What are Chase Ultimate Rewards points?
This is Chase's flexible, transferable rewards currency, earned by spending on eligible Chase-branded credit cards and redeemable for airline and hotel transfer partners, travel bookings, cash back, gift cards and more. Points can be transferred to airline and hotel loyalty program partners, usually at a 1:1 ratio (depending on the Chase card), or be redeemed directly through the Chase Travel℠ portal for a fixed value per point.
TL;DR/Key takeaways
- What it means: Chase’s transferable points currency, earned through everyday spending, welcome bonuses and category bonuses on eligible Chase-branded credit cards, and redeemable through airline and hotel transfer partners, travel-portal bookings, cash back, gift cards and merchandise.
- Typical range: TPG values Chase Ultimate Rewards points at 2.05 cents each as of October 2026, per TPG’s monthly valuations.
- Best use case: Transfer points to an airline or hotel partner when that program’s award pricing beats what you’d pay when booking through Chase Travel, or when you already hold points or miles in a program account and want to top off for a specific redemption.
- Rule of thumb: Points don’t expire as long as you keep at least one Ultimate Rewards-earning account open.
How Chase Ultimate Rewards points work
Ultimate Rewards points are earned on eligible Chase-branded credit cards through everyday purchases, category bonuses and welcome offers. Some cards earn cash back rather than points directly, but that cash back can often be converted into fully transferable Ultimate Rewards points if you also hold a points-earning Chase card on the same account.
Once you’re holding points, you have three broad redemption paths, each with a different typical value per point.
| Redemption path | Typical value per point | Best for |
|---|---|---|
| Transfer to airline or hotel partners | Often the highest value, especially on award charts | Maximizing value on specific flights or hotel stays |
| Book through Chase's travel portal | Fixed value, varies by benefit level | Flexibility and simplicity |
| Cash back, gift cards or merchandise | Generally yields the lowest value in cents per point | Simplicity over maximizing value |
How to redeem Chase Ultimate Rewards points
The most valuable redemptions usually come from transferring points to one of Chase’s airline and hotel partners. Transferring makes the most sense when a partner program’s award chart delivers a better rate than paying cash or booking through the portal, or when you already have points or miles sitting in that program and want to combine them for a specific trip. Elite-status perks tied to a transfer partner can vary by partner, so confirm what’s included before counting on a specific benefit.
Your main redemption options include:
- Transfer to airline partners: Move points to a partner’s loyalty program, typically at a 1:1 ratio, to book award flights.
- Transfer to hotel partners: Move points to participating hotel programs, which can be especially valuable at properties that still use a fixed award chart.
- Book through the travel portal: Redeem points directly for flights, hotels, rental cars and more at a fixed value per point that can vary based on your card’s benefit tier.
- Cash back, statement credit, gift cards and merchandise: Redeem points for a flat value, generally the lowest-value option.
Is Chase Ultimate Rewards worth it?
For anyone who books award travel occasionally or regularly, Ultimate Rewards points are one of the more flexible transferable currencies available, but they come with trade-offs to weigh.
| Pros | Cons |
|---|---|
| Wide range of airline and hotel transfer partners | Best redemptions require some research and flexibility |
| Points don't expire while an eligible account stays open | Non-travel redemptions return significantly less value |
| Multiple redemption paths, from transfer partners to fixed-value bookings | Transfer ratios and partner rosters can change over time |
