What is Chase Ultimate Rewards?
Chase Ultimate Rewards is the points program used by every Chase-branded rewards credit card, including the Chase Freedom and Freedom Unlimited, the Chase Sapphire credit cards, and also Chase small business credit cards.
You’ll notice that even the Chase credit cards that are marketed as “cash back” are in reality giving you Ultimate Rewards points equivalent in value to cash. For example, the Chase Freedom Unlimited is marketed as a 1.5% cash back card. In reality, you are getting 1.5 points per dollar with the card, and those points can be converted to cash at a penny per point, which equals the 1.5% shown in the card’s marketing. Chase is not being deceptive, however. By using this points system, you actually have more options to redeem your rewards.
How much are Chase Ultimate Rewards points worth?
In most cases, as alluded to above, Chase Ultimate Rewards points are worth a penny each. For example, 10,000 points = $100 in rewards.
There are some exceptions, though. In particular, you will probably want to know about the enhanced value of points that certain cards give if you redeem them for travel through the Chase Ultimate Rewards portal. (You must go through Chase’s travel portal to get the enhanced rate.) The three Chase-branded cards that have an annual fee offer this enhanced value for travel:
- If you have the Chase Sapphire Reserve Card, your points are worth 50% more when redeemed for travel. In this case, 10,000 points equals $150 in travel value.
- If you have the Chase Sapphire Preferred Card, your points are worth 25% more when redeemed for travel. In this case, 10,000 points equals $125 in travel value.
- If you have the Chase Ink Business Preferred Card, your points are worth 25% more when redeemed for travel. Again, 10,000 points equals $125 in travel value.