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

American Express Membership Rewards and Chase Ultimate Rewards® are two of the most popular and well-established transferable points programs in the points and miles world. So which comes out on top?

In short:

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

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

But you don't necessarily have to choose. With multiple cards, you can get the best from both programs.

An overview of AmEx points vs. Chase Ultimate Rewards® points

Both Membership Rewards points and Chase Ultimate Rewards® points can be transferred to airline and hotel partners or redeemed for travel through each individual program's online travel-booking portal. Both programs also offer other non-travel redemption options, but these generally provide lower value.

Here are the key differences between AmEx and Chase Ultimate Rewards® points:

• Number of transfer partners. AmEx leads the way with 21 airline and hotel partners versus Chase's 14 transfer partners. That means more access to airline sweet spots for AmEx points collectors.

• Redemption rate for travel purchases. Chase points can be redeemed for 1 cent apiece in the issuer's travel portal. Certain redemptions offer higher values, depending on the card you carry. AmEx travel redemptions generally top out at 1 cent per point.

• Redeeming points for purchases. Chase Ultimate Rewards® points are more valuable when using points to pay for purchases. You can redeem Chase Ultimate Rewards® points for at least 1 cent per point to cover purchases at retailers like Amazon. Meanwhile, AmEx point redemptions range from  0.7 cent to 1 cent per point when paying with points at checkout at select retailers.

• Cash out/statement credit rates. Chase lets cardholders redeem Ultimate Rewards® points for cash back at a rate of 1 cent per point. AmEx points can be redeemed to Cover Your Card Charges at a rate of just 0.6 cent per point, remitted as a statement credit.

• The quality of the portal. In next-level points nerdiness, we dived deep to analyze and compare the online travel portals of Chase and AmEx, as well as Citi Thank You and Capital One (two other heavy hitters in the transferable currency space). Chase's portal beat AmEx's at nearly every turn.

Types of cards offered. AmEx and Chase both offer credit cards that earn points within their programs. The cards are different and target consumers with varying travel needs.

» Learn more: The best travel credit cards right now

AmEx Membership Rewards points

Membership Rewards points are the points earned on American Express cards — excluding airline and hotel co-branded cards. Cardmembers can redeem Membership Rewards points in a variety of ways, from gift cards to paying with points at checkout with certain online retailers. However, the most valuable way to redeem Membership Rewards points is for travel redemptions.

The value of AmEx points

Ignoring poor-value redemption options, AmEx Membership Rewards points are worth around 1 cent per point, depending on how you use them.

Via AmEx transfer partners

NerdWallet analysis finds that Membership Rewards points can be worth up to 1.2 cents each when redeemed through transfer partners. But you can get an even higher value by redeeming AmEx points for international issuers or premium cabin awards (i.e., first or business class tickets). Just one of many examples:

Transfer 100,000 AmEx points to ANA Mileage Club to book a round-trip award flight in United Airlines business class between the U.S. and Europe. After factoring in the taxes and fees of $323.50, which is quite high but typical of London award flights, you'd get around 2.7 cents per point from this premium cabin redemption.

United is currently selling the same flights for $3,012.40. That means you would need 301,240 AmEx points to book this flight through the AmEx Travel portal.

As a statement credit

The AmEx Cover Your Charge program is the simplest way for Membership Rewards collectors to redeem their points as a statement credit. Unfortunately, this redemption is a pretty poor value at only 0.6 cent per point.

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

What are AmEx points good for?

• Airline point redemptions. If you love flying, AmEx is the program for you, as 18 of AmEx's 21 transfer partners are airline loyalty programs. Also, airline bookings provide among the highest redemption rates when booking through AmEx Travel. Even still, you'll generally get more value when redeeming points through transfer partners.

• Booking niche mileage sweet spots. AmEx points unlock some of the highest-value sweet spots in the points and miles world.

• 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.

Skip AmEx points if…

• You’d rather earn cash back. AmEx points provide only 0.6 cent per point in value when redeemed to cover card charges. Considering most AmEx Membership Rewards cards earn a base rate of 1 point per dollar spent, that's a poor return on your spending. You'll do much better by getting 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. Instead, you'll want to earn Chase Ultimate Rewards® points to transfer points to any of these programs.

• You plan to redeem points for non-airfare travel. AmEx generally offers subpar redemption rates for other types of travel purchases. Even prepaid hotels — with the exception of Fine Hotels & Resorts — and cruises booked through AmEx Travel provide just 0.7 cent per point in value.

Chase Ultimate Rewards® points

Chase offers dozens of rewards cards — including co-branded credit cards from Southwest, Hyatt, IHG Rewards, United, Air Canada and more. While Chase offers several cards that earn rewards, just three Chase-branded cards earn Ultimate Rewards® points that can be redeemed for a higher value in the Chase travel portal or transferred to its travel partners.

Despite their small numbers, these cards play an outsize role in the points and miles world.

The value of Chase Ultimate Rewards® points

Chase Ultimate Rewards® points are worth at least 1 cent per point in value. 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.

Via Chase transfer partners

In NerdWallet analysis, we found that the overall value of Chase Ultimate Rewards® points is around 1.2 cents to 2.1 cents when redeemed through Chase's airline and hotel transfer partners.

Not all partners necessarily provide this much value. For example, Chase Ultimate Rewards® points transfer to Marriott at a 1:1 transfer ratio, and our analysis finds that Bonvoy points have a value of just 0.9 cent per point.

To get top value, you'll want to transfer Chase Ultimate Rewards® points to valuable partners such as Air Canada Aeroplan (1.1 cents per point) or World of Hyatt (2.2 cents per point) — or for high-value redemptions through other partners.

As cash back

Generally speaking, Chase Ultimate Rewards® can always be redeemed for cash back at a rate of 1 cent per point.

What are Chase Ultimate Rewards® points best for?

• United and Southwest redemptions. Chase Ultimate Rewards® points transfer to both United MileagePlus and Southwest Rapid Rewards at a 1:1 transfer ratio. That makes earning Chase Ultimate Rewards® points a great way to top off your points collection in either of these airline programs.

• 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 per night. Collecting Chase Ultimate Rewards® points can be a shortcut for accumulating Hyatt points to take advantage of Hyatt's high-value redemptions.

• Redeeming points for paid travel. Depending on which card you have, Chase Ultimate Rewards® provide either between 1 and 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.

If you'd like to start earning Chase points, consider adding one of these eligible cards to your wallet.

AmEx vs. Chase transfer partners: Who has the better list?

Both AmEx points and Chase Ultimate Rewards® points offer a diverse group of over a dozen transfer partners. However, each program excels in a slightly different way. Start by comparing the transfer partners and transfer rates for AmEx points versus Chase points.

AmEx transfer partners including Singapore Krisflyer and Air France-KLM sometimes offer high-value redemptions. We recommend avoiding Marriott, among others. Read our analysis on AmEx transfer partners here.

Meanwhile, the best Chase partners include World of Hyatt and United MileagePlus. We recommend that you don't transfer Chase Ultimate Rewards® points to partners like IHG One Rewards, where you'll get less-than-ideal value. See our full breakdown of which Chase transfer partners to avoid.

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: Which airlines have the best (and worst) fees in 2025?

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.

Also consider that Air Canada Aeroplan — just one airline partner of both AmEx and Chase — opens up award redemptions on over 50 airline partners. You can see just how far-reaching each program’s transferable points can take you.

AmEx points transfer to 21 airline and hotel loyalty programs, including several airlines from each major airline alliance.

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

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

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

Several of AmEx's airline partners may be unfamiliar to those who aren't points and miles nerds. However, knowledgeable travel rewards collectors know that gems can be found in just those types of programs.

The two most premium credit cards that earn AmEx or Chase Ultimate Rewards® points

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

Why choose between Chase or AmEx? Here’s why points collectors usually have both

The secret of the choice between AmEx points versus Chase points is that you don't actually have to pick just one. Advanced points and miles collectors optimize their card portfolio to earn both AmEx points and Chase points at the highest earning rates.

• 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).

That could mean using the American Express® Gold Card to earn 4x points at U.S. restaurants (up to $50,000 per year in purchases) and 4x points on U.S. supermarkets (on up to $25,000 per year in purchases) (see rates and fees). And using the Chase Sapphire Reserve® to earn 3x points on general travel and 5x to 10x points on travel purchased through Chase. Terms apply.

You can even come out ahead with the overlapping partners, as both AmEx and Chase run bonus promos for transfers throughout the year. If you had only Chase or AmEx points, you'd miss out on all of the transfer bonuses offered by the other program.