Chase Ultimate Rewards points are among the most valuable currencies you can collect. They’re worth 2.05 cents each based on TPG’s June 2026 valuations — but you can get far more (or less) value from your Chase points depending on how you redeem them.
Chase points give you a wide range of redemption options, including some of the best airline and hotel transfer partners, Points Boost opportunities through the Chase Travel℠ portal, cash back and payment for everyday expenses.
If you want to maximize the value of your Chase points, keep reading to discover how much each redemption option is worth.
Chase Sapphire Preferred® Card — For a limited time, earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening (see rates and fees).
What are Chase Ultimate Rewards points?
CAMERON SPERANCE/THE POINTS GUY
Ultimate Rewards points are the currency of several Chase-branded credit cards:
The above cards are the only ones that allow transfers to airline and hotel partner programs. However, if you pair one of them with an eligible cash-back Chase card, you can combine your rewards in a single account to convert your cash-back rewards into fully transferable Ultimate Rewards points. Eligible cash-back cards include:
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If you’re new to the world of rewards credit cards, we generally recommend starting with Chase products due to the issuer’s well-documented 5/24 rule: In short, you usually won’t get approved for any Chase cards if you’ve applied for five or more new credit cards across all issuers in the past 24 months.
Remember this restriction as you build a strategy to maximize your credit card rewards.
How much are Chase Ultimate Rewards points worth?
TPG values Chase Ultimate Rewards points at 2.05 cents each as of June 2026, but your mileage may vary depending on how you redeem them. There are three basic redemption options:
| Redemption | Examples | Point value |
|---|---|---|
|
Transfer points to travel partners
|
14 airline and hotel loyalty programs |
Possibly 2.05 cents each |
|
Redemptions through Chase Travel
|
Flights, hotels, cruises, tours and rental cars |
Between 1 and 2 cents each, depending on the card you hold and whether the redemption is Points Boost eligible (check your card’s guide to benefits for more information) |
|
Fixed-value, non-travel redemptions
|
Cash back, gift cards and Apple products |
Between 0.8 and 1.5 cents each, depending on the redemption option |
Let’s take a closer look at each of these options.
Value of Chase points when redeeming with travel partners
Transferring Ultimate Rewards points to travel partners is often the most valuable way to redeem them.
You can transfer Ultimate Rewards points to 10 airline programs:
Chase also partners with four hotel loyalty programs:
Most transfer ratios are 1:1. The only exception is World of Hyatt, which now offers a ratio of either 1:1 or 4:3, depending on the card you have. You can sometimes get a better ratio by taking advantage of a transfer bonus.
Note that you must transfer points in increments of 1,000.
You can often get 2.05 cents per point or more from your Chase points by transferring them to partners and redeeming them toward award flights or stays. Check out our favorite Ultimate Rewards sweet spots for ideas to maximize your points.
Related: Best ways to redeem Chase Ultimate Rewards points for hotel stays
Value of Chase points when redeeming through Chase Travel
You can also book travel through Chase Travel and redeem points for plane tickets, hotel stays, rental cars, cruises or experiences at a fixed cash value per point. This value depends on which card you hold, when you received your points and whether the redemption is Points Boost eligible.
The minimum fixed redemption value that used to be available on Chase cards has been adjusted for those who opened their accounts after June 23, 2025. If you’ve held your card since before this date, the points you earned prior to Oct. 26, 2025, can be redeemed at the previous rates until Oct. 26, 2027.
Check out this table for more details:
| Card | Cardholders who applied before June 23, 2025 | Cardholders who applied after June 24, 2025 |
|---|---|---|
|
|
|
|
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Finally, points earned with the Chase Freedom Flex®, Chase Freedom Unlimited, Ink Business Unlimited® Credit Card or Ink Business Cash Credit Card are worth 1 cent per point when used to book through Chase Travel.
This is another case where it makes sense to combine your points in the card account that offers the most value. For example, all the points you earn with the Freedom Flex® can be moved to your Sapphire Reserve account, thus potentially doubling their value from 1 cent to up to 2 cents each through Points Boost.
Value of Chase points on non-travel redemptions
There are several non-travel ways to spend your Chase Ultimate Rewards points. You can use them like cash through Amazon and PayPal or redeem them for Apple products and gift cards. Unfortunately, you’ll get a poor value of 1 cent or less per point this way.
You can squeeze more value out of your Chase points with Chase Pay Yourself Back, which lets you redeem points for cash back at a rate of 1.25 to 1.5 cents each, depending on your card. This redemption rate is valid on statement credits toward rotating purchase categories, such as grocery stores and select charities.
Related: How to earn more points with Shop Through Chase
Bottom line
The best way to use Chase Ultimate Rewards points depends on your travel style and goals. However, assigning a dollar value per point can help you determine how to make the most of your points.
We generally don’t recommend using your Chase points for cash back, gift cards or merchandise because you’ll get the poorest value this way. You can stretch your points much further by transferring them to Chase’s wide range of airline and hotel partners and booking award sweet spots. If you prefer a simpler way to redeem, Chase Travel offers a ton of options, including some Points Boost redemptions that offer solid value.
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