What’s the Value of Chase Ultimate Rewards Points? 

You could get nearly 2 cents of value out of each of your Chase points, depending on how you use them.
Apr 19, 2022

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Chase Ultimate Rewards® points are some of the most sought-after travel rewards points out there (here's how they compare to AmEx Membership Rewards). They are flexible, popular and valuable. But how valuable?

Based on our most recent analysis, Chase points are worth between 1 cent and 1.9 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 either book travel directly through a portal or they can be transferred to partners. But Chase adds an additional layer of complexity by offering separate baseline values depending on the card. Let’s break it down.

Chase points value when booking through the portal

In the Chase travel portal, the Chase Ultimate Rewards® points value depends entirely on which card you have — or rather, which card is associated with the points you’re using (if you have several cards).

Card

Value per point

Value of 10,000 points

Chase Sapphire Reserve®

1.5 cents.

$150.

Ink Business Preferred® Credit Card

1.25 cents.

$125.

Chase Sapphire Preferred® Card

1.25 cents.

$125.

All other cards

1 cent.

$100.

Table showing Chase Ultimate Rewards points value by card.

Note: These values only represent the simplest and most direct way of using Chase points. And there isn’t any wiggle room here; you can’t search for deals that will yield more than 1.5 cents per point with a Chase Sapphire Reserve®, for example. The values are fixed when using points to book through the Chase 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 estimate of 1.8 cents to 1.9 cents is based on the higher-value transfer options, but that doesn’t mean all the options are equal — far from it.

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 partners ranges from 0.7 cents to 1.9 cents.

Transfer partner

Estimated value

Tansfer ratio

1.9 cents.

1:1.

0.8 cent.

1:1.

1 cent.

1:1.

1.4 cents.

1:1.

1.9 cents.

1:1.

1 cent.

1:1.

1 cent.

1.1:1.

0.7 cent.

1:1.

1 cent.

1:1.

1.1 cents.

1:1.

Of course, the 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.

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.

Chase points 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®

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.

Chase Sapphire Preferred Credit Card
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Chase Sapphire Preferred® Card

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

  • 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 Ultimate Rewards®.

  • 1 point per $1 spent on other purchases.

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

Sign-up bonus: Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®.

» READ OUR REVIEW of the Chase Sapphire Preferred® Card


Chase Sapphire Reserve Credit Card
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Chase Sapphire Reserve®

  • 10 points per $1 spent on Chase Dining purchases through Ultimate Rewards®.

  • 10 points per $1 spent on hotel stays and car rentals purchased through Ultimate Rewards®.

  • 5 points per $1 spent on air travel purchased through Ultimate Rewards®.

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

  • 1 point per $1 spent on other purchases.

  • Through March 2025: 10 points per $1 spent on Lyft.

Sign-up bonus: Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

» READ OUR REVIEW of the Chase Sapphire Reserve®


Chase Freedom Flex
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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℠

Nerdy tip: The Chase Freedom Flex℠ replaced the original Chase Freedom®, but holders of the original card were able to keep using it. That card offers the same 5% in rotating categories and 1% elsewhere, but not the bonus rewards on travel, dining and drugstores.

Chase Freedom Unlimited Credit Card
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Chase Freedom Unlimited®

  • 5% cash back on travel purchased through Chase.

  • 3% back at restaurants.

  • 3% back at drugstores.

  • 1.5% back on all other purchases.

Sign-up bonus: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!

» READ OUR REVIEW of the Chase Freedom Unlimited®


Chase Ink Business Preferred Credit Card
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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.

Sign-up bonus: Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®.

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


Chase Ink Business Cash Credit Card Credit Card
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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.

Sign-up bonus: Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.

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


Ink Business Unlimited℠ Credit Card
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Ink Business Unlimited® Credit Card

  • 1.5% cash back on all spending.

Sign-up bonus: Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.

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


How did we determine the value of Chase points?

For our NerdWallet estimate of 1.8 cents to 1.9 cents per Ultimate Rewards® point, we factored in three variables:

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

  2. The value of the airline and hotel points to which these points can be transferred, when applicable (based on separate analyses).

  3. The number of top-tier travel transfer partners, as determined by our expert panel.

The overall value is determined as: A weighted average between (1) and (2), with the weight determined by (3). The program with the largest number of high-value partners receives a 100% weight on (2), and a program with zero high-value partners receives a 50% weight on (2).


How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2022, including those best for:

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