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

These two rewards giants have a lot to offer — so much so that you might want to earn both.

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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.

In this article

    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 offers certain Sapphire and Ink cardholders the opportunity to redeem points for travel at 1.25 to 1.5 cents per point. Strategic redemptions can get you an average value up to 2.1 cents per point, by Nerdwallet valuations. Meanwhile, 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.

    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.

    In the AmEx Travel portal

    AmEx Membership Rewards are worth up to 1 cent per point when used for qualifying reservations through American Express Travel. You'll get this rate when booking flights or Fine Hotels & Resorts (on qualifying cards) through AmEx Travel.

    Other travel purchases made through the travel portal, like prepaid hotel bookings, can be redeemed at a value of 0.7 cents per point.

    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:

    Text, Paper

    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.

    File, Text, Webpage

    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.

    AmEx cards that earn Membership Rewards points
    The Platinum Card® from American Express
    The Platinum Card® from American Express
    NerdWallet Rating
    Apply now

    on American Express' website

    Rates & Fees
    American Express® Gold Card
    American Express® Gold Card
    NerdWallet Rating
    Apply now

    on American Express' website

    Rates & Fees
    The Business Platinum Card® from American Express
    The Business Platinum Card® from American Express
    NerdWallet Rating
    Apply now

    on American Express' website

    Rates & Fees
    American Express® Business Gold Card
    American Express® Business Gold Card
    NerdWallet Rating
    Apply now

    on American Express' website

    Rates & Fees
    Annual fee

    $695.

    $325.

    $695.

    $375.

    Earn rate

    • 5 points per $1 on flights booked directly with airlines or through American Express, on up to $500,000 spent per year.

    • 5 points per $1 on prepaid hotels booked through American Express.

    • 1 point per $1 on other eligible purchases.

    Terms apply.

    • 4 points per $1 at restaurants worldwide (on up to $50,000 in purchases per year).

    • 4 points per $1 at U.S. supermarkets (on up to $25,000 in purchases per year).

    • 3 points per $1 on flights booked directly with airlines or through American Express' travel portal.

    • 2 points per $1 on prepaid hotels and other eligible purchases made through American Express' travel portal.

    • 1 point per $1 on other eligible purchases.

    Terms apply.

    • 5 points per $1 on flights, prepaid hotels, short-term rentals and prepaid flight + hotel packages booked at AmexTravel.com.

    • 1.5 points per $1 in key business categories and eligible purchases of $5,000 or more (on up to $2,000,000 in purchases per year).

    • 1 point per $1 on other eligible purchases.

    Terms apply.

    • 4 points per $1 on your top two business categories (on up to $150,000 in purchases per year).

    • 3 points per $1 on flights and prepaid hotels booked through American Express' travel portal.

    • 1 point per $1 on other eligible purchases.

    Terms apply.

    Select benefits (see reviews for more)

    • Access to more than 1,400 airport lounges worldwide, including AmEx's own Centurion Lounges and Delta Sky Clubs (when flying Delta). Delta Sky Club visits are limited to 10 per program year. Members who spend over $75,000 per calendar year get unlimited Delta Sky Club visits.

    • Credit for the application fee for TSA PreCheck or Global Entry.

    • Hundreds of dollars a year in credits for travel, shopping and entertainment. These include up to $200 a year for incidental fees on an airline you choose, up to $240 for digital entertainment from select providers, and up to $200 a year for Uber. Enrollment required; must use card for Uber purchases to use credits.

    Terms apply.

    • $120 annual dining credit (available as $10 monthly credits on purchases from select partners). Enrollment required.

    • Up to $120 a year in Uber Cash ($10 per month) which can be used toward Uber Eats or rides in the U.S. Note that you must add your card to the Uber app and pay with an AmEx card to receive the Uber Cash benefit.

    Terms apply.

    • Get 35% of your Membership Rewards points back when you redeem points for an eligible first or business class flight on any airline, or a flight in any cabin of travel on an airline you choose (up to 500,000 points per year).

    • Access to more than 1,400 airport lounges worldwide, including AmEx's own Centurion Lounges and Delta Sky Clubs (when flying Delta). Delta Sky Club visits are limited to 10 per program year. Members who spend over $75,000 per calendar year get unlimited Delta Sky Club visits.

    • Credit for the application fee for TSA PreCheck or Global Entry.

    • Up to $1,000 a year in credits for various business expenses and travel. These include $400 a year for U.S. Dell purchases, $200 a year for incidental fees on an airline you choose, $120 for a U.S. wireless credit, and more. Enrollment required.

    Terms apply.

    • $155 annual Walmart+ credit (available as up to $12.95 in monthly credits when you pay for a Walmart+ membership).

    • $240 annual credits for eligible U.S. purchases at FedEx, Grubhub, and Office Supply Stores ($20 per month). Enrollment required.

    Terms apply.

    Welcome offer

    Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.

    Earn 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.

    Limited Time Travel Offer: Earn 150,000 Membership Rewards® points after you spend $20,000 on eligible purchases on your Business Platinum Card® within the first 3 months of Card Membership. Plus, earn a $500 statement credit after you spend $2,500 on qualifying flights booked directly with airlines or through American Express Travel with your Business Platinum Card® within the first 3 months of Card Membership. You can earn one or both of these offers. Offer ends 6/30/25. Terms Apply.

    Earn 100,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Gold Card within the first 3 months of Card Membership. Terms Apply.

    Horizontal scroll

    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.

    In Chase's travel portal

    Chase Ink Business Preferred Credit Card
    NerdWallet rating 

    Three Chase credit cards earn Ultimate Rewards® points and offer 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 this small roundup does not include Freedom and other Ink cards that earn cash back that can be converted to Ultimate Rewards® points. You also cannot transfer Ultimate Rewards® points earned on cash back cards to Chase transfer 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.

    Text, Page, Document

    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.

    Chase cards that earn UR points
    Chase Sapphire Preferred Credit Card
    Chase Sapphire Preferred® Card
    NerdWallet Rating
    Apply now

    on Chase's website

    Rates & Fees
    Chase Sapphire Reserve Credit Card
    Chase Sapphire Reserve®
    NerdWallet Rating
    Apply now

    on Chase's website

    Rates & Fees
    Chase Freedom Unlimited Credit Card
    Chase Freedom Unlimited®
    NerdWallet Rating
    Apply now

    on Chase's website

    Rates & Fees
    Chase Freedom Flex
    Chase Freedom Flex®
    NerdWallet Rating
    Apply now

    on Chase's website

    Rates & Fees
    Annual fee
    $95
    $550
    $0
    $0
    Rewards

    • 5 points per $1 on travel booked through Chase.

    • 3 points per $1 on dining (including eligible delivery services and takeout), select streaming services and online grocery purchases (not including Target, Walmart and wholesale clubs).

    • 2 points per $1 on other travel.

    • 1 point per $1 on other purchases.

    Point value in the travel portal: 1.25 cents apiece.

    • 10 points per $1 on Chase Dining, hotels and car rentals purchased through Chase.

    • 5 points per $1 on flights purchased through Chase.

    • 3 points per $1 on other travel and dining not booked with Chase.

    • 1 point per $1 on other purchases.

    Point value in the travel portal: 1.5 cents apiece.

    • 5% cash back on travel purchased through Chase, 3% cash back at drugstores and restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.

    Point value in the travel portal: 1 cent apiece.

    • 5% cash back on up to $1,500 in combined purchases in quarterly categories. Activation required.

    Point value in Chase travel portal: 1 cent apiece.

    New cardholder bonus offer

    Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.

    Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.

    Intro Offer: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.

    Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.

    Horizontal scroll

    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:

    Loyalty program

    Chase Ultimate Rewards® ratio

    American Express Membership Rewards ratio

    Airline transfer partners

    11 total.

    18 total.

    Aer Lingus Aerclub

    1:1.

    1:1.

    Aeromexico Rewards

    N/A.

    1:1.6.

    Air Canada Aeroplan

    1:1.

    1:1.

    Air France-KLM Flying Blue

    1:1.

    1:1.

    ANA Mileage Club

    N/A.

    1:1.

    Avianca LifeMiles

    N/A.

    1:1.

    British Airways Executive Club

    1:1.

    1:1.

    Cathay Pacific Asia Miles

    N/A.

    1:1.

    Delta SkyMiles

    N/A.

    1:1.

    Emirates Skywards

    1:1.

    1:1.

    Etihad Airways Guest

    N/A.

    1:1.

    Hawaiian Airlines HawaiianMiles

    N/A.

    1:1.

    Iberia Plus

    1:1.

    1:1.

    JetBlue TrueBlue

    1:1.

    5:4.

    Qantas Frequent Flyer

    N/A.

    1:1.

    Qatar Airways Privilege Club

    N/A.

    1:1.

    Singapore Airlines KrisFlyer

    1:1.

    1:1.

    Southwest Airlines Rapid Rewards

    1:1.

    N/A.

    United MileagePlus

    1:1.

    N/A.

    Virgin Atlantic Flying Club

    1:1.

    1:1.

    Hotel transfer partners

    3 total.

    3 total.

    Choice Privileges

    N/A.

    1:1.

    Hilton Honors

    N/A.

    1:2.

    IHG One Rewards

    1:1.

    N/A.

    Marriott Bonvoy

    1:1.

    1:1.

    World of Hyatt

    1:1.

    N/A.

    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.

    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:

    How the cards compare
    Chase Sapphire Reserve Credit Card
    Chase Sapphire Reserve®
    Apply now

    on Chase's website

    Rates & Fees
    The Platinum Card® from American Express
    The Platinum Card® from American Express
    Apply now

    on American Express' website

    Rates & Fees
    Annual fee
    $550
    $695
    Welcome bonus offer

    Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.

    Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.

    Rewards

    • 10 points per $1 on Chase Dining, hotels and car rentals purchased through Chase.

    • 5 points per $1 on flights purchased through Chase.

    • 3 points per $1 on other travel and dining not booked with Chase.

    • 1 point per $1 on other purchases.

    • 5 points per $1 on flights booked directly with airlines or through American Express, on up to $500,000 spent per year.

    • 5 points per $1 on prepaid hotels booked through American Express.

    • 1 point per $1 on other eligible purchases.

    Terms apply.

    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.

    American Express® Gold Card
    NerdWallet rating 
    • 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.


    To view rates and fees of The Platinum Card® from American Express, see this page.
    To view rates and fees of The Business Platinum Card® from American Express, see this page.
    To view rates and fees of the American Express® Gold Card, see this page.
    To view rates and fees of the American Express® Business Gold Card, see this page.

    How to maximize your rewards

    You want a travel credit card that prioritizes what’s important to you. Here are some of the best travel credit cards of 2025:

    Travel Cards from Our Partners
    Chase Sapphire Preferred Credit Card

    on Chase's website

    Chase Sapphire Preferred® Card
    5.0
    NerdWallet Rating
    Rewards rate

    1x-5x

    5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases.

    Points

    Intro offer

    60,000

    Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.

    Points
    Chase Freedom Unlimited Credit Card

    on Chase's website

    Chase Freedom Unlimited®
    5.0
    NerdWallet Rating
    Rewards rate

    1.5%-5%

    Enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.

    Cashback

    Intro offer

    $200

    Intro Offer: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.

    Capital One Venture Rewards Credit Card

    on Capital One's website

    Capital One Venture Rewards Credit Card
    4.7
    NerdWallet Rating
    Rewards rate

    2x-5x

    Earn unlimited 2X miles on every purchase, every day. Earn 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options

    Miles

    Intro offer

    75,000

    Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.

    Miles
    See more travel cards