Chase Devalues Ultimate Rewards Amazon Redemptions
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.
Using your hard-earned Ultimate Rewards points to shop on Amazon was already a bad redemption — and it’s going to get worse. Chase has shared that, as of September 1, you’ll be able to redeem Ultimate Rewards points at 0.8 cents per point, down from 1.0 cents per point currently. This means that for every dollar you spend on an Amazon purchase, you’ll need to redeem 125 Ultimate Rewards points instead of the current 100.
Other major points programs allow you to redeem points for purchases on Amazon as well, but at similarly poor rates. Citi ThankYou points can be redeemed for 0.8 cents per point — the same value as Ultimate Rewards points after September 1. If you want to redeem your American Express Membership Rewards points for Amazon purchases you’ll only get 0.7 cents per point in value.
Keep in mind that according to TPG’s valuations, Chase Ultimate Rewards are worth 2.1 cents per point, Citi ThankYou points are 1.6 cents per point and Amex Membership Rewards are 1.9 cents per point. With each program, if you choose to redeem your points for Amazon purchases you’ll only be getting at most half of the value that you could from redeeming your points for travel or other rewards.
Have you redeemed rewards points for purchases on Amazon?
Featured image courtesy of Shutterstock.