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Last chance! Redeem Chase points with Apple at an improved rate (including new iPhone 12 Pro Max)

  • Joseph Hostetler

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    (Photo by NYC Russ/Shutterstock.)

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    You’ve got until Nov. 15, 2020, to redeem Chase points at a tolerable rate with Apple products.

    Chase is currently running a promotion allowing you to use Chase Ultimate Rewards points for things like MacBook Pro, AirPods, and spanking new mobile devices like the iPhone 12 Pro Max and iPhone 12 mini at an increased rate of up to 1.5 cents each toward Apple products.

    Previously, you could only use your points for a value of 1 cent each with Apple. The new rates make it possible to earn the newest iPhone 12 Pro for nearly free with one of the current best Chase credit card bonuses.

    You can redeem points at an improved rate for Apple products, including the new iPhone 12 Pro Max and iPhone 12 Mini!

    Normally, Chase points are worth just one cent each when redeemed for Apple products. Here are the new (albeit temporary) redemption rates:

    As you can see from the above image, the iPhone 12 Pro starts at $999. But with the Chase Sapphire Preferred® Card, you can buy it with 79,920 points — normally you’d have to use 99,900 points. The current bonus for Sapphire Preferred is 60,000 points after spending $4,000 on purchases within the first three months of account opening. That’s pretty close to what you need to buy a new iPhone outright!

    This improved method for redeeming Chase points is much like Chase’s new Pay Yourself Back tool, which gives you the option to redeem Chase points for purchases made at grocery stores, home improvement stores and restaurants at the same rate.

    Is this a good deal?

    We usually don’t recommend using Chase points for anything except travel. You can get so much more for your points by booking free flights or hotel nights.

    We estimate Chase points to be worth 1.7 cents on average when used for travel, and that can be conservative in some cases. You can transfer points to travel partners (like Hyatt, United, Singapore and more) and get much more value from them. For example, last year I transferred 34,000 points to Iberia for a $1,500+ lie-flat business class seat from the U.S. to Europe. That’s a value of 4.4 cents per point. Read our post on the best ways to use Chase points for more details.

    That being said, for those who have either the Chase Sapphire Preferred® Card, Chase Sapphire Reserve® or Ink Business Preferred® Credit Card, it could make sense to redeem points for Apple products if the only way you redeem points is through the Chase Travel Portal or with Chase’s Pay Yourself Back tool. This is because those two methods both offer the same value when redeeming your points (1.5 cents per point with the Sapphire Reserve and 1.25 cents for the Sapphire Preferred and Ink Business Preferred).

    In fact, it may actually be better to redeem your points through Pay Yourself Back to offset grocery, dining or home improvement purchases since you’ll also earn points on those purchases while still having the ability to wipe them off your statement. You can then use the cash you would have spent on groceries or on dining to purchase an Apple product directly. Additionally, you may be able to pick up Apple products through a third-party like Amazon or Best Buy for less than what the Chase portal is offering.

    Bottom line

    It’s always great to see banks boosting the redemption value for their points. And if you don’t think you’ll do any travel in 2021 because of the coronavirus, it could make sense to redeem your points for Apple products if you were already planning on purchasing something from them. Just keep in mind that you’re usually going to get more value when transferring to partners and redeeming for luxury travel!

    Let us know if you jump on this limited-time deal. And subscribe to our newsletter for more alerts when good travel & credit card deals pop up.

    Featured image by NYC Russ/Shutterstock

    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! :)