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.
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.
Rachel Craft is a travel writer at TPG. She's excited about introducing more people to the world of points & miles and helping fellow travel newbies make the most of their points.
also contributed to this story
June 22, 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
Ultimate Rewards points are valued at 2.05 cents each as of June 2026 per TPG's valuations, but actual value depends on redemption method.
Points can be redeemed for travel by transferring to 14 airline and hotel loyalty partners, often yielding the highest value.
Booking through the travel portal offers fixed-value redemptions, with some options eligible for enhanced value via Points Boost.
Non-travel redemptions like cash back, gift cards or merchandise generally provide lower value per point.
What to consider
Eligibility to transfer points to travel partners requires holding specific types of cards.
Redemption rates through the travel portal vary based on when the account was opened and the type of card used, with legacy rates available for points earned before October 26, 2025 and redeemed by October 26, 2027.
Points must be transferred to partners in increments of 1,000, and transfer ratios may differ for certain hotel programs.
What you'll miss from the article
A detailed breakdown of redemption scenarios and strategies to maximize the value of your points across different options.
Generated by AI with support from our editorial team.
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 Sapphire Reserve® (see rates and fees): Earn 100,000 bonus points after spending $6,000 on purchases in the first three months from account opening.
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:
Chase Freedom Unlimited® (see rates and fees): Earn $200 bonus cash back after you spend $500 on purchases in the first three months from account opening.
Chase Freedom Flex® (see rates and fees): Earn a $200 bonus after spending $500 on purchases in the first three months from account opening.
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.
ZACH GRIFF/THE POINTS GUY
You can transfer Ultimate Rewards points to 10 airline 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.
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.
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.
CAROLINE TANNER/THE POINTS GUY
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.
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.
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.
