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Million Mile Secrets reader Juli commented:
Between my husband and myself we have 4 Chase Ultimate Reward accounts. Do you recommend transferring them all into one account? I figured since either one of us could book the travel it really didn’t matter? If we cancel a credit card with Chase Ultimate Rewards points attached to that card, do we need to transfer them prior to canceling the card?
Juli has 2 questions: she wants to know if she and her husband should consolidate their Chase Ultimate Rewards account into 1 account.
Yes, she can! Whether she should or not is up to her, but I’ll explain her options.
And she wants to know if she should transfer Chase Ultimate Rewards points before she cancels a credit card that earns Chase Ultimate Rewards points.
She absolutely should. And here’s why…
Will Juli Lose Chase Ultimate Rewards Points If She Cancels Her Credit Card?
If Juli cancels a card that earns Chase Ultimate Rewards points she could LOSE all the points in her account.
Juli will usually LOSE the points earned from a banks’ own reward program which are already in her account, such as American Express Membership Rewards, Citi ThankYou points, and Chase Ultimate Rewards points when she cancels a card unless she transfer the points out.
You don’t lose American Express Membership Rewards points as long as you have another credit card which earns points in the American Express Membership Rewards program. But this is not the case with Chase Ultimate Rwardss.
She can find a list of Bank Reward points credit cards issued by the different banks in the Bank Rewards Points credit card tab.
The rules are a little different for each bank reward point program.
Juli will lose ALL the points in her account if she closes a credit card which earns Chase Ultimate Rewards points. There is NO grace period to transfer the Chase Ultimate Rewards points out of her account after she cancels a card. She can’t transfer or use them immediately after cancelling.
However, there are 2 ways to save her points.
1. Transfer Her Chase Ultimate Rewards Points to Another Chase Ultimate Rewards Card Before Closing Her Card
Juli can transfer her Chase Ultimate Rewards points to another account before she closes her card. She can even consolidate her points with her husband’s Chase Ultimate Rewards points account which I recommend and I’ll explain in #2 below.
So if Juli is closing her, say, Chase Freedom card, she can transfer points from her Chase Freedom to a card which allows her to transfer them to certain airlines and hotels, like the Chase Sapphire Preferred, Chase Ink Bold, or Chase Ink Plus cards.
Here are step-by-step instructions on how to transfer points from the Chase Freedom to a card which allows you to transfer them to hotels and airlines!
Juli’s points will be immediately transferred from her Chase Freedom account to her Chase Sapphire Preferred (or other) account. And there’s no fee!
2. Transfer Chase Ultimate Rewards Points to Certain Airline or Hotel Partners Before Closing Her Card
She can only transfer Chase Ultimate Rewards points to certain airline or hotel partners if she has a Chase Sapphire Preferred, Chase Ink Bold, or Chase Ink Plus card.
If Juli and her husband have the same card, such as the Chase Ink Bold card which currently has a 60,000 Chase Ultimate Rewards points sign-up bonus, Juli could close her card and become an authorized user on her husband’s card. That said, she should evaluate if she spends a lot in the 5X categories (Office Supply Stores and telecom) and see is it makes sense to keep the card.
She can also transfer Chase Ultimate Rewards points to her husband’s airline or hotel account instantly on the Chase Ultimate Rewards website. Technically, the terms (login required) say that you should do this only to transfer points to your spouse or domestic partner:
However, you can only combine Ultimate Rewards points with eligible credit or debit cards belonging to you or your spouse/domestic partner. Transfers to anyone else may result in Chase suspending your participation in the Ultimate Rewards program and forfeiting any points you’ve earned.
Note: Chase has shut down accounts or sent letters to folks who have repeated transfers to different persons.
So Juli could consolidate the Chase Ultimate Rewards points she and her husband have into 1 account and book their travel using 1 Chase Ultimate Rewards points account.
That’s because she can use her Chase Ultimate Rewards points to book hotels for her partner and others. Or she can transfer Ultimate Rewards points directly into her partner’s airline and hotel accounts.
So I would recommend that Juli consolidate her Chase Ultimate Rewards accounts. Especially if she is thinking of closing an account.
There is no cost to transfer points.
Juli will lose her Chase Ultimate Rewards points if she cancels a card that earns Chase Ultimate Rewards points. So Juli shouldn’t cancel a Chase Ultimate Rewards card unless there are NO points in her Chase Ultimate Rewards account associated with that credit card!
But Juli can transfer her Chase Ultimate Rewards points to certain airline or hotel partners before she closes her card. Or she can transfer her Chase Ultimate Rewards points to another card like the Chase Sapphire Preferred, Chase Ink Plus, or Chase Ink Bold card.
Do you keep all your Chase Ultimate Rewards points in each individual account or do you consolidate your Chase Ultimate Rewards points into 1 account?