Why I Prefer Earning Chase Ultimate Rewards Points Over Amex Membership Rewards Points

The American Express® Gold Card and Chase Sapphire Preferred® Card are my go-to cards — both are top picks at TPG. Beyond their benefits, both the Sapphire Preferred and Amex Gold allow me to earn transferable points, enabling me to convert my rewards into flights and hotel stays with partner programs for optimal value.

Yet, after using both cards and their respective points systems, one program stands out. Here’s why I focus on earning Chase Ultimate Rewards points rather than American Express Membership Rewards points.

Which is superior for earning points: Amex or Chase?

Both Amex and Chase offer flexible currencies that hold significant value. TPG estimates Amex Membership Rewards points at 2 cents each, while Chase Ultimate Rewards points are valued at 2.05 cents each.

Chase points can offer greater value when redeemed through Chase Travel℠. As a Sapphire Preferred cardholder, my points are valued at a fixed rate of 1.25 cents each. If you hold the Chase Sapphire Reserve®, your points are worth 1.5 cents each instead.

In contrast, redeeming Membership Rewards points through the American Express Travel portal values your points at only 1 cent each.

Besides booking through their respective platforms, I maximize my points by transferring them to airline and hotel partners. While Amex has 21 partners and Chase has 14, both programs provide valuable options for transferring rewards, allowing for optimal sweet spot redemptions.

Another way to redeem points is for cash back. Amex points are valued at just 0.6 cents each, while Chase points are worth 1 cent each.

Although both programs have their strengths and weaknesses, I choose to prioritize earning Chase points over Amex points.

So, why don’t I focus on earning Amex Points instead?

Amex Membership Rewards points are among the most valuable flexible point currencies available. I particularly enjoy transferring Amex points to Avianca LifeMiles and Air Canada Aeroplan for bookings on Star Alliance flights. However, despite these excellent transfer options, I don’t see much value in Amex's other partners and rarely utilize them.

Most of my spending on cards goes towards dining, which is why my Amex Gold is always in my wallet. It earns 4 points per dollar at restaurants worldwide on the first $50,000 spent each year, then 1 point per dollar afterward. Additionally, the Amex Gold earns 3 points per dollar on flights booked with airlines or through AmexTravel, making it my primary card for flight bookings.

However, I’m now focusing on Chase points instead of Amex points because I have a significant amount of Amex points. At TPG, we advise against hoarding points, as airlines and hotels often devalue their programs. When I have a large stockpile of one type of points, I aim to earn more of the ones I’m low on.

Moreover, I’ve already planned and booked most of my flights for the year. Therefore, I’m concentrating on hotel redemptions, and in my view, Chase offers the best hotel transfer partners, including Hyatt, IHG, and Marriott.

Although my Sapphire Preferred earns only 3 points per dollar on dining and 2 points per dollar on travel purchases (like booking flights), I’m willing to forgo earning an extra point on those purchases to allocate most of my spending to my Chase Sapphire Preferred.

Reasons I’m Prioritizing Earning Chase Points

Chase Ultimate Rewards represent my most prized flexible points currency. My preferred way to use these points is by transferring them to World of Hyatt to cover my hotel accommodations while traveling.

As I mentioned, all my flights for 2024 are booked, but I still need to arrange my hotel stays. I have significantly fewer Chase points compared to Amex points, but with Hyatt as a Chase transfer partner, I can achieve excellent redemption value.

I've frequently managed to book room redemptions during peak seasons in sought-after European cities for as low as 4,000 to 7,500 Chase points. Despite Hyatt's recent category devaluation, the brand still maintains a fixed award chart, in contrast to other programs that utilize dynamic pricing. This typically results in great value for award nights, especially during off-peak times.

With Chase Ultimate Rewards, I can also transfer my points to Southwest Airlines. I find that the Southwest Rapid Rewards program often features award sales and provides nonstop flights on routes that many domestic airlines serve only with connections. Consequently, Southwest has become my preferred airline for last-minute award travel.

I also value that my points hold a worth of 1.25 cents each when booking through Chase Travel. Although I don’t often use the portal for flights or hotels—since I usually find better value with transfer partners—this rate is still superior to what I’d receive through Amex Travel. Knowing that I can secure more than 1 cent per point by booking through Chase when transfer partners aren’t an option enhances the overall value of Chase points for me.

Moreover, earning Chase Ultimate Rewards points provides me with greater flexibility if I ever want cash back for my points, as each point is valued at 1 cent when redeemed for cash back. This allows me to achieve a 1:1 cash back ratio with Chase, even if my travel plans shift.

Finally, I have several international trips on the horizon. Having traveled extensively abroad, I find using a Chase Visa credit card convenient when overseas. Although Amex is widely accepted globally, I've encountered locations that do not accept it, making it more challenging to earn Amex points.

Bottom line

The Chase Sapphire Preferred and the Amex Gold are both cards with excellent earning rates. Consequently, they play significant roles in my overall points and miles accumulation strategy. However, my current focus is on increasing my Chase point balance.

My approach might shift if I find myself low on Amex points or if an enticing new welcome offer arises, but overall, Chase provides superior redemption partners that enhance my travel experiences.