Everything You Need to Know About Chase Ultimate Rewards

BySamantha Hawrylack

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Chase Ultimate Rewards is one of the most popular credit card rewards programs. If you're not a Chase Ultimate Rewards user, here's what you should know before you join. And for current Chase cardholders, learn how to maximize your rewards. Here's our comprehensive guide to Chase Ultimate Rewards.

Chase ultimate rewards

What Is Chase Ultimate Rewards 

Chase Ultimate Rewards is the points program Chase uses for its rewards credit cards. Many cards fall under the Chase Ultimate Rewards program, including travel and cash back credit cards.

All Chase Ultimate Rewards credit cards earn at least 1 point per dollar spent, plus more points on certain purchases. For example, some cards offer 5 points per dollar spent on travel and 3 points per dollar on dining.

You can redeem your points for various rewards, including cash back and travel rewards. Some Chase credit cards also offer the option to trade your points for experiences or special culinary reservations. We'll list all the ways you can redeem your points further down below.

Most rewards are the equivalent of 1 cent per point, but a few may be worth a little less than that, such as Amazon payments. If you use your Chase rewards to ‘Shop with Points’ on Amazon, you’ll get about 0.8 cents per point. All other rewards, including cash back, gift cards, and Apple purchases are worth 1 cent per point.

You can get the best value using your points for travel booked through the Chase Ultimate Rewards Travel portal. With certain cards, such as the Chase Sapphire Preferred® Card and Ink Business Preferred® Credit Card, you can get 1.25 cents per point for travel booked through Chase. The Chase Sapphire Reserve® gets 1.5 cents per point redeemed.

You can also transfer your points to any of Chase’s travel partners (hotels and airlines) to pay your travel expenses. We'll dive further into how much Chase Ultimate Rewards are worth below.

How to Earn Chase Ultimate Rewards

There are a few ways to earn Chase Ultimate Rewards in addition to standard purchases. Here’s how to collect Chase Ultimate Rewards.

Signup Bonuses

Each of the Chase Ultimate Rewards credit cards offers a signup bonus. Some bonuses are cash bonuses of $50 – $200. Other cards offer bonus points ranging from 60,000 – 140,000 points, and some travel cards offer 3 – 5 free nights in a hotel. Make sure you read through the terms for earning the signup bonus, so you don't miss out on earning your cash back or rewards.

Also keep in mind that Chase offers increased signup bonuses on select cards from time to time. We keep track of credit cards with signup bonuses here.

Purchases 

Most purchases earn points with Chase Ultimate Rewards. For example, the Chase Freedom Unlimited card earns 5% back on travel, 3% on dining and drugstores, and 1.5% on everything else. Other cards, like the Chase Sapphire Preferred card, earn points for travel (5x), dining (3x), and all other purchases (2x).

Authorized Users

Some Chase cards offer a one-time bonus, kind of like a sign-up bonus, when you add an authorized user at sign up. Other cards offer incentives periodically to add users to your card for a bonus.

Referring Friends

The Chase Refer-A-Friend Bonus offers bonus points when your friends use your link to sign up for a card and get approved. You can share your link on social media, email, or send your unique link directly from your Chase Mobile app. There is a maximum number of points you can earn per year, which varies by card.

Read more: 14 Ways to Earn Chase Ultimate Rewards

How Much Are Chase Ultimate Rewards Points Worth?

The value of your Chase Ultimate Rewards points varies based on how you redeem them. If you choose cash back, gift cards, or a statement credit, the points are worth about the same across all cards.

If you use points to book travel, it will depend on which card you redeem the points from and where you book your travel. Transferring your points to a Chase travel partner usually has a higher redemption value than points used to book travel elsewhere. And travel booked through Chase can have an even higher redemption value. Travel can vary from 1 penny per point to 1.5 pennies per point if you book using your Chase Sapphire Reserve points and book your travel through Chase.

  • Cashback is equal to 1 penny per point or 100 points per $1
  • Gift cards are usually 1 penny per point, but some gift cards are sold at a slightly higher redemption level, giving you more bang for your buck
  • Apple purchases are worth 1 penny per point
  • Amazon purchases are worth 0.8 pennies per point

Cards That Earn Chase Ultimate Rewards

Chase Freedom Flex(SM)

The Chase Freedom Flex(SM) offers a signup bonus: Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening Plus, earn 5% cash back on combined gas station and grocery store purchases (excluding Target and Walmart) on up to $12,000 spent in the first year.

Rewards:

1% cash back
On all other eligible purchases
1% cash back on all other purchases
3% cash back
Drugstores
3% cash back on drugstore purchases
3% cash back
Dining
3% cash back on dining at restaurants, including takeout and eligible delivery services
5% cash back
Rotating Categories
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate
5% cash back
Travel
5% cash back on travel purchased through Chase Ultimate Rewards

The Chase Freedom Flex(SM) also has no annual fee.

Chase Freedom Unlimited®

The Chase Freedom Unlimited® offers an excellent welcome bonus: SPECIAL OFFER: Unlimited Matched Cash Back. Chase will automatically match all the cash back you earned at the end of your first year! There is no limit to how much cash back you can earn. 

Rewards:

1.5% cash back
On all other eligible purchases
Earn 1.5% cash back on all other purchases
3% cash back
Drugstores
Earn 3% on drugstore purchases
3% cash back
Dining
Earn 3% cash back on dining at restaurants, including takeout and eligible delivery services
5% cash back
Travel
Earn 5% cash back on travel purchased through Chase Ultimate Rewards

The Chase Freedom Unlimited® has no annual fee.

Chase Sapphire Preferred® Card

Offers 25% more value when redeeming rewards for travel through Chase Ultimate Rewards

With the Chase Sapphire Preferred® Card, you can earn the following bonus: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®. If you redeem the rewards through Chase Ultimate Rewards Travel, points are worth 25% more.

Rewards:

1x points
On all other eligible purchases
1x points on all other purchases.
2x points
Travel
2x points on travel not booked through Chase Ultimate Rewards, such as airfare, hotels, taxes and trains.
3x points
U.S. supermarkets
Earn 3x points on online grocery purchases (excluding Target, Walmart and wholesale clubs).
3x points
Streaming services
Earn 3x points on select streaming services.
3x points
Dining
3x points on dining, including eligible delivery services, takeout and dining out.
5x points
Travel
5x points on travel purchased through Chase Ultimate Rewards.

The Chase Sapphire Preferred® Card has a $95 annual fee.

Chase Sapphire Reserve®

Offers 50% more value when redeeming rewards for travel through Chase Ultimate Rewards

The Chase Sapphire Reserve® offers the following bonus: Earn 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 Ultimate Rewards®

Rewards:

1x points
On all other eligible purchases
Earn 1 point per dollar on all other eligible purchases.
3x points
Dining
Earn 3x points on other travel and dining.
5x points
Travel
Earn 5x points on flights when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually.
10x points
Travel
10x on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually.

The Chase Sapphire Reserve® has a $550 annual fee.

Chase Freedom Rise(SM) Credit Card

Entry-level card that earns Chase Ultimate Rewards points

Chase Freedom Rise(SM) Credit Card allows you to use your rewards to book travel through Chase Ultimate Rewards, or you can combine the points from another card.

Rewards:

1.5% cash back
All eligible purchases
Earn 1.5% cash back on all eligible purchases.

The Chase Freedom Rise(SM) Credit Card has a $0 annual fee.

Business Cards That Earn Chase Ultimate Rewards

Ink Business Premier℠ Credit Card

The Ink Business Premier℠ Credit Card offers a bonus: Earn $1,000 bonus cash back after you spend $10,000 on purchases in the first 3 months from account opening.

Rewards:

2% cash back
All eligible purchases
Earn unlimited 2% cash back on all other business purchases.
2.5% cash back
All eligible purchases
Earn 2.5% total cash back on purchases of $5,000 or more.
5% cash back
Travel
Earn 5% cash back on travel purchased through Chase Ultimate Rewards.

The Ink Business Premier℠ Credit Card has a $195 annual fee.

Ink Business Cash® Credit Card

The Ink Business Cash® Credit Card offers the following bonus: Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening

Rewards:

1% cash back
On all other eligible purchases
2% cash back
Dining
Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year.
2% cash back
Gas
Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year.
5% cash back
Select Categories
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

The Ink Business Cash® Credit Card has no annual fee.

Ink Business Unlimited® Credit Card

The Ink Business Unlimited® Credit Card offers the following bonus: Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.

Rewards:

1.5% cash back
All eligible purchases
1.5% cash back on all eligible purchases with no limits to the amount you can earn

The Ink Business Unlimited® Credit Card has no annual fee.

Ink Business Preferred® Credit Card

Offers 25% more value when redeeming rewards for travel through Chase Ultimate Rewards

The Ink Business Preferred® Credit Card offers a bonus: New Cardmember Offer! Earn 100,000 bonus points after you spend $8,000 on purchases in the first 3 months from account opening.

Rewards:

1x points
On all other eligible purchases
Earn 1 point per $1 on all other purchases
3x points
All eligible purchases
Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year.

The Ink Business Preferred® Credit Card has a $95 annual fee.

How to Redeem Chase Ultimate Rewards

You have multiple options to redeem your Chase Ultimate Rewards, including:

  • Cash back
  • Gift cards
  • Shop with Points on Amazon
  • Pay with Points with PayPal
  • Booking travel reservations through Chase Travel or Chase Experiences which include entertainment and dining opportunities
  • Transfer points to partner airlines and hotels
  • Statement credit

Which ways to redeem offers the most value?

The Chase credit cards with an annual fee usually provide the highest payouts for your purchases. Transferring points to a Chase travel partner can increase the value of your points, but booking through Chase Travel can get you the highest value. You’ll have access to exclusive trip options, and you’ll get 1.25 – 1.5 cents per point rather than 1 cent per point for most other rewards.

Which ways to redeem offer the least value?

If you pay with points with any of the Chase partners, including Amazon, PayPal, and Apple, you’ll get the least amount of reward per cent. On average, the payouts are worth 0.8 cents per point rather than as much as 1.5 cents per point when you use the points to book travel through Chase.

How To Transfer Your Points

Transferring Points to Another Chase Card

Remember, if you have any of the Chase rewards credit cards that pay bonus points for booking travel through Chase Travel, you can transfer your points from other Chase cards to the card that pays the bonus to book your travel using points. Again, the bonus cards are the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, and Ink Business Preferred® Credit Card.

To transfer your points, log into your Chase dashboard and choose the card that you want to transfer points from. Choose “Combine Points” and select the card you want to transfer the points to, following the prompts.

Transferring Points to a Travel Partner

You also have the option to transfer your points to a travel partner. To transfer points to a travel partner, log in to your credit card account and access your Chase Ultimate Rewards portal. In the menu dropdown, select ‘Transfer to Travel Partners' and select the airline and/or hotel travel partners you'd like to transfer your rewards to. Then, follow the prompts to log into your account with the travel partner and deposit the rewards. Please note that you must have at least 1,000 points in order to make a transfer.

Chase partners with the following airlines:

  • United 
  • Southwest
  • Air Canada
  • Singapore Airlines
  • Emirates
  • JetBlue
  • Iberia
  • Flying Blue
  • Aer Lingus
  • British Airways

Chase also partners with World of Hyatt, IHG Rewards, and Marriott Bonvoy.

How to Keep Track of Your Chase Ultimate Rewards

It may sound confusing to keep track of your Chase Ultimate Rewards, especially if you have multiple cards, but Chase makes it easy.

Log into your Chase account and click on ‘Ultimate Rewards.’ Next, select ‘Rewards Activity’ to see how many points you have. You can then compare your points to their redemption value with the current card.

If you aren’t getting the maximum value for your points, you can consider transferring them to another card. If you don’t have another Chase card, you can apply for one with a higher redemption value or transfer them to a travel partner if you prefer to travel. If you want to use your points for other purposes, most of the rewards have the same redemption value.

FAQS

Can your Chase Ultimate Rewards points expire?

Your Chase Ultimate Rewards can expire if you close your Chase Ultimate Rewards credit card. Your account must remain open and in good standing for you to keep your points without any expiration dates.

How many Chase Ultimate Rewards points equal a dollar?

On average, Chase Ultimate Rewards points are equal to 100 points for every $1, but some redemptions offer slightly more or less depending on what you use them for and what card you use to redeem them.

Is there a limit on how many rewards you can redeem?

Chase doesn’t have a limit regarding how many rewards you can redeem. You can redeem rewards from one card or combine them and redeem points from multiple cards in one transaction.

Final Thoughts

The Chase Ultimate Rewards program is easy to use and offers many ways to maximize your earnings. Most cards have a low annual fee (if any), making it an easy way to learn how the credit card rewards program works and earn great rewards. If you travel often and if you already travel with Chase Ultimate Rewards partner airlines, this may be an excellent rewards program for you.

Samantha Hawrylack is the owner of SJ Digital Solutions and How To FIRE. She writes about finance, investing, real estate, credit, and many more topics. Before becoming a full-time entrepreneur, she was a brokerage investment professional in the financial services industry.