2024 Comparison: American Express Membership Rewards vs. Chase Ultimate Rewards

This collection of articles on credit cards, points and miles, and travel budgeting is presented in collaboration with The Points Guy.

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When it comes to credit card rewards, American Express Membership Rewards and Chase Ultimate Rewards are among the top contenders. These programs have built a loyal user base of savvy shoppers eager to optimize their credit card spending and rewards. With significant rewards potential and numerous valuable transfer partners, they enable cardholders to reduce travel expenses with points. While both programs provide excellent value for those wishing to create a travel budget using points and miles, choosing the right one can be daunting.

If you’re new to points and miles, this guide will assist you in determining which of these programs is more advantageous for you. We’ll compare the top travel credit cards for earning points in each program and discuss the best redemption strategies. Here’s all you need to know about how American Express Membership Rewards measures up against Chase Ultimate Rewards:

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Comparing Membership Rewards and Ultimate Rewards Transfer Partners

Transfer partners play a crucial role in evaluating the two programs. American Express Membership Rewards features 21 transfer partners, while Chase Ultimate Rewards has 14. Both programs share ten common transfer partners, meaning you might not need both to access a wide range of loyalty programs:

• Aer Lingus, AerClub

• Air Canada Aeroplan

• Air France-KLM Flying Blue

• British Airways Executive Club

• Emirates Skywards

• Iberia Plus

• JetBlue TrueBlue

• Marriott Bonvoy

• Singapore Airlines KrisFlyer

• Virgin Atlantic Flying Club

Amex Membership Rewards boasts several outstanding transfer partners unavailable to Chase, such as All Nippon Airways (ANA) Mileage Club and Avianca Lifemiles. ANA offers some of the lowest business class fares to both Europe and Japan, often around half the cost compared to programs like United MileagePlus. Additionally, Amex frequently provides transfer bonuses to select partners like Avianca Lifemiles, making your next award redemption more achievable through these promotional transfers.

Although Amex offers a wider range of transfer partners, many are foreign reward programs that may not be familiar to the average traveler. While some provide great value, there is a steeper learning curve to effectively utilize these rewards. If you prefer domestic loyalty programs, Chase Ultimate Rewards could be a more suitable choice for you.

Chase is one of the few programs that collaborates with World of Hyatt, which is often regarded as the top hotel loyalty program, featuring some of the lowest redemption rates. Chase also partners with Southwest and IHG Rewards Club. While Southwest may not offer the best value for points, it can serve as a viable option for domestic travelers needing to boost their accounts for award flights.

Let’s take a detailed look at how to optimize each program:

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American Express Membership Rewards

Amex Membership Rewards features 21 transfer partners, including 18 airlines and three hotel programs. Many airline partners are foreign rewards programs that deliver outstanding value. For instance, you can book a round-trip business class ticket to Europe for only 88,000 ANA Miles. As a member of Star Alliance, ANA allows you to redeem miles for flights on United, Air Canada, and Lufthansa, often at lower rates than those programs offer.

The transfer ratios are 1:1 unless specified otherwise:

• Aer Lingus Aerclub

• AeroMexico Rewards (1:1.6)

• Air Canada Aeroplan

• Air France-KLM Flying Blue

• ANA Mileage Club

• Avianca Lifemiles

• British Airways Executive Club

• Cathay Pacific Asia Miles

• Choice Privileges

• Delta SkyMiles

• Emirates Skywards

• Etihad Guest

• HawaiianMiles

• Hilton Honors (1:2)

• Iberia Plus

• JetBlue TrueBlue (5:4)

• Marriott Bonvoy

• Qantas Frequent Flyer

• Qatar Airways Privileges Club

• Singapore Airlines KrisFlyer

• Virgin Atlantic Flying Club

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Chase Ultimate Rewards

Chase Ultimate Rewards features fourteen transfer partners: three are hotel loyalty programs, while the other eleven are airline frequent flyer programs. Most of Chase’s partners also collaborate with Amex, with the exceptions being IHG Rewards Club, Southwest Airlines Rapid Rewards, United MileagePlus, and World of Hyatt.

World of Hyatt stands out as the crown jewel among Chase transfer partners. It is the only major hotel loyalty program that still provides an award chart. Free nights start at just 3,500 points, and even top-tier hotels cost 45,000 points or fewer. In comparison, Hilton Honors and Marriott Bonvoy often require over 100,000 points for top-tier award nights.

• Aer Lingus, AerClub

• Air Canada Aeroplan

• Air France-KLM Flying Blue

• British Airways Executive Club

• Emirates Skywards

• IHG Rewards Club

• Iberia Plus

• JetBlue TrueBlue

• Marriott Bonvoy

• Singapore Airlines KrisFlyer

• Southwest Airlines Rapid Rewards

• United MileagePlus

• Virgin Atlantic Flying Club

• World of Hyatt

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Alternative ways to use points

While the optimal way to utilize points is by transferring them to airlines and hotels, it’s not the sole option. Both Amex and Chase enable cardholders to redeem points for fixed travel bookings, cash back, statement credits, gift cards, and at select retailers. Although this method doesn't maximize point value, it's a convenient choice for those who prefer to avoid navigating loyalty program rules. In general, Chase Ultimate Rewards offers superior value per point for these types of redemptions compared to Amex:

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Fixed travel redemptions

Chase Ultimate Rewards provides greater value for your points when redeemed through their portal. Cardholders of the Chase Sapphire Preferred Card receive a value of 1.25 cents per point for bookings on the Chase Travel^SM portal, while those with the Chase Sapphire Reserve enjoy 1.5 cents per point. In contrast, Amex cardholders can redeem their Membership Rewards for Amex Travel hotel bookings at only 0.7 cents and 1 cent for airfare.

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Cashback and statement credits

American Express cardholders can exchange their points for statement credits at a rate of 0.6 cents per point, whereas Chase cardholders benefit from 1 cent per point. With Chase’s Pay Yourself Back program, points can be worth 25% more in specific categories, currently limited to charitable donations.

Gift cards

Points from both Amex and Chase can be redeemed for gift card purchases at a rate of 1 cent each. While this value is significantly lower than what you’d achieve by transferring points or redeeming them for travel at a fixed rate, it’s important to note that both Amex and Chase offer this option at the same value if gift cards are a priority for you.

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Retail purchases

Both Amex and Chase cardholders can use their points at checkout with PayPal and Amazon. Chase Ultimate Rewards points are valued at 0.8 cents each, slightly exceeding the 0.7 cents per point value of Amex Membership Rewards.

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Credit cards that earn Amex Membership Rewards and Chase Ultimate Rewards

American Express and Chase provide popular credit cards tailored for various consumer needs. Amex offers nine cards that accumulate Membership Rewards, while Chase has three. Amex cards typically feature higher welcome bonuses, often exceeding 100,000 points for cards like the American Express® Gold Card* and The Platinum Card® from American Express*. Additionally, Amex frequently presents lucrative bonus point opportunities through its Amex Offers portal, including 5X points with Amazon and other favored travel brands.

Chase credit cards remain outstanding choices, particularly due to their reward flexibility. However, Chase’s 5/24 rule could influence your eligibility for certain cards. Still, the popularity of Chase credit cards stems from their generally reasonable annual fees, generous rewards on daily spending, and the straightforward redemption of points.

Evaluating the two programs based on their credit card offerings can be challenging, as the best choice depends on your personal spending habits, preferences, and the benefits you prioritize. This is why many consumers opt for credit cards from both issuers. Let’s take a closer look at credit cards that earn points with Chase versus Amex:

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Amex cards that accrue Membership Rewards points

Amex Membership Rewards is recognized for its impressive selection of premium travel rewards cards, such as The Platinum Card, which provides fantastic travel benefits, including airport lounge access and travel expense statement credits. However, its high $695 annual fee (see rates and fees) makes the American Express® Gold Card a more budget-friendly alternative, with an annual fee of $325 (see rates and fees).

The Amex Gold Card earns 4 points for every dollar spent on dining globally (up to $50,000 in purchases per calendar year, then 1 point per dollar thereafter) and at U.S. supermarkets (up to $25,000 in purchases per year, then 1 point per dollar for the rest of the year). It also earns 3 points per dollar on flights (booked directly or via Amex Travel) and 1 point on all other purchases. These categories encompass two major spending areas for most consumers. Amex also offers several no-annual-fee cards that are more wallet-friendly.

It's important to note that Amex Membership Rewards enforces a one-per-lifetime rule regarding credit card welcome bonuses, which affects your eligibility for these cards. If you've received a welcome bonus from an Amex card before, you likely won't be eligible for another one.

• The Business Platinum Card® from American Express ($695 annual fee, see rates and fees): Earn 150,000 Membership Rewards® points after spending $20,000 on eligible purchases within the first 3 months of Card Membership.

• The Platinum Card® from American Express ($695 annual fee, see rates and fees): Earn 80,000 points after spending $8,000 in the first six months of membership.

• American Express® Business Gold Card ($375 annual fee, see rates and fees): Earn 100,000 Membership Rewards® points after spending $15,000 on eligible purchases within the first 3 months of Card Membership.

• American Express® Gold Card ($325 annual fee, see rates and fees): Earn 60,000 Membership Rewards® Points after spending $6,000 on eligible purchases in the first 6 months of Card Membership. Additionally, receive 20% back in statement credits on eligible restaurant purchases worldwide in the first 6 months, up to $100 back. Limited-time offer ending 11/6/24.

• American Express® Green Card ($150 annual fee, see rates and fees): Earn 40,000 points after spending $3,000 in the first six months of card membership.

• Business Green Rewards Card* ($95 annual fee, see rates and fees): Earn 25,000 points after spending $3,000 in the first three months of membership.

• Amex EveryDay® Preferred Credit Card* ($95 annual fee, see rates and fees): Earn 15,000 points after spending $2,000 in the first six months of membership.

• The Blue Business® Plus Credit Card from American Express* ($0 annual fee, see rates and fees): Earn 15,000 points after spending $3,000 in the first three months of membership.

• Amex EveryDay® Credit Card* ($0 annual fee, see rates and fees): Earn 10,000 points after spending $2,000 in the first six months of membership.

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Chase credit cards that earn Ultimate Rewards points

Chase provides three credit card options that accumulate Ultimate Rewards points, including a business card. The annual fees range from $95 to $550, with even the highest fee being mitigated by annual statement credits and additional benefits. Choosing the best card depends on your spending patterns. For those seeking a business card, the Ink Business Preferred offers an impressive welcome bonus and attractive category rewards at a competitive annual fee.

For those in search of a credit card that delivers strong rewards on daily purchases, the Chase Sapphire Preferred is an excellent choice. If you prefer a premium card with substantial travel rewards, the Sapphire Reserve might be appealing, especially since the $300 annual travel credit helps offset the fee, along with the Global Entry application fee reimbursement.

• Ink Business Preferred® Credit Card ($95 annual fee, see rates and fees): Earn 90,000 bonus points after spending $8,000 on purchases within the first 3 months of account opening. This translates to $900 cash back or $1,125 toward travel when redeemed through Chase Travel℠.

• Chase Sapphire Reserve® ($550 annual fee, see rates and fees): Earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening, which is worth $900 toward travel when redeemed via Chase Travel℠.

• Chase Sapphire Preferred® Card ($95 annual fee, see rates and fees): Earn 60,000 bonus points after spending $4,000 in the first 3 months from account opening, equating to $750 when redeemed through Chase Travel℠.

With a credit card that earns Ultimate Rewards points, you can convert cash-back rewards from a Chase card into points. This feature is incredibly valuable, as Chase cash back cards offer high rewards in popular spending categories, enabling you to maximize rewards on daily expenses without an annual fee.

• Chase Freedom Unlimited® ($0 annual fee, see rates and fees): Earn an additional 1.5% on all purchases (up to $20,000 spent in the first year) — potentially earning up to $300 cash back. This results in 6.5% on travel booked through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases.

• Chase Freedom Flex® ($0 annual fee, see rates and fees): Earn a $200 bonus after spending $500 on purchases within the first 3 months of account opening.

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How to select the ideal program

Deciding between American Express Membership Rewards and Chase Ultimate Rewards hinges on your individual spending patterns, travel aspirations, and preferences. Both programs feature flexible redemption choices and share ten transfer partners. The distinction lies in specific partnerships that you can leverage based on your needs.

For Hyatt enthusiasts, transferring Chase Ultimate Rewards to World of Hyatt can be extremely beneficial. Conversely, if you often use miles for international flights, Amex Membership Rewards' link with ANA Mileage Club can significantly reduce the cost of an award ticket by up to 50%. If your point redemptions extend beyond travel, Chase Ultimate Rewards generally offers better rates.

Once you determine which rewards program aligns with your goals, assess the various credit cards available within each. It's crucial to choose a card that fits your spending habits. For example, if you spend heavily on groceries, the Amex Gold Card’s 4X earning rate at U.S. supermarkets allows you to accumulate points faster compared to a Chase Sapphire Preferred. If travel expenses dominate your budget, the Sapphire Reserve's 10X rewards on hotels and rental cars booked through Chase Travel^SM may be advantageous.

These factors can guide you in selecting the ideal program (and credit card) tailored to your requirements. Many consumers opt for both Amex Membership Rewards and Chase Ultimate Rewards, as having a diverse rewards strategy is essential for mitigating program devaluations and providing flexibility during blackout periods. With a broad array of credit card options, you can earn rewards across both platforms without excessive spending.

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Frequently Asked Questions (FAQ)

Which is better for rewards: Chase or Amex?

Both Chase and American Express provide excellent rewards programs. The optimal choice depends on your personal preferences and how you intend to use your points. While both offer similar transfer partners and redemption options, Chase generally has more advantageous rates for direct travel bookings. On the other hand, Amex’s partnership with ANA Mileage Club appeals to travelers seeking lower prices on international flights.

Is it beneficial to hold both an Amex and a Chase card?

Owning both an Amex and a Chase card can be advantageous if it allows you to accumulate more points on daily purchases. Each program boasts superb redemption options and a wide variety of credit cards tailored for different consumer needs.

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What is the value of Amex points?

Amex points typically hold a value of 0.6 to 1 cent for retail purchases, gift cards, and statement credits. However, you can significantly enhance their value by transferring points to an airline program and using them for international business or first-class flights.

What is the value of Chase points?

Chase points have a minimum value of one cent for non-travel redemptions. Holders of the Chase Sapphire Preferred can redeem points for travel bookings at a rate of 1.25 cents each, while Sapphire Reserve users can redeem them at 1.5 cents. Similar to Amex points, transferring Chase points to airlines for premium flights can significantly increase their value.

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Which is better: Chase Sapphire Reserve or Amex Gold?

The Chase Sapphire Reserve is ideal for travel lovers due to its generous rewards on travel expenses and valuable perks. Conversely, the Amex Gold Card excels in everyday spending, offering up to 4X points on dining and U.S. supermarket purchases. Additionally, the Amex Gold has a lower annual fee ($325) compared to the Sapphire Reserve ($550). Ultimately, the best choice depends on individual preferences.

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*Eligibility and benefit levels differ by card. Terms, conditions, and limitations apply. For more details, please visit americanexpress.com/benefitsguide. Underwritten by Amex Assurance Company.

Editorial note: The views expressed here are solely those of the author and do not reflect the opinions of any bank, credit card issuer, airline, or hotel chain. These entities have not reviewed, approved, or endorsed this content.