The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Advertiser disclosure
The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Guides
Amex Membership Rewards vs. Chase Ultimate Rewards points: Which is best?
Featured image by HINTERHAUS PRODUCTIONS/GETTY IMAGES
Kyle Olsen is the former points and miles reporter at TPG. He specializes in maximizing points and miles, elite status and credit cards so readers travel more comfortably and at a lower cost.
Ben Smithson is a senior writer for TPG and is based in London. Originally from Australia and a qualified lawyer with a financial services background, he has almost a decade of experience writing about a broad range of travel and loyalty topics.
also contributed to this story
June 27, 2026 • 9 min read
The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don't cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our advertising policy and product review methodology for more information.
Editorial note: This is a recurring post, regularly updated with new information and offers.
Editorial disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comments
By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
Related stories
Quick summary
Two leading transferable points programs offer valuable redemption options, including transfers to airline and hotel partners and booking via travel portals.
According to TPG’s June 2026 valuations, one program’s points are valued at 2 cents each, while the other’s are valued at 2.05 cents each.
One program features more airline partners, including some exclusive options, while the other stands out for its hotel partnerships and higher-value portal redemptions.
Both programs provide a range of cards with strong introductory offers and bonus categories tailored to different spending habits.
What to consider
Transfer ratios and partner availability vary; some partners are exclusive to one program.
Redemption values through travel portals differ, with one program offering up to 2 cents per point for certain redemptions depending on the card held.
Eligibility for welcome offers and transfer ratios may depend on application timing and card type.
What you'll miss from the article
A detailed comparison of transfer partners, bonus categories and redemption strategies to help determine which points program aligns best with your travel goals.
Generated by AI with support from our editorial team.
Comments
By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
Both programs offer a range of valuable travel rewards credit cards and redemption options, including transferring points to airline and hotel partners and booking travel through the respective card issuer’s travel portal.
According to TPG’s June 2026 valuations, Amex Membership Rewards points and Chase Ultimate Rewards points are valued at 2 cents and 2.05 cents per point, respectively.
So, how do they measure up — and which is the best currency for you?
Which currency has the best transfer partners?
American Express Membership Rewards
American Express partners with 17 airlines and three hotel chains. Unless indicated, points transfer at a 1:1 rate in 1,000-point increments. Here’s the current list of Amex airline partners:
If you have one of these cards, World of Hyatt points will transfer at a 4:3 ratio either immediately for cardholders approved on or after June 15, or on Oct. 1 for those who applied before June 15. Those who applied before June 15 will retain the previous 1:1 transfer ratio until Oct. 1.
You must transfer in 1,000-point increments.
Which program has the best transfer partners largely depends on your travel habits and favorite airline and hotel loyalty programs.
While Amex may seem like the obvious winner with more transfer partners — including Delta SkyMiles and Avianca Lifemiles — Chase holds its own with a few key partners that aren't available through Amex.
BEN MUTZABAUGH/THE POINTS GUY
If you're a regular United Airlines traveler, for example, you could transfer either currency to Air Canada Aeroplan and book United flights. However, United's own MileagePlus program also partners with Chase but not Amex, so you may wish to focus on earning Chase points if it's your preferred carrier and program.
On the hotel side, we highly value the World of Hyatt program for its high-value award chart redemption rates, so if you're looking for a great hotel transfer option, consider earning Chase points.
Despite a once-per-lifetime policy for welcome offers, the wide range of cards that earn Membership Rewards points makes it easy to accumulate a substantial points balance.
ANDRESWD/GETTY IMAGES
Here are some of the best welcome offers available right now:
American Express Platinum Card®: Find out your offer and see if you are eligible for as high as 175,000 Membership Rewards points after spending $12,000 on purchases within the first six months of card membership. Welcome offers vary and you may not be eligible for an offer.
American Express® Gold Card: Find out your offer and see if you are eligible for as high as 100,000 Membership Rewards points after spending $8,000 on purchases within the first six months of card membership. Welcome offers vary and you may not be eligible for an offer.
The Business Platinum Card® from American Express: Find out your offer and see if you're eligible for as high as 300,000 Membership Rewards points after spending $20,000 on purchases within the first three months of card membership. Welcome offers vary and you may not be eligible for an offer.
Chase offers four cards that earn transferable Ultimate Rewards points, all of which have generous welcome bonuses:
ALEXANDR DUBYNIN/GETTY IMAGES
Chase Sapphire Preferred Card: Earn 75,000 bonus points after spending $5,000 on purchases in the first three months from account opening.
Chase Sapphire Reserve® (see ): Earn 100,000 bonus points after spending $6,000 on purchases in the first three months from account opening.
Ink Business Preferred Credit Card: Earn 100,000 bonus points after spending $8,000 on purchases in the first three months from account opening.
Chase Sapphire Reserve for Business℠ (see ): Earn 200,000 bonus points after spending $30,000 on purchases within the first six months from account opening.
The Amex Gold earns 4 points per dollar spent at restaurants worldwide (on up to $50,000 spent per calendar year, then 1 point per dollar).
JULIA AMARAL/GETTY IMAGES
In comparison, the Amex Platinum earns 5 points per dollar spent on airfare booked directly with the airline or via American Express Travel® (on up to $500,000 of these purchases per calendar year, then 1 point per dollar for the consumer version) and 5 points per dollar spent on prepaid hotels booked through American Express Travel.
Chase Ultimate Rewards
The Sapphire Preferred offers 5 points per dollar spent on travel booked through Chase Travel℠, 3 points per dollar spent on dining, select streaming services, gas, electric vehicle charging stations, vacation homes at top brands (Airbnb, Vrbo, Plum Guide, HomeAway, Homestay.com and Vacasa) and online grocery purchases (excluding Target, Walmart and wholesale clubs) and 2 points per dollar spent on other travel purchases.
The Ink Business Preferred offers 3 points per dollar spent on travel, shipping, internet, cable, phone services and advertising purchases made with social media and search engines (on up to $150,000 in combined purchases per account anniversary year, then 1 point per dollar) and 1 point per dollar spent on all other purchases.
BOJANSTORY/GETTY IMAGES
Finally, with the Sapphire Reserve and Sapphire Reserve for Business, you’ll earn 8 points per dollar spent on all Chase Travel purchases and 4 points per dollar on flights and hotels booked directly.
The business version also earns 3 points per dollar on social media and search engine advertising (up to $1 million per dollar spent each anniversary year, starting Nov. 15, 2026).
Membership Rewards and Ultimate Rewards share many transfer partners that transfer at a 1:1 rate, so collecting either currency will give you the same redemption values.
While Amex boasts more transfer options — including six additional airline partners — Chase still stands out with exclusive partners like World of Hyatt, known for its consistently high redemption value.
With Chase, you can book travel through Chase Travel and redeem points to pay for your plane tickets, hotel stays, rental cars and experiences. If you’re a Sapphire Preferred or Ink Business Preferred cardholder, each point is worth up to 1.75 cents with Points Boost, depending on the specific redemption (see your reward program agreement for full details).
If you have the Sapphire Reserve or Sapphire Reserve for Business, your points can be worth up to 2 cents each when redeemed through the portal (depending on the specific redemption — see your rewards program agreement for full details), which offers better value than booking through the Amex Travel portal.
Bottom line
Both Membership Rewards and Ultimate Rewards offer tremendous value, with strong transfer partners, lucrative welcome offers and flexible redemption options.
Chase stands out for its Hyatt partnership and portal redemptions worth up to 2 cents per point, while Amex shines with exclusive airline partners like Delta and Avianca.
The potential best strategy? Earn both — and let your travel goals determine how you redeem.
