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What’s the Value of Chase Ultimate Rewards Points? 

Your Chase points are worth between 1 and 1.8 cents each. Here's how to get the best value.

Craig Joseph
Meghan Coyle
Updated
Nerdy takeaways
  • The value of Chase Ultimate Rewards® is at least 1 cent each when you book travel through Chase's portal.
  • The value of Chase Ultimate Rewards® is around 1.8 cents each when you transfer to Hyatt (with the right card).
  • Some cards now have a 4:3 transfer ratio to World of Hyatt, making those transfers worth 25% less.
The value of Chase Ultimate Rewards® points ranges from 1 cent to 1.8 cents per point, depending on how you redeem them.
As a "baseline" value, Ultimate Rewards® are worth at least 1 cent each when you book travel through Chase's portal.
For better value, you can transfer your points to Chase's travel partners. Based on our most recent analysis, Chase points are worth around 1.8 cents each when transferred to World of Hyatt — Chase's highest-value partner. That's 80% higher than the baseline value, but due to changes made by Chase in June 2026, you'll need the right card to get it.
» Learn more: The best Chase credit cards

The value when booking through Chase's travel portal

The baseline value of Chase's travel portal changed in June 2025 with the introduction of a feature called Points Boost.
Previously, your points had a fixed value through the portal depending on your card.
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 and 2 cents each. The value and availability of Points Boost awards varies depending on your card.
The convenience of booking through Chase's portal comes at the cost of potentially receiving better value for your points when you transfer them to a partner.
Reservations made through Chase will also have the same limitations as booking through any third-party travel agency. That means change, cancellation and refund policies are set by Chase, not the airline or hotel.
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» Learn more: The guide to Chase's travel portal

The value when transferring Chase points to partners

You'll generally receive the best value for your points when you transfer them to select airline and hotel partners.
Full list of Chase transfer partners
Airlines
  • Aer Lingus (1:1 ratio).
  • Air Canada (1:1 ratio).
  • Air France-KLM (1:1 ratio).
  • British Airways (1:1 ratio).
  • Iberia (1:1 ratio).
  • JetBlue (1:1 ratio).
  • Singapore (1:1 ratio).
  • Southwest (1:1 ratio).
  • United (1:1 ratio).
  • Virgin Atlantic (1:1 ratio).
Hotels
  • Hyatt (1:1 or 4:3 ratio; varies by card).
  • IHG (1:1 ratio).
  • Marriott (1:1 ratio).
  • Wyndham (1:1 ratio).
Our estimate of 1.8 cents per point for Chase points is based on the value of World of Hyatt points. However, Chase complicated things in June 2026 when they changed the transfer ratio to Hyatt based on what card you have.
The Chase Sapphire Reserve® and the Sapphire Reserve for Business℠ still receive 1:1 transfers to Hyatt. That means a transfer of 10,000 Chase points become 10,000 Hyatt points that are worth around $180.
But the Chase Sapphire Preferred® Card and Ink Business Preferred® Credit Card now transfer to Hyatt at a 4:3 ratio, where 10,000 Chase points only become 7,500 Hyatt points that are worth around $140. That's a top-end value of 1.4 cents per point, equal to the value of miles from JetBlue and Southwest Airlines.
🤓Nerdy Tip
Chase allows you to comingle points earned on different cards. For example, if you have both the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve®, you can combine your points on the Chase Sapphire Reserve® and still access 1:1 transfers to World of Hyatt and enhanced Points Boost value when you book through Chase's travel portal.
Based on our our most recent data, here is the estimated value of transfers to Chase's travel partners.
Transfer partner
Estimated value
Transfer ratio
Air Canada Aeroplan Miles
1.1 cents
1:1.
Air France-KLM Flying Blue Miles
1.0 cent
1:1.
British Airways Avios
1.2 cents
1:1.
IHG Rewards points
0.6 cent
1:1.
JetBlue TrueBlue points
1.4 cents
1:1.
Marriott Bonvoy points
0.7 cent
1:1.
Southwest Airlines Rapid Rewards
1.4 cents
1:1.
United Airlines MileagePlus miles
1.2 cents
1:1.
Virgin Atlantic Flying Club points
0.8 cent
1:1.
World of Hyatt points
1.8 cents
1:1 or 4:3.*
*The Chase Sapphire Reserve® and Sapphire Reserve for Business℠ still offer 1:1 transfers to Hyatt. For the Chase Sapphire Preferred® Card, new cardholders get a 4:3 transfer ratio to Hyatt .
» Learn more: The best Chase transfer partners
Nerdy Perspective

How do you use Chase Ultimate Rewards® points?

Chase Ultimate Rewards® are one of my favorite rewards currencies. I've transferred almost 3 million points to transfer partners in 10 years, mostly to cover nicer flights and hotels than I'd typically pay for in cash. I've received great value from my points by transferring to Hyatt for stays at swanky properties like the Park Hyatt Tokyo and the Nimb Hotel in Copenhagen, and to United Airlines and Air Canada for international flight redemptions on partner airlines.
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Craig Joseph

Lead Travel Writer

I love Chase Ultimate Rewards® points because they’re so easy to use. Hyatt is definitely the most valuable transfer partner, but since I rarely stay at Hyatt hotels, I tend to use my points for flights. United is a great domestic option to have, but I have also found great deals on domestic flights by transferring my points to Air Canada and British Airways and booking codeshare flights on United and American Airlines, respectively.
Profile photo of Caitlin Mims

Caitlin Mims

Travel Editor

I save all of my Chase Ultimate Rewards® points to use on Hyatt redemptions. World of Hyatt has the highest value points among all of Chase Ultimate Rewards' transfer partners by far, so instead of booking through the Chase Travel portal or transferring to low-value partners, I transfer my Chase Ultimate Rewards points to Hyatt to stay at beautiful, luxury properties like the Park Hyatt Kyoto.
Profile photo of Meghan Coyle

Meghan Coyle

Assistant Assigning Editor, Travel

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

Chase points to dollars calculator

Our Chase points calculator can help you convert the value of your 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 stash of points.

Credit cards that earn Chase Ultimate Rewards® points

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 Credit Card
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Rates & Fees

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).
  • 3 points per $1 on gas and EV charging.
  • 3 points per $1 on vacation homes booked through Airbnb, Vrbo and similar.
  • 2 points per $1 spent on travel not purchased through Chase.
  • 5 points per $1 on Lyft rides through Sept. 30, 2027.
  • 1 point per $1 spent on other purchases.
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 Credit Card
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Rates & Fees

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 dollars per year worth of use-it-or-lose-it credits.
Sign-up bonus: Earn 100,000 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
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Rates & Fees

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 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 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℠
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Sapphire Reserve for Business℠

  • 8 points per $1 spent on travel purchases through Chase.
  • 4 points per $1 spent on flights and hotels booked directly with the airline or hotel.
  • 3 points per $1 spent on social media and search engine advertising.
  • 1 point per $1 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℠
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 100,000 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

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).

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 2026:
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