles that are worth 1+ cents each, while others give you less value. Alternatively, you may be able to get more for your points by using them to book travel through Chase. Below, you can see which cards give you that opportunity.

Here’s how much Chase Ultimate Rewards points are worth:

The value of Chase Ultimate Rewards points is a big reason why Chase’s rewards credit cards are some of the best on the market. This includes cards geared toward travel, such as Chase Sapphire Preferred® Card and Chase Sapphire Reserve®. Interestingly enough, it also includes some great cash back choices with Chase Freedom® and Chase Freedom Unlimited®. To be clear, the two Freedom cards actually offer points, but they give you 1 cent per point when you redeem for a statement credit or check.

Below, you can learn more about all the different redemption choices available from Chase Ultimate Rewards.

Ultimate Rewards Point Value by Redemption Method

Chase Ultimate Rewards is best known for its travel choices, but it also has quite a few other options for redemption, from plain old cash to unique experiences exclusive to cardholders. And while you’ll typically get a value of 1 cent per point, there can be slight variations. Let’s take a look at each reward in detail.

  • Travel Booked Through Chase: 1 cent per point for most cards, 1 cent per point for Chase Sapphire Preferred, and one cent per point for Chase Sapphire Reserve and J.P. Morgan Reserve. So a $200 flight a hotel room, for example, would cost 20,000 points on most Chase cards but only 16,000 with Preferred and 13,333 with Reserve. This category also includes things like cruises and car rentals.

    The only drawbacks are that you need to book your travel through Chase and can’t redeem them for travel purchases after the fact. In other words, you have to book with points, rather than using points to pay for a travel purchase when it appears on your monthly statement. The value of your points does not differ by travel provider, though, and you should be able to book trips with pretty much any company through Chase Ultimate Rewards.

  • Gift Cards: 1 cent per point. A $100 gift card costs 10,000 points, no matter which merchant you choose. You can redeem your points for cards for most major retailers. Gift card increments may vary by retailer.
  • Shop with Points on Amazon: 1 cent per point. Amazon has partnered with a number of credit card companies, including Chase, to let customers spend their rewards points directly on Amazon.com without having to convert them into cash back or gift cards. So a $50 purchase at Amazon will cost you 5,000 points. In order to do this, you’ll need to connect your Chase account to your Amazon account.
  • Cash Back: 1 cent per point. 10,000 points will get you a $100 check in the mail or a statement credit from Chase. This is the preferred option for many Chase Freedom and Chase Freedom Unlimited cardholders, as those cards are designed to work like cash back cards and don’t provide bonuses for travel redemption. You need at least 2,000 points to redeem for cash.
  • Travel Partners: 1:1 point transfer. For all 13 of the Chase Ultimate Rewards travel partners, 1 Chase Ultimate Rewards point is worth 1 partner point. This means that the value of your points may stay the same, go up or go down depending on how each program values its points.

    One thing to keep in mind is that you must transfer points in increments of 1,000 and can’t reverse any transfers. In addition, if you have Chase Freedom or Chase Freedom Unlimited, you are unable to use this redemption option.

    Chase’s current partners are: Aer Lingus AerClub, British Airways Executive Club, Flying Blue Air France KLM, Emirates Skywards, Iberia Plus, JetBlue TrueBlue, Singapore Airlines, Southwest Rapid Rewards, United MileagePlus, Virgin Atlantic Flying Club, IHG Rewards Club, Marriott Bonvoy, and World of Hyatt.

  • Unique Experiences: 1 cent per point. Chase offers its cardholders the opportunity to get exclusive or VIP tickets to certain events. For example, some of their 2020 events included private dining with top chefs, Charity Buzz and movie premiers.

Chase Ultimate Rewards Points Value Can Change

No matter what you’d like to redeem your Chase Ultimate Rewards points for, it’s always a good idea to use them as often as possible. Chase points aren’t guaranteed to always be worth the same amount. This isn’t a problem unique to Chase, though. It’s a factor with any credit card company issuing points or miles. Because the issuer decides how many points each redemption option is worth, they are free to raise (or lower) that amount as they see fit.

For example, a flight worth $200 currently costs 20,000 points, but Chase could decide to raise that to 25,000 points, effectively making all of your points worth 0.8 cents each rather than 1 cent. Of course, the reverse is also true; Chase could lower the cost and make your points worth more. But don’t sit on your points expecting that to happen. It’s best to minimize the risk of devaluation by redeeming points often.

In all, Chase Ultimate Rewards is one of the more versatile points programs on the market, giving you a solid 1 cent per point across its redemption categories. It also provides access to high-profile hotel and loyalty programs which can even increase the points’ value in many cases. And it gives extra value to certain cardholders, namely those with Sapphire Preferred, Sapphire Reserve, and J.P. Morgan Reserve, without punishing people who don’t have those cards or don’t want to redeem for travel.

Here’s How to Redeem Chase Ultimate Rewards Points:

  1. Create a Chase online account. If you have one, skip to step 2. If not, go here and provide Chase with your account number and Social Security Number. Then you’ll pick an ID and password, agree to the terms and conditions, and finish.
  2. Log into Chase Ultimate Rewards. From here, you’ll be able to view your rewards balance and all the things you can spend points on.
  3. Choose the redemption option you want.
  4. Follow Chase’s instructions. Each redemption option has different steps. For example, travel redemption requires you to pick flights and hotels. Chase will direct you what to do.

You’re now on your way to enjoying your rewards. Most redemption options are instantly available, but you’ll have to wait 5-8 business days for gift cards to come in the mail. And cash back redemption can take up to 3 business days to post. Chase Ultimate Rewards points don’t expire, but you can lose them if your account is closed, either by you or Chase. If you want to close your own account, you should make sure you spend your points first. The only reasons Chase would close your account are numerous missed payments and illegal/illicit behavior like fraud.

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