Chase Ultimate Rewards Points can be worth anywhere from 0.6 to 2.1 cents per point depending on how you redeem them. You'll get the best value when using them towards travel which will give you 1 cent or more.
How to earn Chase points
Ultimate Rewards points are earned using Chase Ultimate Rewards credit cards and Chase cash back credit cards.
Chase Ultimate Rewards credit cards
Chase offers three Ultimate Rewards credit cards that allows you to transfer points to a handful of airline and hotel partners or redeem them for 25% to 50% more value towards travel via Chase Ultimate Rewards®.
You can earn Ultimate Rewards points using the following cards:
Chase cash back credit cards
Chase offers four no-annual fee cash back credit cards that earn Ultimate Rewards points. Points redeemed through these cards are worth up to 1 cent each towards cash back, travel, and a handful of other redemptions.
The good thing about these cards is that you can transfer your earned points directly to an Ultimate Rewards credit card. You'll then be able to redeem those points for higher value towards travel as well as transfer them to Chase's airline and hotel partners.
This significantly bumps up the value of Chase's cash back credit cards. If you're looking to maximize your rewards towards travel, you'll want to pair these cash back credit cards with Chase Ultimate Rewards credit cards.
Here are the Chase cash back credit cards that earn points transferable to Ultimate Rewards credit cards:
Chase points value
|Redemption Option||Average Value (in cents)|
|Point transfers to airline and hotel partners||0.6 - 2.1|
|Booking travel through Chase Ultimate Rewards||1 - 1.5|
|Pay Yourself Back||1 - 1.25|
|Redeeming points for cash back||1|
|Redeeming points for gift cards||1|
|Using points for Amazon.com purchases||0.8|
With Chase Ultimate Rewards Points being a flexible rewards currency, there are a lot of options when it comes to getting the most out of your points.
Chase point transfers to parters
Transferring your points to Chase's airline and hotel partners will give you the most value. This can be as low as 0.6 cents and as much as 2.1 cents (or more) depending on the partner.
Eligible credit cards for converting points to airline miles and hotel points include:
Points earned with Chase's cash back credit cards cannot be transferred directly to an airline or hotel partners, but you can transfer the points to an eligible Ultimate Rewards credit card. This allows you to then transfer your points or redeem them for higher value through Chase Ultimate Rewards.
Booking travel through Chase Ultimate Rewards
Ultimate Rewards Points can be redeemed for as much as 1.5 cents per point towards travel booked through Chase Ultimate Rewards. The amount of value you get per point will depend on which card you have.
|Chase-branded Card||Point Value (in cents)|
|Chase Sapphire Reserve®||1.5|
|Chase Sapphire Preferred® Card||1.25|
|Ink Business Preferred® Credit Card||1.25|
|Chase Freedom Flex℠||1|
|Chase Freedom Unlimited®||1|
|Ink Business Cash® Credit Card||1|
|Ink Business Unlimited® Credit Card||1|
Remember that you can transfer points from Chase's cash back credit cards to your Ultimate Rewards credit cards so that you can redeem the points for higher value.
Pay Yourself Back
Pay Yourself Back allows you to redeem your points for high value towards certain purchases made with your card. The value you get will range from 1 to 1.25 cents depending on the card.
Chase has extended this feature several times since it's debut in June 2020. Here are the values you'll get based on each card up until March 31, 2023:
|Chase Sapphire Reserve||1.5 Cents||Qualifying charities|
|Chase Sapphire Reserve||1.25 Cents||Gas Stations, Grocery Stores, and the card's Annual Fee|
|Chase Sapphire Preferred, Chase Freedom, Chase Freedom Flex, Freedom Unlimited||1.25 Cents||Qualifying charities|
|Chase Sapphire Preferred||1 Cent||Gas stations & grocery stores|
|Chase Ink Business Preferred and Ink Plus||1.25 Cents||Internet, cable, phone services, and shipping|
|Ink Business Cash Credit Card, Ink Business Unlimited Credit Card||1.1 Cents||Internet, cable, phone services, and shipping|
Convert Chase points to dollars
Use the Chase Points Value Calculator to determine the cash value of Ultimate Rewards Points based on the average redemption value.
|Redemption||Average Dollar Value|
|Point transfers to airline and hotel partners||$0 to $0+|
|Chase Sapphire Reserve: Chase Ultimate Rewards travel||$0|
|Chase Sapphire Preferred: Chase Ultimate Rewards travel||$0|
|Ink Business Preferred: Chase Ultimate Rewards travel||$0|
|Pay Yourself Back||$0 - $0|
|Chase Ultimate Rewards travel with other Chase-branded credit cards||$0|
|Cash back redemptions||$0|
|Using points for gift cards||$0|
Calculate the value of a redemption
Use this calculator to determine the value of a redemption based on cost in Chase Points and cost in cash. You'll want to strive for a redemption that gives your points a value of 1 cent or more.
How much are Chase Ultimate Rewards Points worth?
Chase Ultimate Rewards Points are worth between 0.6 to 2.1 cents per point depending on how they are redeemed.
What can you use Chase Ultimate Rewards Points for?
Ultimate Rewards Points can be used towards travel, cash back, gift cards, Apple products, and at checkout with Amazon.com.
How much is 100,000 Ultimate Rewards Points worth?
100,000 Ultimate Rewards Points has an average value of $1,250 to $1,500 towards travel.