Chase cards announce new bonus opportunities for May

Update: Some offers mentioned below are no longer available. View the current offers here.

Chase cardholders will be happy to know that a popular promotion from last year has returned — perfect timing if you're looking for gifts for Mother's Day, Father's Day or upcoming graduations.

The Month of More promotion includes bonuses on both the earning and redemption side, with elevated rates through the Chase shopping portal and Chase dining alongside extra value when using your points for Apple products and gift cards.

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Here's a detailed look at the available offers in the Month of More promotion.

Eligible Chase cards for this promotion

Chase cash-back cardholders are getting some love this month, with this promotion running from May 1-31, 2022. The following cards are eligible:

• Chase Freedom Unlimited.
• Chase Freedom Flex.
• Chase Freedom (no longer available for new applicants).
• Chase Freedom Student credit card.

With the Freedom cards, your points are typically worth just 1 cent each for any of the redemptions we'll cover in this promotion. However, the Month of More offers 5-10% more value, making your points worth up to 1.1 cents apiece instead.

To take advantage of the new options detailed below, simply log into the Ultimate Rewards portal.

Up to 50% bonus for Apple products

If you've been eyeing Apple products, now could be a great opportunity to jump on it. When you use Chase points through the Ultimate Rewards portal, you can now enjoy up to 50% in additional value at Apple. Here's how it works:

• Chase Sapphire Reserve: 50% more value
• Chase Sapphire Preferred Card and Ink Business Preferred Credit Card: 25% more value
• Chase Freedom Flex, Chase Freedom Unlimited, Ink Business Cash Credit Card and Ink Business Unlimited Credit Card: 10% more value

For the Sapphire cards and the Ink Business Preferred, this essentially means that Apple redemptions now match the value you can get by using your Ultimate Rewards points for travel through the Chase portal.

For example, AirPods Pro cost $249.00 (or 24,900 points) without this promotion. However, you can now get them for just 16,600 points if you have the Sapphire Reserve.

This saves you over 8,000 points.

Just note that the exact redemption amount will vary depending on the Chase card from which you use the points.

Related: How to transfer Chase Ultimate Rewards points between accounts

up to 10% more value on gift cards

You can also enjoy a redemption bonus on gift cards from select brands. However, this is consistent across all Chase cards.

Cardholders will enjoy 10% in extra value when you use your Chase points for these redemptions, and discounted brands include Home Depot, Happy cards (these are valid at multiple brands, which vary by type), Athleta, Ulta, Domino's and more.

A $100 gift card would typically cost 10,000 points. With the discount, you need just 9,000 points.

Shop through Chase for up to 7% bonus cash back

If you're shopping online, you should always check portals for opportunities to earn bonus points. Right now, the Chase shopping portal has bonus earning for up to 7% cash back on brands like these when using a participating Freedom card:

• Samsung (7% cash back).
• Nike (6% cash back).
• The Home Depot (5% cash back).
• Lululemon (5% cash back).

This promotion works as if you were shopping through an airline portal. Head to ‘Earn Bonus Points’ on the Ultimate Rewards portal and shop through the link of the respective retailer to earn these bonus points this month.

Related: How to maximize points and miles on Mother’s Day purchases

Earn 10% cash back with Chase Dining

Similar to a promotion we saw last year, Freedom cardholders can earn 10% cash back when ordering takeout or making a prepaid reservation with Chase Dining.

Chase Dining is similar to other dining programs that offer bonus rewards when dining at affiliated restaurants after you create an account and then pay at the restaurant using the credit card listed in your account. The number of restaurants available will greatly depend on where you live.

Related: Can I earn miles from two dining programs at the same time?

While the other promotions in the Month of More are only available in May, this bonus offer from Chase Dining is available through June 30, 2022. Freedom cardholders will earn 10% cash back on takeout and prepaid reservations when using the Chase Dining website.

Is it worth it?

Normally, your Ultimate Rewards points are worth 1 cent each for non-travel redemptions. However, if you also carry the Chase Sapphire Preferred Card or the Chase Sapphire Reserve, your Ultimate Rewards points can be worth up to 2 cents each according to TPG’s valuations. That's because you can unlock transfers to Chase's travel partners, which include 11 airline and three hotel rewards programs.

During the month of May, Freedom cardholders can redeem their points for 1.1 cents each on Apple products and select gift cards. That's far less value than what you will typically obtain using your points for travel. However, you need another card to unlock this option; simply having a Freedom card doesn't allow you to use Chase's transfer partners.

Meanwhile, if you hold the Sapphire Preferred or Ink Business Preferred, you can use your points for Apple products at a rate of 1.25 cents per point. And Sapphire Reserve cardholders can do so for 1.5 cents per point. These are much better redemption rates — but they still fall short of TPG's valuations.

That being said, if you don't have any upcoming travel for which you want to use your points (or if you simply want to save cash), the best time to redeem your points for gifts is when you can use them at increased valuations. Remember that you can combine Ultimate Rewards points between accounts if you need a few more for a redemption — or want to pool your points under a card that offers a higher value.

The question ultimately comes down to whether you are happy to use your points in a way that saves cash when purchasing items online or whether you prefer to hold your points until you can use them for maximum value. Depending on your answer, you'll know whether this promotion is a good time for you to use your points or not.