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How much are Chase points worth? Here’s how to calculate their value

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How much are Chase points worth? Here’s how to calculate their value

Joseph HostetlerHow much are Chase points worth? Here’s how to calculate their valueMillion Mile Secrets Team

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Before you collect any miles and points, it’s good to have an idea of the return you’ll get for your trouble. Many of the best rewards credit cards allow you to earn cash back, points or miles that can be redeemed for travel-related items like airfare, car rentals and more.

The value of most miles and points depends on how you redeem them, but one thing is certain: You will save big on travel when you collect miles and points, even without lengthy research.

My favorite points to collect are Chase Ultimate Rewards points, which you can earn from the best Chase credit cards. They’re generally worth between one and five cents each (though it’s possible to get even more value from them). On average you can receive about 2 cents.

Here’s how to estimate Chase points value.

Trying to pinpoint Chase points value? Here’s what our hours of research show. (Photo by Wyatt Smith)

Chase points value

Chase Ultimate Rewards points are easy to earn by opening one of the following cards:

These all rank among the best credit cards for travel. And once you have one of the powerful premium cards above, consider adding any of these:

The information for the Ink Business Preferred Credit Card, Ink Business Cash, Ink Business Unlimited, Chase Freedom has been collected independently by Million Mile Secrets. The card details on this page have not been reviewed or provided by the card issuer.

What value can you get when you redeem your points for cash back?

Quick answer: 1 cent each

You don’t have to redeem your Chase Ultimate Rewards points for travel. You always have the option of redeeming for cash back at a rate of 1 cent per point.

But if you have any travel aspirations whatsoever, we don’t recommend you use your points this way because it’s very, very easy to receive much better value. Nonetheless, if cash makes you happiest, go for it.

How much are Chase points worth through the Chase Travel Portal?

Quick answer: Between 1 and 1.5 cents each

Depending on which Chase Ultimate Rewards points-earning credit card you have, you’ll receive a value of between 1 and 1.5 cents per point when you book through the Chase Travel Portal. Here’s what you can expect:

Now here’s the good news: You can combine your Chase Ultimate Rewards points to one card and all they will be worth as much as your best Chase card. In other words, if you have the Chase Sapphire Preferred, the points you earn with any no-annual-fee cards on this list jump from a value of 1 cent each to 1.25 cents each through the Chase Travel Portal. Or if you have the Chase Sapphire Reserve, the points you earn on any of these other cards are worth 1.5 cents each.

I make a lot of purchases with my Chase Freedom and Chase Freedom Unlimited cards because they earn lots of points for my everyday spending. And because I have the Chase Sapphire Preferred, I can redeem those points toward travel through the Chase Travel Portal for 1.25 cents each. That’s 25% better than if I redeem my points for cash.

The process of redeeming your points through the Chase Travel Portal is very similar to using cash. You don’t have to worry about blackout dates or the number of award seats — I’ve redeemed my points this way lots of times.

You can check out our post on how to book travel through the Chase Ultimate Rewards Travel Portal here.

What value can you get from Chase transfer partners?

Quick answer: Between 0.3 and 6 cents each

When you have either the Chase Sapphire Preferred, Chase Sapphire Reserve, or Ink Business Preferred, you can transfer the Chase Ultimate Rewards points you earn (with any card) to valuable Chase travel partners.

I made loads of searches and mock reservations to find a median range and value for some of the top Chase transfer partners. The ranges below are typical values for your points. It’s possible to get even more value, but it’s rare.

Hotel partners

  • Hyatt – 0.7 to 4.2 cents each (typically 2 cents)
  • IHG – 0.3 to 3 cents each (typically 0.5 cents)
  • Marriott – 0.3 to 1.5 cents each (typically 0.9 cents)

Note: Transferring your Chase points to Marriott and IHG is almost always a bad deal. You’re likely better off using your points to buy travel through the Chase Ultimate Rewards Travel Portal.

Airline partners

  • British Airways – 0.7 to 5.5 cents each (typically 1.6 cents)
  • Southwest – 1.4 to 1.9 cents each (typically 1.5 cents)
  • United Airlines – 0.6 to 6 cents each (typically 1.3 cents)

Depending on your situation, you may value the points differently. Each Chase transfer partner has attributes that might be more important to you than monetary value. For example, Southwest and Hyatt have no blackout dates; other programs do. And United Airlines often charges very low fees; British Airways often charges lots.

Here are a couple of examples of great redemptions with Chase Ultimate Rewards points:

Transfer to Hyatt

The Andaz Peninsula Papagayo in Costa Rica is on my must-visit list and it’s a great value for the points. Depending on your travel dates, this hotel can cost $1,000+ per night with taxes and fees.

Using cash to stay here is out of the question. But Hyatt only charges 20,000 Hyatt points per night and you don’t have to pay taxes and fees on award stays. So by transferring my Chase Ultimate Rewards points to Hyatt, I’d get a value of 5 cents per point by staying here (~$1,000 per night / 20,000 points). That’s five times the value I’d get by redeeming my points for cash.

Fancy business-class flight with United Airlines miles

I flew Turkish Airlines business class on the way back to the U.S. from South Africa by transferring 70,000 Chase Ultimate Rewards points to United Airlines. A similar itinerary costs $3,265, so I received a value of ~4.7 cents per point ($3,265 cash price of the ticket / 70,000 points). That’s 3.7 cents per point more value than I’d have received if I redeemed my points for cash back.

Tons of legroom, seats that convert into beds and satisfactory airline food — business class makes you look forward to the flight. (Photo by Joseph Hostetler/Million Mile Secrets.)

How to earn and burn Chase Ultimate Rewards points

Earn Chase Ultimate Rewards points

There are just short of infinity ways to earn Chase points:

Chase issues lots of cards that earn Ultimate Rewards points — just be aware of the Chase 5/24 rule. And note that you can only have one Chase Sapphire card at once (read our post on how many Chase credit cards you can get for more details).

Burn Chase Ultimate Rewards points

Estimating the value of Chase Ultimate Rewards travel partners goes far beyond just how many cents per point you’ll get. You may receive a value of 1.5 cents per point by transferring them to Southwest, but if Southwest doesn’t fly to your home airport, they aren’t worth nearly as much to you.

Similarly, you might consider collecting Hyatt points because you see examples of lots of other folks getting a value of more than 2 cents per point from them. But if you travel mainly to small towns or destinations off the beaten path, you might not encounter Hyatt hotels very often. So they’re practically worthless to you.

That’s the beauty of Chase Ultimate Rewards points. They’re flexible to meet your travel goals, no matter what they are. Redeem your points in whatever way will make you the happiest:

  • It’s completely understandable if you’d prefer to redeem your points for cash back
  • If you’re a casual traveler looking for a free flight to grandma’s once a year, you can achieve that with just the Chase Travel Portal
  • If you’re planning a five-night anniversary getaway at an all-inclusive Caribbean resort, you’ll want to redeem your points with Chase transfer partners

Bottom line

Chase Ultimate Rewards points are crazy-flexible transferable points, and that makes it difficult to pinpoint their value with a single number. After making tons of mock bookings and reservations, as well as mulling over my previous experience using my points, I’d estimate that you’ll average a value of ~2 cents per point.

That’s a pretty great return, considering some Chase Ultimate Rewards points-earning credit cards can earn up to 5 points per dollar. It’s like receiving a 10% return on your purchases.

If you don’t want the hassle of learning about airline and hotel rules and blackout dates, use your points for free travel through the Chase Ultimate Rewards Travel Portal for a value of up to 1.5 cents each. And if you want to keep it super-simple, take the cash back.

To learn the tricks to booking a five-star hotel stay on a powdered-sugar beach in the middle of the Indian Ocean for practically free, sign-up for our email newsletter.

Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel.

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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Hi-feel like I’m taking crazy pills. If you redeem your chase sapphire reserve points towards travel you are actually getting the equivalent of 4.5% cash back!!! I spend $100 on travel/dining and get 3x points=300 points. I then apply those points to a travel award and get $4.5 dollars of credit (300×1.5 redemption rate).

I checked the Andaz In Costa Rica for a random date in November 2020. Cost is $288. Your example shows a rate over $1000, but you didn’t mention a date.

So much for a fair comparison. 5 cents a points or 1.5 cents. BIG difference.

Readers, do your research.

Currently they are allowing you to use points, similar to capital one, as a point eraser. At a redemtion rate the same as travel for things like Grocery, gas, and dining.

How did the 70,000 Chase Ultimate Rewards Points bought you $3,265 ticket. Then I must have done something wrong!
I have Sapphire Reserve and I bought my Turkish Airline ticket through Chase Website, the Ultimate Rewards Points travel portal. Ticket price was 910.58 and took 60,705 points. So my points was worth 0.015. How did you get 4.7 cents per point?

I suspect she transferred 70k chase points to united, and then booked a united business saver fare on Turkish.

Before combining all points to one account you have to have your business and personal cards on one account? How do you do this?

Hi Lisa,

You’ll have to call Chase to get this done. They have some IT department that’s pretty familiar with this process.

I did it a few years ago and it’s so much nicer being able to see all my Chase accounts under a single login.

Flying blue is becoming one of my favorite transfer partners for chase ultimate rewards (or citi thank you points). Combined with one of the promo flight deals, you can get a very good deal on an international flight from the US to europe/asia. I recently booked a flight (with an open jaw) for ~4 cents/point value

Woohoo! Yes I love it!

Thanks for sharing your success story 🙂

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