AmEx Points vs. Chase Points: Which Rewards Program Is Best for You?

American Express and Chase both offer powerful rewards programs that are beloved by frequent travelers and savvy spenders. So between American Express Membership Rewards and Chase Ultimate Rewards®, which one is right for you? The short answer: It depends on your goals — but many people benefit from earning both.

Membership Rewards points and Chase Ultimate Rewards® points share some similarities, in that they can be:

• Transferred to airline and hotel partners.

• Redeemed for travel through each individual program's online travel-booking portals.

• Redeemed for other non-travel redemption options (avoid these types of redemptions, as they generally provide lower value).

Otherwise, they differ in a few key ways:

AmEx Membership Rewards points can be incredibly valuable when transferred to airline partners — especially for international premium cabin tickets.

What are AmEx points worth?

Ignoring poor-value redemption options, AmEx Membership Rewards points are worth between 1 and 2 cents per point. Here are the three best ways to redeem them:

In the AmEx Travel portal: best for simplicity

AmEx Membership Rewards are worth up to 1 cent per point when used for qualifying reservations through American Express' travel portal. You'll get this rate when booking flights or Fine Hotels & Resorts (on qualifying cards) through AmEx Travel. Other travel purchases made through AmEx Travel — from prepaid hotels to cruises — provide just 0.7 cent per point.

Via AmEx transfer partners: best for maximizing value

NerdWallet values Membership Rewards points at up to 1.2 cents each when redeemed through transfer partners. But you can get an even higher value by redeeming by redeeming AmEx points through certain international airline partners. The best AmEx transfer partners are ANA Mileage Club, Avianca Lifemiles, JetBlue TrueBlue, Singapore Airlines and Virgin Atlantic Flying Club.

AmEx points also tend to be more valuable with premium cabin awards (i.e., first or business class tickets) than with economy tickets.

As a statement credit: best if you're not traveling

The AmEx Cover Your Charge program is the simplest way to redeem points, as they simply appear as a statement credit. This redemption is a pretty poor value at only 0.6 cent per point, but could make sense if you need to cover other expenses (and you're not traveling).

» Learn more: What is a statement credit on travel cards?

Top uses of AmEx points

• Airline point redemptions. 18 of AmEx's 21 transfer partners are airline loyalty programs. Even if you don't want to mess around with transferring points, airline bookings (including upgrades with points) provide among the highest redemption rates when booking through AmEx Travel.

• Booking niche mileage sweet spots. AmEx points unlock some of the highest-value sweet spots in the points and miles world — from 44,000-point business class flights to Africa (via the Etihad Guest sweet spot on Royal Air Maroc) to 220,000-point around-the-world award tickets in business class (via Aeromexico Club Premier).

• Lounge access. While AmEx points themselves don't get you into lounges, premium AmEx cards do offer lounge access. Through AmEx's expansive Global Lounge Collection, eligible cardmembers get access to over 1,400 lounges in 140 countries, including Centurion Lounges.

Skip AmEx points if…

• You prefer cash back. AmEx points provide only 0.6 cent per point in value when redeemed to cover card charges. If that's you, you're better off with a dedicated cash-back credit card.

• You want to earn points that can transfer to United, Southwest Airlines or Hyatt. AmEx offers 21 airline and hotel transfer partners, but United, Southwest and Hyatt aren't among them (but hey, they are with Chase Ultimate Rewards®!).

Chase’s program stands out for its straightforward redemption options and valuable hotel/airline partners like Hyatt and United.

What are Chase Ultimate Rewards® points worth?

Chase Ultimate Rewards® points are worth at least 1 cent per point when exchanged for cash. However, you can redeem Ultimate Rewards® points at a higher rate for travel purchases through Chase's portal and by transferring points to Chase's 14 airline and hotel partners. Here are the three best ways to redeem them:

In Chase's travel portal: best for simplicity

Each of the three Chase credit cards that specifically earn Ultimate Rewards® points offers bonus value for redeeming points for travel through Chase. The bonus varies by card:

• Chase Sapphire Reserve®: 50% more value (1.5 cents per point).

• Chase Sapphire Preferred® Card: 25% more value (1.25 cents per point).

• Ink Business Preferred® Credit Card: 25% more value (1.25 cents per point).

Note that certain Chase cards, including the Chase Freedom Unlimited® and Chase Freedom Flex®, earn cash back that can be converted to Ultimate Rewards® points.

Via Chase transfer partners: best for maximizing value

Chase Ultimate Rewards® points can sometimes be worth far more (sometimes 2.1 cents per point or even more) when redeemed through Chase's airline and hotel transfer partners. The best Chase transfer partners are World of Hyatt, JetBlue TrueBlue, Southwest Airlines Rapid Rewards, United Airlines MileagePlus and Virgin Atlantic Flying Club. For example, transferring to World of Hyatt makes your points worth an estimated 2.2 cents.

Not all partners offer this level of value. Values drop down to an estimated 0.9 cent per point when you transfer to Marriott, so skip this transfer unless you're desperate for some Bonvoys.

As cash back: best if you're not traveling

Your Chase Ultimate Rewards® points can be redeemed for cash back at a rate of 1 cent per point, which is not a great redemption — unless you really won't use your points for travel.

Top uses of Chase Ultimate Rewards® points

• World of Hyatt bookings. Hotel transfer partners generally provide poorer value than airline partners; however, Hyatt is a key exception. With the introduction of off-peak award pricing, Hyatt reward nights now start at just 3,500 points.

• Redeeming points for paid travel. Depending on which card you have, Chase Ultimate Rewards® provide either 1.25 or 1.5 cents per point in value toward paid travel purchases through Chase's portal. That provides an excellent way to take advantage of booking cheap flights and hotel stays — using fewer points than it would take to redeem for a reward flight or night.

Skip Chase Ultimate Rewards® points if …

• You want to transfer points to Delta Air Lines SkyMiles. Sadly, this popular airline is not a Chase partner (though you can transfer AmEx points to your Delta SkyMiles account).

• You're looking for expert-level sweet spots. Chase transfer partners are solid, but Chase doesn't partner with some of the international programs that can provide the best of the best sweet spots, like Avianca LifeMiles and Etihad Guest.

Chase has fewer partners but hits key U.S. programs like Hyatt, Southwest, and United. AmEx has more partners — especially international airlines — which opens up niche award opportunities.

The best and worst AmEx transfer partners: Singapore Krisflyer and Air France-KLM usually offer high-value redemptions. On the flip side, skip Marriott and Aer Lingus. Read our analysis on AmEx transfer partners here.

Partners you'll find with AmEx but not Chase include:

• Delta SkyMiles.

• ANA Mileage Club (great for business class to Europe or Asia).

• Avianca LifeMiles (Star Alliance redemptions).

The best and worst Chase transfer partners: The best Chase partners are World of Hyatt and United MileagePlus. Skip IHG Rewards Club. See our full breakdown of which Chase transfer partners to avoid.

Partners you'll find with Chase but not AmEx include:

• United MileagePlus.

• Southwest Rapid Rewards.

• World of Hyatt (arguably the most valuable hotel partner of any program).

Here's the full breakdown of transfer partners, and their transfer value:

Chase offers fewer transfer partners than AmEx, but the ones it does are generally well-known programs. Of Chase's 11 airline partners, four are North American airlines: Southwest Rapid Rewards, United MileagePlus, JetBlue TrueBlue and Air Canada Aeroplan. Five are European airlines that can provide value when flying within the U.S.

» Learn more: International airline programs you can use to book domestic flights

Chase point transfers are simpler to calculate, as Chase Ultimate Rewards® points transfer to all partners at a 1:1 transfer ratio. AmEx requires a little more advanced math to figure out their true transfer value in many cases.

AmEx points transfer to 21 airline and hotel loyalty programs, including several airlines from each major airline alliance. AmEx points can unlock most of the cheapest business class redemptions from the U.S. to Europe.

• SkyTeam: Aeromexico, Air France-KLM, Alitalia, Delta.

• Star Alliance: Air Canada, ANA, Avianca Airlines, Singapore Airlines.

• Oneworld: British Airways, Cathay Pacific, Iberia Airlines, Qantas Airlines.

Here’s are two of the best premium travel cards offered by Chase and AmEx:

With credit cards, you often don't have to choose one or the other. Smart travelers often earn both types of points to unlock maximum flexibility and value. By carrying a mix of AmEx and Chase cards, you can:

• Access more transfer partners.

• Combine bonus category earnings.

• Capitalize on transfer bonuses (e.g., a 30% AmEx bonus to British Airways vs. a 50% Chase bonus to Marriott).

For example, you might use the American Express® Gold Card to earn 4x points at U.S. restaurants and 4x points on U.S. supermarkets on up to $25,000 per year in purchases (see rates and fees). Then, you might use the Chase Sapphire Reserve® to earn 3x points on general travel and up to 10x points on travel purchased through Chase. Terms apply.

» Learn more: The best travel credit cards right now

You can even come out ahead with the 10 overlapping partners, as both AmEx and Chase run bonus promos for transfers throughout the year (but not necessarily at the same time). One program might run a bonus, while the other might have the standard 1:1 rate. If you had only Chase or AmEx points, you'd miss out on all of the transfer bonuses offered by the other program.

In short:

• Choose AmEx if you’re an international traveler who loves first-class flights and enjoys chasing award sweet spots.

• Choose Chase if you want easier redemptions, better cash-back options or are loyal to United, Hyatt or Southwest.

• Choose both if you’re serious about travel hacking and want to cover all your bases.