Chase Ultimate Rewards points are among the most valuable currencies you can collect. They’re worth 2.05 cents each based on TPG’s June 2026 valuations — but you can get far more (or less) value from your Chase points depending on how you redeem them.
Chase points give you a wide range of redemption options, including some of the best airline and hotel transfer partners, Points Boost opportunities through the Chase Travel℠ portal, cash back and payment for everyday expenses.
If you want to maximize the value of your Chase points, keep reading to discover how much each redemption option is worth.
What Are Chase Ultimate Rewards Points?
Ultimate Rewards points are the currency of several Chase-branded credit cards:
- Chase Sapphire Reserve®: Earn 100,000 bonus points after spending $6,000 on purchases in the first three months from account opening.
- Chase Sapphire Preferred® Card: Earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening.
- Chase Sapphire Reserve for Business℠: Earn 200,000 bonus points after spending $30,000 on purchases within the first six months from account opening.
- Ink Business Preferred® Credit Card: Earn 100,000 bonus points after spending $8,000 on purchases in the first three months from account opening.
The above cards are the only ones that allow transfers to airline and hotel partner programs. However, if you pair one of them with an eligible cash-back Chase card, you can combine your rewards in a single account to convert your cash-back rewards into fully transferable Ultimate Rewards points. Eligible cash-back cards include:
- Chase Freedom Unlimited®: Earn $200 bonus cash back after you spend $500 on purchases in the first three months from account opening.
- Chase Freedom Flex®: Earn $200 bonus cash back after you spend $500 on purchases in the first three months from account opening.
- Ink Business Cash® Credit Card: Earn $1,000 cash back after spending $8,000 on purchases in the first four months from account opening.
- Ink Business Unlimited® Credit Card: Earn $1,000 cash back after spending $8,000 on purchases in the first four months from account opening.
If you’re new to the world of rewards credit cards, we generally recommend starting with Chase products due to the issuer’s well-documented 5/24 rule: In short, you usually won’t get approved for any Chase cards if you’ve applied for five or more new credit cards across all issuers in the past 24 months.
Remember this restriction as you build a strategy to maximize your credit card rewards.
How Much Are Chase Ultimate Rewards Points Worth?
TPG values Chase Ultimate Rewards points at 2.05 cents each as of June 2026, but your mileage may vary depending on how you redeem them. There are three basic redemption options:
| Redemption | Examples | Point Value |
|---|---|---|
| Transfer points to travel partners | 14 airline and hotel loyalty programs | Possibly 2.05 cents each |
| Redemptions through Chase Travel | Flights, hotels, cruises, tours and rental cars | Between 1 and 2 cents each, depending on the card you hold and whether the redemption is Points Boost eligible |
| Fixed-value, non-travel redemptions | Cash back, gift cards and Apple products | Between 0.8 and 1.5 cents each, depending on the redemption option |
Value of Chase Points When Redeeming With Travel Partners
Transferring Ultimate Rewards points to travel partners is often the most valuable way to redeem them, and is the best path to reaching the program’s benchmark value of 2.05 cents per point.
