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Rewards programs

Chase Ultimate Rewards, explained

Chase Ultimate Rewards is the most flexible major rewards program. Here's how to earn, redeem, and value the points.

By editorial-team Updated May 15, 2026

Chase Ultimate Rewards is the most flexible major credit card rewards currency on the US market. Points earned on a Chase card with the right product flexibility can transfer to fourteen airline and hotel partners at a 1:1 ratio. That transferability is what makes the program valuable above the headline earn rates.

How you earn

Every Chase consumer and business card with the Ultimate Rewards branding earns points on every purchase. The Freedom Flex earns 5% on rotating quarterly categories and 3% on dining and drugstores. The Sapphire Preferred earns 3x on dining and 2x on travel. The Sapphire Reserve earns 10x on hotels and cars through Chase Travel, 5x on flights through Chase Travel, and 3x on dining and other travel. The Ink Business Preferred earns 3x on travel, shipping, internet, cable, phone, and advertising up to $150K per year combined.

The trick most people miss is that points can be pooled across your own Chase cards. A Freedom Flex on its own earns “cash back” (Chase brands the rewards as cash back if you only hold a Freedom). Pair it with a Sapphire or an Ink and the same earnings become transferable Ultimate Rewards.

How you redeem

You have three main redemption paths.

Cash back. Worth exactly 1 cent per point. A Freedom-only household tends to default here. There is nothing wrong with cash back as the floor.

Chase Travel. Points are worth 1.25 cents each when you hold a Sapphire Preferred or Ink Business Preferred, and 1.5 cents each when you hold a Sapphire Reserve. Chase Travel is a competitive booking platform. The boost makes hotel and flight redemptions a reasonable choice for people who do not want to deal with airline partner award routing.

Transfer to partners. Points move to United, Southwest, Hyatt, Marriott, IHG, Air Canada, British Airways, Air France/KLM, Emirates, Iberia, JetBlue, Singapore, Virgin Atlantic, and a handful of others. Transfers are usually instant. Hyatt at 1:1 is the most consistent outsized redemption because Hyatt’s award chart is fixed and includes properties that cost $400 or $500 a night in cash but 30,000 to 40,000 points.

Where Ultimate Rewards beats Membership Rewards

The strongest argument for the Chase program is Hyatt. Amex does not transfer to Hyatt. If you stay at Hyatt regularly, Ultimate Rewards is the only major flexible-points currency that gets you there at 1:1.

The second argument is the cash-back floor. Chase pays 1 cent per point in cash back on every Ultimate Rewards card. Amex pays as low as 0.6 cents on gift cards and statement credits, so the Amex floor is materially worse for people who do not redeem through transfer partners.

What to watch

Transfer ratios can change. Chase has historically been stable, but a partner can devalue overnight. Time-sensitive: do not stockpile points for hypothetical future redemptions when you have a redemption that works today.

The 5/24 rule applies to most Chase cards. If you have opened five or more personal credit cards across any issuer in the last 24 months, Chase will likely decline new applications. See our 5/24 guide for the detail.

Bottom-line recommendation

If you are deciding which flexible-points program to anchor on, Ultimate Rewards is the safest choice for most US travelers. Pair a Sapphire Preferred with a Freedom Flex and you have a two-card setup that earns at strong rates on dining, travel, and rotating categories, with full access to transfer partners.

Cards mentioned

FAQ

Frequently asked questions

What is one Ultimate Rewards point worth?
Our editorial valuation is 2.1 cents per point. The floor is 1 cent (cash back). The ceiling depends on transfer-partner premium-cabin redemptions, where Hyatt is the most consistent outsized partner.
Do Freedom and Ink points combine with Sapphire points?
Yes. If you hold a Sapphire Preferred, Sapphire Reserve, Ink Business Preferred, Ink Business Cash, or Ink Business Unlimited, you can move points between any of your Chase cards. The combined balance can then transfer to airline and hotel partners.
When should you transfer points to partners?
When the partner award costs less than the Chase Travel cash redemption. Most Hyatt redemptions clear that bar. Some United and Air Canada Aeroplan redemptions clear it. Cash back at 1 cent per point is always available as a fallback.