Chase points are now worth up to 50% more when redeeming for Apple — is it worth it?
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Consumer spending has drastically shifted in the last seven months. And credit card companies have taken note by pivoting their benefits and redemption opportunities.
Chase has been one of the most agile, shifting bonus categories and offering new ways to redeem points, particularly with travel-focused cards such as the Chase Sapphire Reserve and Chase Sapphire Preferred Card.
Now, Chase is launching its latest points redemption offer. Cardholders can get up to 50% more value when purchasing eligible Apple products through Ultimate Rewards from Oct. 15, 2020 through Nov. 15, 2020.
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Using Ultimate Rewards towards Apple purchases
Typically, redeeming Ultimate Rewards points for shopping — such as with Apple — gets you a flat one cent per point redemption rate. That’s not a great use of points, considering that TPG values Ultimate Rewards at two cents per point (largely thanks to Chase’s valuable travel transfer partners).
Details of the promotion
However, with less demand for travel now and an up to 50% bonus on eligible products, we start getting into a territory that it may make sense to use your points towards Apple.
Take the Chase Sapphire Reserve, for instance. That card gets a 50% bonus redeeming for eligible Apple products.
Alternatively, you’ll get the same 1.5 cents per point redemption rate when you book travel directly through Chase Ultimate Rewards. Likewise, with Pay Yourself Back, you’ll be able to offset grocery stores, home improvement stores and dining purchases at a 1.5 cents-per-point elevated rate through Sept. 30, 2021.
If you’re looking at buying the latest iPhone — and have a hefty balance of Ultimate Rewards points — it’s actually a pretty decent option.
Here is the breakdown of the limited-time Apple redemption rate for select Chase cards:
50% bonus redeeming for Apple (1.5 cents per point value)
- Chase Sapphire Reserve
25% bonus redeeming for Apple (1.25 cents per point value)
- Chase Sapphire Preferred
- Ink Business Preferred Credit Card
- Ink Business Plus® (no longer open for new applicants)
20% bonus redeeming for Apple AirPods only, 5% bonus on all other Apple products
- Chase Freedom Unlimited
- Chase Freedom Flex
- Chase Freedom (no longer open for new applicants)
- Ink Business Cash Credit Card
- Ink Business Unlimited Credit Card
- Chase Sapphire (no longer open for new applicants)
The elevated Apple redemption promotion runs from Oct. 15, 2020 through Nov. 15, 2020, just in time to kick off the holiday shopping season and the launch of the newest iPhone.
Related: How to maximize your iPhone purchase
This latest redemption offer from Chase comes hot on the heels of a brand-new dining hub that the issuer launched last week.
Through at least April 30, 2021, Sapphire cardmembers will get access to more than 4,000 restaurants and dining experiences, with Chase Sapphire Reserve cardholders able to redeem Ultimate Rewards at 1.5 cents apiece, and Chase Sapphire Preferred cardholders able to redeem points at 1.25 cents each.
There have been numerous ways Chase has kept cardholders engaged during the pandemic. But for new card applicants, you certainly aren’t left out either. The Chase Sapphire Preferred is currently offering one of its highest sign-up bonuses ever: 80,000 Ultimate Rewards points after spending $4,000 in the first three months of account opening.
Featured photo by Zhang Peng/LightRocket via Getty Images.
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