What’s the Value of Chase Ultimate Rewards Points? 

Chase Ultimate Rewards® points are among the most sought-after travel rewards issued by any bank. They are popular due to their flexibility and value. But how valuable are they?

Based on our most recent analysis, Chase points are worth between 1 cent and 1.8 cents each, depending on how they’re used and which card they were earned with.

This wide range of values is due to the complexity of Ultimate Rewards® redemption options. Like most credit card reward points, they have a baseline value when used to book travel directly through the portal. But for increased value, you can transfer the rewards to travel partners like Hyatt and United Airlines, then book your stay or flight directly through the partner.

» Learn more: The best Chase credit cards

Chase points value when booking through the portal

The baseline value of Chase's travel portal changed in June 2025 with the introduction of a feature called Points Boost.

Previously, the value of your points was set at a fixed value depending on your card.

• Chase Sapphire Reserve® points were worth 1.5 cents each (6,666 points equals $100).

• Chase Sapphire Preferred® Card and Ink Business Preferred® Credit Card points were worth 1.25 cents each (8,000 points equals $100).

Now, the baseline value is 1 cent each, regardless of the card you hold (10,000 points equals $100). Select bookings marked as Points Boost will increase the point value to between 1.5 and 2 cents each. The value and availability of Points Boost awards varies depending on your card.

These values represent the simplest and most direct way of using Chase points — through Chase's travel portal.

» Learn more: The guide to Chase's travel portal

Chase points value when transferring to partners

There’s lots of wiggle room here. So much, in fact, that it’s hard to pin down a specific value across all of Chase’s transfer partners. Our top-end estimate of 1.8 cents per point is based on the highest-value transfer option (World of Hyatt), but that doesn’t mean all the options are equal.

The table below shows the transfer partners for which we have data-driven point and mile valuations. In short: The estimated value of Chase Ultimate Rewards® points when redeeming with Chase partners range in value.

The optimized value of Chase points depends on the value of these transfer partners, but there is another factor to consider: how many high-value transfer partners the Chase Ultimate Rewards® program has. This affords more options for travel rewards hobbyists who are willing to dive into these programs and find the best deals.

» Learn more: The best Chase transfer partners

Comparing Chase points to other programs with fewer high-quality transfer partners is like comparing a $100 bill to a $100 Olive Garden gift card. They’re technically worth the same amount, but one has a broader range of uses than the other.

» Learn more: How to transfer Chase Ultimate Rewards® points to travel partners

Chase points to dollars calculator

Use our Chase points calculator below to determine the value of any number of Chase Ultimate Rewards® points to dollars. This is useful for comparing the value of promotions and sign-up offers or in assessing the value of an existing cache of points.

Credit cards that earn Chase Ultimate Rewards® points

Note: Chase's cash-back credit cards technically earn that cash in the form of Chase Ultimate Rewards®. One point equals 1 cent in those cases. If you have a premium travel card, you can transfer those points to the travel card for access to transfer partners and Points Boost bookings through the travel portal.

Chase Sapphire Preferred® Card

• 5 points per $1 spent on all travel purchased through Chase.

• 3 points per $1 spent on dining (including eligible delivery services and takeout).

• 3 points per $1 spent on select streaming services.

• 3 points per $1 spent on online grocery purchases (not including Target, Walmart and wholesale clubs).

• 2 points per $1 spent on travel not purchased through Chase.

• 1 point per $1 spent on other purchases.

• Through March 2025: 5 points per $1 spent on Lyft.

Sign-up bonus: Earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.

» READ OUR REVIEW of the Chase Sapphire Preferred® Card

Chase Sapphire Reserve®

• 8 points per $1 spent on travel bookings purchased through Chase, including flights, hotels, rental cars, cruises, activities and tours.

• 4 points per $1 spent on bookings made directly with an airline or hotel.

• 3 points per $1 spent at restaurants, including eligible food delivery.

• 1 point per $1 spent on all other purchases.

• Through Sept. 30, 2027: 5 points per $1 spent on Lyft.

In addition, cardholders will receive thousands of dollar per year worth of use-or-lose credits.

Sign-up bonus: Earn 125,000 bonus points after you spend $6,000 on purchases in the first 3 months from account opening.

» READ OUR REVIEW of the Chase Sapphire Reserve®

Chase Freedom Flex®

• 5% cash back on rotating bonus categories, on up to $1,500 spent per quarter (cash back comes in the form of Chase Ultimate Rewards®).

• 5% back on travel purchased through Chase.

• 3% back at restaurants.

• 3% back at drugstores.

• 1% back on all other purchases.

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

» READ OUR REVIEW of the Chase Freedom Flex®

Chase Freedom Unlimited®

• 6.5% cash back on travel purchased through Chase during your first year, 5% after that.

• 4.5% back at restaurants during your first year, 3% after that.

• 4.5% back at drugstores during your first year, 3% after that.

• 3% back on all other purchases during your first year, 1.5% after that.

Note that all first-year elevated earn rates are applied only up to $20,000 in total spending during the initial cardholding year.

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

» READ OUR REVIEW of the Chase Freedom Unlimited®

Sapphire Reserve for Business℠

• 8 points per $1 spent on Chase Travel purchases.

• 4 points per $1 spent on flights and hotels.

• 3 points per $1 spent on social media and search engine advertising.

• 1 points per dollar spent on everything else.

Similar to the personal version of the card, you'll also receive thousands of dollars worth of use-or-lose credits per year.

Sign-up bonus: Earn 200,000 bonus points after you spend $30,000 on purchases in your first 6 months from account opening.

» READ OUR REVIEW of the Sapphire Reserve for Business℠

Ink Business Preferred® Credit Card

• 3 points per $1 spent on the first $150,000 per year in combined spending on travel and select business categories.

• 1 point per $1 spent on all other purchases.

• Through March 2025: 5 points per $1 spent on Lyft.

Sign-up bonus: Earn 90,000 bonus points after you spend $8,000 on purchases in the first 3 months from account opening.

» READ OUR REVIEW of the Ink Business Preferred® Credit Card

Ink Business Cash® Credit Card

• 5% cash back on office supply store purchases and internet, cable and phone services, on up to $25,000 spent per year combined.

• 2% back at gas stations and restaurants, on up to $25,000 spent per year combined.

• 1% back on all other purchases.

• Through March 2025: 5% back on Lyft.

Sign-up bonus: Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening.

» READ OUR REVIEW of the Ink Business Cash® Credit Card

Ink Business Unlimited® Credit Card

• 1.5% cash back on all spending.

• Through March 2025: 5% back on Lyft.

Sign-up bonus: Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.

» READ OUR REVIEW of the Ink Business Unlimited® Credit Card

» Learn more: The best travel credit cards

How did we determine the value of Chase points?

For our NerdWallet estimate of 1 cent to 1.8 cents per Ultimate Rewards® point, we considered two variables:

1. The baseline value of these points when used to book travel directly with the credit card’s travel portal.

2. The top-end value when transferred to the travel partner with the highest point valuation (World of Hyatt).