#1 Among Transferable Points
Point Value
1.65 ¢
Program Score
8.7
Chase Ultimate Rewards is our most valued point system.
Chase offers many different credit card options for earning points. Welcome offers are the easiest way to earn a large lump sum at once, and the most valuable cards earn Chase Ultimate Rewards points. Other cards instead offer cash back, and Chase’s business card lineup also unlocks strong miles-earning potential.
Owning one of Chase’s Sapphire cards (the Chase Sapphire Reserve or Chase Sapphire Preferred) is crucial in this hobby. These cards allow you to transfer Chase Ultimate Rewards points to airline and hotel partners, maximizing their value.
If you own a Sapphire card, you can also transfer rewards from other Chase cards, converting cash back earned from both personal and business cards into Chase Ultimate Rewards. On the business side, the Chase Sapphire Reserve Business and Chase Ink Business Preferred also earn transferable Ultimate Rewards points.
Chase Sapphire Reserve Business
Special Offers Related to Chase Ultimate Rewards. Click the arrow to see more.
Chase is doubling its referral bonus on eligible Chase business cards from 20k to 40k points. Cardholders can now earn 40k points per approved referral, up to 200k bonus points per calendar year, through December 31, 2026. The important detail is that only Ink Business Preferred and Sapphire Reserve for Business cardholders can send referrals. However, the person receiving the referral can apply for any of the following cards for the referrer to earn the 40k bonus: Ink Unlimited, Ink Preferred, Ink Cash, Ink Premier, or Sapphire Reserve for Business. You will not earn a bonus unless you refer a new Chase for Business customer.
World of Hyatt is offering a 20% bonus when purchasing at least 7,000 points through July 27, 2026, allowing members to buy points for 2.17¢ each. We value Hyatt points at roughly 1.7¢ apiece, so this is not an especially compelling sale despite Hyatt’s strong redemption opportunities. While some high-end stays can still provide outsized value above 2.17¢ per point, we generally would not recommend buying speculatively at this price. With Hyatt’s new award chart and category changes taking effect tomorrow, it may make sense to wait until pricing settles before considering this promotion.
Back in March, Chase introduced a Price Match Guarantee for prepaid hotel bookings made through Chase Travel for Sapphire Reserve for Business and JPMorgan Reserve cardholders. Eligible cardholders can submit a claim within 24 hours of booking if they find a lower publicly available rate elsewhere on an identical stay. Chase has now expanded the feature to some personal Chase Sapphire Reserve accounts as well, though it still appears to be in beta testing and is not available to all cardholders. The guarantee also applies to The Edit bookings, which is especially valuable given complaints that some portal hotel rates have been higher than prices found elsewhere.
Chase is the most popular rewards system in the hobby thanks to its high-value transfer partners. You’ll get the best value by transferring Chase Ultimate Rewards to airline or hotel partners, especially when taking advantage of the sweet spots listed at the top of the page. There is a learning curve, but the payoff is worth it.
If you don’t want the time commitment of partner bookings, you can still get strong value by redeeming through the Chase Travel Portal, especially with a Sapphire card.
You can use the Chase Travel Portal to book flights, hotels, rental cars, and more. Points values vary based on the card you hold:
Points Boost applies only to select airfare and hotel bookings when you hold a Sapphire card. When it is not available, all redemptions default to 1¢ per point.
Legacy Points Boost rules: If you held a Sapphire Reserve or Preferred before June 23, 2025, any points you earned before October 26, 2025 are eligible for:
These elevated values remain valid through October 26, 2027.
If you have a Chase Sapphire Reserve (personal or business), you can redeem points through The Edit, Chase’s luxury hotel collection. While all Edit bookings initially redeemed at 2¢ per point through Points Boost, Chase later reduced many properties to 1.65¢ per point. Redemption values now generally range from 1.65¢-2¢ per point depending on the property.
Additional perks when booking The Edit with a Sapphire Reserve card:
You'll also receive the following benefits on nearly every The Edit stay booked through Chase Travel, whether paying cash or redeeming points:
Chase also rolled out a new Price Match Guarantee feature in 2026 for hotel bookings made through the Chase Travel portal. The feature is still in beta and not available to all cardholders, but eligible users can submit a claim within 24 hours of booking if they find a lower publicly available rate elsewhere on an identical stay. Importantly, this feature also works on The Edit bookings, even with the added perks and statement credits included with these stays.
To qualify for a price match, the competing booking must have the same:
Pay Yourself Back allows cardholders to redeem points at an elevated rate on select, rotating categories.
Some redemptions give far less value for your Chase Ultimate Rewards points and are best avoided:
Discover your points' highest-value redemption options. Use the filters to find the optimal sweet spot for your next trip.
Hyatt is almost always the top choice for partner bookings across all points programs. Its only drawback is a smaller global footprint compared to other major hotel chains
We rank Chase Ultimate Rewards as the top points system in the hobby. It appeals to both beginners and advanced users. Its value is strong for experts with access to high-value transfer partners like Hyatt, United, and Southwest Airlines. Chase also works well for beginners, offering an easy entry point with lower-level cards and the option to move up to higher-value cards after learning the basics.
Chase offers many different cards to use. Those cards often become the ones people build strategies around, as the 5/24 rule drives decision-making over time. If you are new and plan to stay in the points and miles world, learning all you can about Chase Ultimate Rewards will serve you well.
You can generally downgrade or cancel a Chase card within 30 days of your annual fee posting and receive a full refund. Chase does not typically offer a prorated refund if you act after that 30-day window.
Chase Ultimate Rewards points are tied to individual cards, though you can combine points between your own cards and with household members at the same address. If you want to keep Ultimate Rewards points transferable to partners, you must hold one of the following cards:
Cash back redemptions return only 1¢ per point. Booking travel through the Chase Travel Portal can be worth up to 2¢ per point with the Chase Sapphire Reserve for points boost redemptions. Transferring points to airline or hotel partners can deliver even higher value, up to 7–10¢ per point.
The most efficient way to redeem Chase points is to transfer them to travel partners. That is how you unlock outsized value, often well more than 2¢ per point. Booking through the Chase Travel Portal is easier, but learning partner awards maximizes long term value and flexibility.
The two Chase Sapphire Reserve cards, personal and business, offer the biggest signup bonuses and most perks, but they also carry higher annual fees. The Chase Sapphire Preferred is an excellent alternative for travelers who want strong value and transferable points with a lower fee.
You cannot book Airbnb through Chase Travel, as Airbnb is not a direct transfer partner. Chase does offer vacation rentals in its portal for select cardholders. Log in to Chase Travel, and if your card is eligible you will see options to search hotels or vacation homes.
American Express provides access to more lounges than Chase through the Global Lounge Collection, which includes Centurion Lounges, Delta Sky Clubs, and other partner lounges. The premium cards from both reward systems offer access to the most lounges.
Tracking Points & Transfer Options
