Chase Ultimate Rewards: Earn, redeem and transfer points smartly

Chase Ultimate Rewards remain a standout transferable points currency thanks to a broad set of airline and hotel partners. But the rules around value—especially via Chase Travel and transfers to World of Hyatt—are changing on specific dates, shaping how cardho

By the time you’ve racked up Chase Ultimate Rewards points from everyday spending, the real question isn’t whether you’ll be able to use them. It’s how to get the most value before Chase Travel rates and transfer ratios start shifting.

Chase Ultimate Rewards—earned through select Chase-branded credit cards—gives cardholders access to transferable travel partners and an easy-to-use issuer portal for bookings ranging from rental cars and hotels to flights. tours and activities. Even with rising competition from American Express Membership Rewards. Citi ThankYou Rewards. Capital One miles. Bilt and Wells Fargo Rewards. Chase Ultimate Rewards has kept its reputation as one of the most valuable points currencies in the points and miles world.

TPG values Chase points at 2.05 cents apiece per its June 2026 valuations. The main reason: the points can be transferred to a variety of travel partners to maximize redemption value.

Chase Ultimate Rewards points themselves are the currency of select Chase-branded credit cards. Cardholders can earn Ultimate Rewards on eligible cards through everyday spending, then redeem them for options such as gift cards, cash back and travel.

The program’s earning rules come in two forms that often trip people up: Ultimate Rewards points versus cash back. Four Chase cards earn fully transferable Ultimate Rewards points on their own. The other four are technically marketed as cash-back cards—but if you hold an eligible Ultimate Rewards-earning card. you can combine rewards in a single account. effectively converting cash-back rewards into fully transferable points.

There’s a catch: this combining isn’t possible with the Ink Business Premier® Credit Card.

That’s part of why having more than one Chase card can make sense if you’re trying to maximize earning and redeeming potential.

The eight cards that allow you to earn Chase Ultimate Rewards points are the following:

Chase Sapphire Preferred Card
The welcome offer is earn 100,000 bonus points after spending $5,000 on purchases in the first three months of account opening. TPG estimates the offer at $2,050 based on its valuations. The annual fee is $95.

The card is described as an all-around travel option, with no foreign transaction fees and perks including delayed baggage insurance, trip interruption/cancellation insurance and primary car rental insurance. The card was also updated with new perks and bonus categories.

Chase Sapphire Reserve
The welcome offer is earn 100,000 bonus points after spending $6,000 on purchases in the first three months from account opening. TPG’s valuations put this offer at $2,050. The annual fee is $795.

The card’s benefits include an annual travel credit worth $300. plus an annual $500 credit for hotels booked through The Edit by Chase Travel. split into two credits up to $250 each. with a minimum two-night stay required. Cardholders also get Priority Pass Select lounge access and entry to Chase’s growing list of new Sapphire lounges.

Sapphire Reserve for Business
The welcome offer is earn 200,000 bonus points after spending $30,000 on purchases in the first six months from account opening. TPG estimates this at $4,100 based on its valuations. The annual fee is $795.

For business owners. the card earns 4 points per dollar spent on airfare and hotels booked direct. 3 points per dollar spent on social media and search engine advertising. along with a $300 annual travel credit and a $500 credit for hotel bookings through The Edit (split into two up to $250 credits. with a minimum two-night stay required).

Ink Business Preferred Credit Card
The welcome offer is earn 100,000 bonus points after spending $8,000 on purchases in the first three months from account opening, estimated at $2,050 by TPG. The annual fee is $95.

The Ink Business Preferred is positioned as a top pick for small-business owners. with 3 points per dollar spent on the first $150. 000 spent in combined purchases on travel. shipping. internet. cable and phone services. and advertising made with social media sites and search engines each account anniversary year. then 1 point per dollar spent.

Ink Business Cash Credit Card
The welcome offer is earn $1,000 cash back after spending $8,000 on purchases in the first four months from account opening, described as the best welcome bonus we’ve ever seen on this card. The annual fee is $0.

It earns 2% cash back on gas stations and restaurants. and 5% cash back on office supply stores. internet. cable and phone services. Cardholders are subject to a $25. 000 cap on bonus rewards each anniversary year on combined purchases at restaurants and gas stations. and a separate $25. 000 cap each anniversary year for combined purchases at office supply stores and on internet. cable and phone services.

Earnings can be converted to Ultimate Rewards points if you have one of the four rewards cards listed earlier.

Ink Business Unlimited Credit Card
The welcome offer is earn $1,000 cash back after spending $8,000 on purchases in the first four months from account opening. The annual fee is $0.

This card earns unlimited 1.5% cash-back rewards on every purchase. Those cash-back earnings can be converted to transferable Chase Ultimate Rewards points if you have one of the eligible points-earning cards—effectively letting a small business earn 1.5 points per dollar spent on all charges made with this card.

Chase Freedom Flex
The welcome bonus is earn $200 cash back after spending $500 on purchases in the first three months from account opening. The annual fee is $0.

It earns 5% cash back on select bonus categories that rotate every quarter (on up to $1,500 in combined spending, then 1% back, activation required). The rewards can be converted to Chase Ultimate Rewards points if you also have an eligible points-earning card.

Chase Freedom Unlimited
The welcome offer is earn $200 cash back after spending $500 on purchases in the first three months from account opening. The annual fee is $0.

It earns at least 1.5% cash back on all purchases, including nonbonus categories like pet expenses and home improvement. Those earnings can be converted to valuable Chase Ultimate Rewards points if you have an eligible points-earning card.

Once you’ve got points, the program’s biggest practical question is whether they disappear. Chase Ultimate Rewards points do not expire as long as you keep at least one card that earns Ultimate Rewards points open. If you cancel all of your Ultimate Rewards cards. you must redeem or transfer your points before closing the last card—or you will forfeit the points.

What you’ll get back can vary based on how you redeem. There are three basic routes: transferring points to travel partners, fixed-value Chase Travel bookings, and fixed-value non-travel redemptions such as cash back, gift cards and Apple products.

Transferring to partners is the most valuable route for many travelers. Chase Ultimate Rewards offers 14 transfer partners. including 10 airlines and four hotel programs. with most transfer ratios at 1:1 and points transferred in 1. 000-point increments. Transfer bonuses can occasionally sweeten the deal.

Here’s where the future starts to matter. The ratio for World of Hyatt is changing for Sapphire Preferred cardholders who applied before June 15. 2026: their ratio will drop to 4:3 on Oct. 1. Cardholders who applied on or after June 15 will see the new ratio immediately. Ink Business Preferred cardholders also see the ratio drop to 4:3 on Oct. 1. Sapphire Reserve and Sapphire Reserve for Business cardholders are not affected and will still be able to transfer Chase points to World of Hyatt at a 1:1 ratio.

Because most transfers are instantaneous, travelers can keep points in their Ultimate Rewards account until they’re ready to transfer, maintaining flexibility.

TPG highlights specific redemption sweet spots:

Top-tier Hyatt hotels. It notes a recent devaluation, but says the World of Hyatt award chart is still inexpensive compared to many competitors. It also points to booking some Park Hyatt properties. including Park Hyatt Maldives Hadahaa for 25. 000 points per night during off-peak dates. It says these hotels often sell for close to $1. 000 per night. and that travelers can still find value at the lower end of Hyatt’s award chart. including Category 1 hotels ranging from 3. 000 to 9. 000 points per night.

Iberia flights to Madrid. It describes 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 Spain’s capital at 32. 000 Avios in off-peak blue-class economy. 59. 000 points in off-peak premium economy. or 81. 000 points in off-peak business class when transferring Chase points to Iberia Club. It also says many airlines charge at least 60. 000 miles for a one-way business-class award to Europe. describing the redemption as a major discount.

Short-haul flights to Canada. It says Air Canada’s Aeroplan uses dynamic pricing for Air Canada flights and some partner airlines. which can produce super-cheap short-haul options from the U.S. to Canada. It gives an example: a flight from JFK to Toronto Pearson Airport (YYZ) can be booked for under 6. 000 points one-way on many dates.

If you prefer not to deal with partner transfers, Chase Travel is the second route. Through Chase Travel, cardholders can book plane tickets, hotel stays, rental cars, cruises or experiences with a fixed cash value per point—but redemption value depends on the option chosen.

With Chase Points Boost redemptions, travelers can get up to 2 cents per point in value. Starting Oct. 26, 2027, points will only be redeemable at a rate of 1 cent per point for purchases not eligible for Points Boost.

For timelines that matter to existing cardholders. TPG says cardholders who applied prior to June 23. 2025 will continue to have the option to redeem at 1.5 cents per point if they hold the Chase Sapphire Reserve and 1.25 cents per point if they hold the Chase Sapphire Preferred or Ink Business Preferred. as long as the points were earned before Oct. 26, 2025.

When multiple cards are involved, points can be combined into the account with the highest value for Chase Travel bookings. For example. if you hold both the Sapphire Preferred and Sapphire Reserve and you applied for them before June 23. 2025. you can combine your points in your Reserve account to redeem them for 1.5 cents per point on non-Points Boost bookings until Oct. 26, 2027.

There’s also a way to use Chase Travel points even if your balance doesn’t cover the entire booking. Chase allows points to cover just a portion of a trip cost, letting you pay the rest with cash.

TPG also says the portal can be a decent option for car rentals, non-chain lodging and when cash rates make spending points through transfer partners a bad value. For hotels, options can range from unique independent properties to chain hotels.

One important limitation: if you book a hotel that participates in a major loyalty program through Chase. you likely won’t earn hotel points or be able to take advantage of elite status perks. The Edit by Chase Travel is presented as a way to double dip at select properties—letting travelers earn hotel points and elite benefits. in addition to earning Chase points through the portal and taking advantage of The Edit’s elite-like perks. with a minimum two-night stay required for The Edit properties.

The third route is fixed-value non-travel redemptions. Chase Ultimate Rewards can be redeemed for a statement credit or bank deposit at a flat rate of 1 cent each. This same 1-cent-per-point rate applies to gift cards and Apple products outside of a limited-time special.

Chase Pay Yourself Back allows redemption for cash back at a rate of 1 to 1.5 cents per point, depending on your card. The redemption rate is valid on statement credits toward rotating purchase categories.

There’s also a Shop with Points option that links eligible Chase cards to Amazon account purchases, but TPG says the value is around 0.8 cents per Ultimate Rewards point, so it doesn’t recommend this redemption.

All the moving pieces—transfer partner flexibility. fixed-value travel through Chase Travel. and the non-travel flat rates—come together into a simple decision for cardholders: where you get the best value depends on the redemption method you choose. and the calendar matters when ratios and redemption rules change.

Chase Ultimate Rewards, according to TPG, remains one of its favorite rewards programs because it lets cardholders earn bonus points on everyday spending categories like airfare, hotels, dining and groceries, then choose from a wide range of redemption options.

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