Chase Ultimate Rewards 2024 Guide: a top loyalty program available today

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

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For earning and using points towards flights, hotels, rental cars, and other travel expenses, Chase Ultimate Rewards is among the easiest and best loyalty programs out there.

With an impressive array of transfer partners and rewarding credit cards — many featuring generous welcome bonuses and bonus spending categories to maximize your point earnings — you'll be saving on travel before you know it.

Discover everything essential about the Chase Ultimate Rewards program.

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Advantages and disadvantages of Chase Ultimate Rewards

Keep these two key points in mind:

Firstly, your points remain valid as long as your account is active — if you need to close it, ensure you redeem or transfer your points beforehand to avoid losing them.

Secondly, Chase enforces a 5/24 rule, meaning you won’t qualify for a new Chase credit card if you've opened five or more personal credit cards — from any issuer — in the last 24 months. However, Chase business cards don’t count against this limit if you applied for them while under the 5/24 threshold.

Besides that, here are some general advantages and disadvantages to consider for Chase travel rewards and cash-back credit cards:

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Advantages

• Generous welcome bonuses for new cardholders. Meeting the spending requirements will give you a strong start by earning the bonus.

• Versatile options for redeeming points. Use them to book trips through Chase Travel℠, transfer to airline and hotel partners, or redeem for cash-back rewards, gift cards, subscriptions, and more.

• Multiple ways to accumulate points. Whether focusing on rotating bonus categories or maximizing purchases at restaurants and gas stations, the potential for earning Chase points is extensive.

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Disadvantages

• Not all Chase cards are part of Ultimate Rewards. Co-branded airline and hotel credit cards do not qualify, only the seven Chase cards listed below.

• Chase travel rewards cards come with annual fees. You’ll need to pay between $95 and $550 annually for the top three cards.

• Chase cash-back rewards cards incur foreign transaction fees. A 3% fee will apply whenever you use one internationally.

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How to accumulate Chase Ultimate Rewards

First, you’ll need to enroll in a qualifying Chase credit card, but once you begin your journey with points and miles, the following strategies will significantly help you achieve your earning and redemption objectives.

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Leverage welcome bonuses

When applying for a new credit card, make sure to fulfill the minimum spending requirement to qualify for the welcome bonus. Whether it’s a heap of points or cash-back rewards, you’ll establish a strong foundation to build upon.

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Focus on bonus spending categories

Check if your chosen card offers additional bonus points for specific categories — such as travel and dining, bookings made through Chase Ultimate Rewards, grocery shopping, or other business-related expenses.

The Chase Freedom Flex®, outlined below, provides special quarterly bonus points for designated spending categories, so remember to check the calendar and activate each bonus in your account by the deadline indicated on the website.

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Take advantage of the Chase shopping portal for your retail needs

With the holiday season approaching, it's an ideal moment to earn bonus points through the Shop Through Chase shopping portal. Browse over 450 online retailers for some delightful shopping, enjoy discounts, and earn 1–15 points per dollar spent with your Chase card.

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Refer a friend

Chase rewards you for referring friends to apply for specific cards. Here’s what you can earn:

• Chase Sapphire Preferred® Card: Earn 15,000 bonus points for each referral, with a maximum of 75,000 points per year.

• Chase Sapphire Reserve®: Receive 10,000 bonus points for each referral, up to 50,000 points annually.

• Chase Freedom Unlimited®: Get up to $50 in cash back for each referral, capping at $500 per year.

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Travel Rewards Credit Cards

If your aim is to gather enough points for transferring to Ultimate Rewards' various airline and hotel partners, consider applying for a travel rewards credit card like the Chase Sapphire Preferred, Chase Sapphire Reserve, or the Ink Business Preferred® Credit Card.

Here’s a detailed look at the cards that allow you to earn Ultimate Rewards points.

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Chase Sapphire Preferred®

New applicants for the Chase Sapphire Preferred can earn 60,000 bonus points after spending $4,000 on purchases within the first 3 months of account opening. That equates to $750 when redeemed through Chase Travel℠.

For those who focus on travel, dining, streaming services, and online grocery shopping, this card can be highly rewarding for earning points. Cardholders also enjoy an annual $50 credit towards hotels booked through the Chase Travel℠ portal, plus a 10% points bonus based on the total points earned in the previous year.

• Earn 5X points on travel bookings made through Chase Travel℠. (excluding hotel purchases that qualify for your annual $50 hotel credit)

• Get 5X points on Lyft rides until March 2025.

• Receive 5X points on Peloton purchases over $150 (up to 25,000 points) until March 2025.

• Earn 3X points on dining (including dine-in, delivery, or takeout).

• Get 3X points for online grocery shopping (excluding Target, Walmart, and wholesale clubs).

• Earn 3X points on select streaming services.

• Receive 2X points for all other travel expenses.

• Earn 1X points on all other purchases.

Cardholders gain free access to DashPass, providing $0 delivery fees and reduced service fees for at least one year when activated by December 31, 2027.

Although there’s a $95 annual fee, you won’t incur any foreign transaction fees while using it overseas.

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Chase Sapphire Reserve®

The Chase Sapphire Reserve offers a welcome bonus of 60,000 points after you spend $4,000 within the first 3 months of account opening. That translates to $900 for travel when redeemed through Chase Travel℠.

This premium card includes a $300 annual statement credit specifically for travel expenses. Additionally, you’ll receive a $100 credit every four years for TSA PreCheck®, Global Entry, or NEXUS membership fees.

For those who enjoy airport lounges, this card grants access to over 1,300 lounges globally through a complimentary Priority Pass™ Select membership. You can also visit the new Chase Sapphire Lounge by The Club in Boston and Hong Kong, with more locations opening soon in Las Vegas, New York, Phoenix, Philadelphia, and San Diego.

To make the most of your points-earning potential, keep an eye on these categories:

• 10X points on hotel and car rental bookings made through the Chase Travel℠ portal (after the annual $300 travel credit, excluding hotels part of The Luxury Hotel & Resort Collection).

• 10X points on Chase Dining purchases made via Chase Travel℠.

• 10X points on Lyft rides, along with two years of Lyft Pink All Access service.

• 10X points on Peloton purchases over $150 (up to 50,000 points).

• 5X points on flights booked through Chase Travel℠ (after the first $300 spent on travel purchases each year).

• 3X points on travel and dining worldwide (including dining out, takeout, and select delivery services).

Cardholders enjoy complimentary access to DashPass, which provides $0 delivery fees and reduced service fees for at least one year when activated by December 31, 2027.

Although the $550 annual fee might appear steep, utilizing all the available credits and perks will make it worthwhile. Fortunately, there are no foreign transaction fees when using this card abroad.

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Ink Business Preferred®

The Ink Business Preferred currently offers an attractive welcome bonus of 90,000 points after you spend $8,000 in the first 3 months from opening your account. This translates to $900 in cash back or $1,125 for travel when redeemed through Chase Travel℠.

Designed for small business owners, this card allows you to earn 3X points on the first $150,000 spent on combined travel, shipping, advertising, and certain services like cable, internet, and phone. You’ll also earn 1X points on all other purchases and 5X on Lyft rides until March 2025.

This card enables 1:1 transfers to Chase Ultimate Rewards partners and includes cell phone protection (up to $1,000 with a $100 deductible) when you pay your bill. While the annual fee is a reasonable $95, there are no foreign transaction fees.

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Cash-Back Rewards Credit Cards

If you're leaning towards cash-back rewards, consider the four cards highlighted below that may be more aligned with your preferences.

Remember, the rewards from these cards are earned as points, which can be converted into cash back — or merged with points from the travel rewards credit cards mentioned earlier to maximize your benefits with the Chase Ultimate Rewards program (details to follow).

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Chase Freedom Flex®

With the Chase Freedom Flex®, you can earn 5% cash back on up to $1,500 in combined purchases in rotating bonus categories each quarter you activate. Enjoy fresh 5% categories every quarter! Additionally, earn 5% cash back on travel booked through Chase Travel℠, 3% on dining and drugstore purchases, and 1% on everything else.

Cardholders can earn cash-back rewards on everyday purchases:

• 5% cash back on travel booked via Chase Travel℠, Chase's top rewards program that allows you to redeem rewards for cash back, travel, gift cards, and more

• 5% back on Lyft rides until March 2025.

• 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services.

• Unlimited 1% cash back on all other purchases.

Keep in mind that while this card has no annual fee, it does charge a 3% foreign transaction fee when used abroad.

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Chase Freedom Unlimited®

The Chase Freedom Unlimited matches the previous card's welcome bonus but offers cash-back rewards at different rates:

• Earn an additional 1.5% on all purchases (up to $20,000 spent in the first year) — that’s up to $300 cash back. This totals 6.5% on travel booked through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases.

Similar to the earlier card, there’s no annual fee, but a 3% foreign transaction fee applies for purchases made outside the U.S. You’ll also enjoy the same DoorDash benefits mentioned earlier.

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Ink Business Unlimited®

New applicants for Ink Business Unlimited® can earn a cash-back bonus of $900 after spending $6,000 within the first 3 months of account opening.

Cardholders receive 5% back on Lyft rides until March 2025 and 1.5% back on all other purchases. There’s no annual fee, but a 3% foreign transaction fee applies.

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Ink Business Cash®

The Ink Business Cash® provides the same welcome bonus as the previous card, maintains identical foreign transaction fees, and has no annual fee while offering cash-back rewards tailored for business use.

• Receive $350 after spending $3,000 in the first three months, plus an additional $400 after spending $6,000 in the first six months from account opening.

• Enjoy a 10% Business Relationship Bonus on your first anniversary if you hold the Ink Business Cash card along with a Chase Business Checking account.

• Earn 5% back on the first $25,000 spent annually on cable, phone, internet services, and office supplies.

• Receive 5% back on Lyft rides until March 2025.

• Get 2% back on the first $25,000 spent yearly at restaurants and gas stations.

• Earn 1% back on all other purchases.

For business owners who frequently purchase office supplies, connectivity services, dining, fuel, or Lyft rides, this card is an excellent choice for maximizing points.

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Other Chase credit cards available

Although numerous hotel and airline credit cards feature the Chase branding, such as the Ink Business Premier Credit Card and various cobranded cards like Marriott Bonvoy, United Airlines, or Southwest Airlines, be aware that these cards do not participate in the Chase Ultimate Rewards loyalty program.

However, two cards do participate: the Chase Freedom® and the Chase Ink Plus Business® Credit Card. Since they are no longer accepting new applications, we will not list them here.

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How to utilize your Chase Ultimate Rewards

As stated by The Points Guy, Chase Ultimate Rewards points hold a value of approximately 2.05 cents each, ranking them among the most valuable rewards currencies, alongside Bilt Rewards and slightly ahead of American Express Membership Rewards (valued at 2.0 cents each). In contrast, Capital One Rewards and Citi ThankYou Rewards are valued at 1.85 cents and 1.8 cents per point, respectively.

The best ways to redeem your Chase Ultimate Rewards points are primarily travel-focused—whether that’s transferring points to airline and hotel partners for free flights and accommodations or booking experiences through the Chase Travel℠ portal—but ultimately, it depends on your individual preferences.

It's important to note that only three of the seven cards mentioned—the Chase Sapphire Preferred, the Chase Sapphire Reserve, and the Ink Business Preferred—allow you to maximize the Chase Ultimate Rewards program by transferring points to partners. These cards also provide a redemption value of 1.25 cents per point or 1.5 cents per point, respectively; otherwise, points are worth just 1 cent each.

If you possess one of those three cards along with a cash-back rewards card, you can merge your points and redeem them through the Chase Sapphire Preferred, Chase Sapphire Reserve, or Ink Business Preferred for optimal value.

For instance, if you possess both the Chase Freedom Unlimited and the Chase Sapphire Reserve, combine your Chase Freedom Unlimited points with your Chase Sapphire Reserve points to enjoy a better redemption rate.

To achieve the highest value from your redemptions, transfer Ultimate Rewards points to any of its 14 airline or hotel loyalty program partners at a 1:1 ratio.

Airline partners:

• Aer Lingus AerClub

• Air Canada Aeroplan

• British Airways Executive Club

• Emirates Skywards

• Air France / KLM Flying Blue

• Iberia Plus

• JetBlue TrueBlue

• Singapore Airlines KrisFlyer

• Southwest Airlines Rapid Rewards

• United Airlines MileagePlus

• Virgin Atlantic Flying Club

Hotel partners:

• IHG One Rewards

• Marriott Bonvoy

• World of Hyatt

When using Ultimate Rewards points for flights, accommodations, car rentals, and other travel experiences, your redemption will be valued at 1.25 cents per point with points from the Chase Sapphire Preferred or Ink Business Preferred cards, and 1.5 cents per point with those earned from the Chase Sapphire Reserve.

Keep in mind that when booking through the Chase Travel℠ portal, you'll earn airline miles on flights, but not hotel points, as most hotels view this as a third-party booking. However, you won’t have to deal with blackout dates or complex airline award charts, making the process smoother compared to other loyalty programs.

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Alternative methods for redeeming Chase Ultimate Rewards

If traveling isn't in your immediate plans, there are alternative ways to utilize your Ultimate Rewards points. For example, if you're facing increasing bills, you can take advantage of Chase’s Pay Yourself Back feature, allowing you to redeem points for eligible purchases made with your card. You can also use them for exclusive seating at sports events and shows or for unique dining experiences available through Chase Travel℠.

You can also convert points into cash-back rewards, redeeming 100 points for every dollar, along with options for magazine subscriptions, gift cards, Amazon purchases, and Apple products through the Apple Ultimate Rewards Store. However, remember that your points will only hold a value of one cent each in these cases, making them less lucrative redemption options.

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Who should apply for a Chase Ultimate Rewards card?

Individuals who appreciate diverse redemption options—especially those who frequently use the associated airlines and hotel partners—should think about getting a card linked to this excellent loyalty program. Even newcomers can benefit significantly from the enticing welcome bonuses to kickstart their journey in earning points.

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FAQ

What is Chase Ultimate Rewards?

Chase Ultimate Rewards is a rewards program enabling members to accumulate points that can be redeemed for flights, hotel accommodations, car rentals, tours, unique experiences, statement credits, gift cards, merchandise, and other benefits. These versatile points can also be transferred to various airline and hotel partners for optimal value.

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How can I establish a credit history with my Chase Ultimate Rewards card?

Like any credit card, you’ll create a credit history by opening your account, managing your spending responsibly—ideally keeping usage below 30% of your total credit limit—and ensuring timely and full payments.

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Are there any charges for balance transfers?

While balance transfers between Chase credit cards are not permitted, you can transfer a balance from another card provider to a Chase card. For this, the Chase Freedom Flex® Credit Card and Chase Freedom Unlimited are excellent choices, offering an introductory 0% APR for 15 months from account opening. After this period, interest rates will range from 20.49% to 29.24%, depending on your creditworthiness and other factors (see Chase Freedom Flex® Credit Card rates and fees; Chase Freedom Unlimited rates and fees).

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Do Chase Ultimate Rewards credit cards carry an annual fee?

Among the seven Chase Ultimate Rewards credit cards mentioned in this article, three do have an annual fee:

• Chase Sapphire Preferred: $95

• Chase Sapphire Reserve: $550

• Ink Business Preferred: $95

However, if you fully utilize all the benefits and credits provided by the card, the annual fee will quickly pay for itself.

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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 views have not been reviewed, approved, or endorsed by any of these organizations.