Chase Ultimate Rewards Program Overview

By Zach SteinfeldUpdated July 3, 2017


MaxInsights offers a numerical analysis and recommendation of how to best use this reward system.

Chase Ultimate Rewards enables cardholders to optimize flexibility and value to earn apptoximately 2 cents per point on average, and up to 4 cents per point, depending on the card and the method of redemption.

Expected Value
  • MaxValue Hotel and Airline Partners (up to 4+ cents per point)
  • MaxFlex Cash Back (1 cent per point)
  • Expected Value 2.0 cents per point


Chase Ultimate Rewards can be one of the most flexible rewards programs in the market. Chase credit cards with Ultimate Rewards allow cardholders to earn points on all purchases and redeem for travel, gift cards, cash back, and more – often above “par” value (2 cents per point), up to 4 cents per point. The beauty of this program is that it both flexibility and value can be optimized across a range of spending categories to ensure that you get the most out of your card. Finally, cardholders who have both a standard tier card and premium tier card can transfer their standard tier reward points to the premium tier card, a transfer which we definitely recommend.

What exactly are the points worth?

In general, each point is worth 2 cents for cash back, travel, and other items. Some of the cards, however, have additional perks: fee-based cards give you a 20% discount when redeeming for travel, upping each point’s value to 1.25 cents. Moreover, the Chase Sapphire Preferred Card enables cardholders to transfer rewards to partner loyalty programs where they can be worth as much as 4 cents each for hotel and airline redemption.

Redemption Examples

Redemption AlternativeUltimate Rewards PointsPartner Conversion Rate (Cents Per Point)Value
Cash Back10,0001.00$100
Gift Cards10,0001.00$100
Travel Booking Through Ultimate Rewards®10,0001.25$125
British Airways Avios10,0001.50$150
Virgin Atlantic10,0001.50$150

More Redemption Examples

  • Transfer to Airline Program
  • Travel Booking Through Ultimate Rewards
  • Transfer to Hotel Program
  • Cash Back
  • Gift Cards

Cards with Ultimate Rewards Currency

  • Benjamin Franklin

    An investment in knowledge pays the best interest.

    Benjamin Franklin
  • Pablo Picasso

    Action is the foundational key to all success.

    Pablo Picasso
  • Abraham Lincoln

    Let no feeling of discouragement prey upon you, and in the end you are sure to succeed.

    Abraham Lincoln

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