You earned your Ultimate Rewards sign-up bonus—Here are the 4 best ways to spend it

Tell me if this sounds familiar: you have 60,000 Chase Ultimate Rewards points to redeem, and right before you cash them in for a $600 statement credit, you think to yourself: 

Nah. There has to be a better way. 

So you hit the back button and stare at your 60,000 points, wondering just how much value you can truly squeeze out of them. $750? $1,000? Maybe even $1,200 or more? 

Well, I’m here to tell you that all three are possible. Chase Ultimate Rewards points can indeed be worth up to 2 cents per point (CPP)–but only if you know where to look. 

So let’s uncover the best redemption options for Chase Ultimate Rewards in 2024!

For Sapphire cards

The first thing you should know about redeeming Chase Ultimate Rewards points is that Chase Sapphire cards have slightly different redemption options than Chase Freedom cards. 

The primary difference is that the two Sapphire Cards–the Chase Sapphire Preferred^® Card and the Chase Sapphire Reserve®–allow you to transfer your points to one of Chase’s 14 travel partners. 

The second difference is that the Preferred and Reserve get a 25% and 50% redemption bonus on every point redeemed through Chase Travel℠, respectively. So your 60,000-point welcome bonus with each card is worth $750 in travel with the Preferred and $900 with the Reserve. 

As a result, transfers and travel redemption instantly become your two best options when redeeming Chase Ultimate Rewards points with these cards. Let’s have a look at both in a little more detail. 

Transfers – up to 2 CPP

When you visit Ultimate Rewards after you log into your Chase account and select your Sapphire Preferred or Reserve account, you should see an additional option on the far right dropdown menu for Transfer points to partners. 

Here’s where you’ll see Chase’s 14 transfer partners, which all accept Chase Ultimate Rewards points at at least a 1:1 ratio. Sometimes you’ll get even more, thanks to bonus offers listed at the very top: 

Chris Butsch: Chase screenshot

Here’s a complete list of Chase’s travel partners as of April 2024:

Now, if each partner takes Chase Ultimate Rewards points at a 1:1 value, which partner should you pick for maximum value? 

The answer is probably Hyatt. While most of the loyalty programs on this list have points valued in the 0.8 to 1.2-cent range, various estimates pin the value of a single World of Hyatt Credit Card point to around 2 cents each. 

So, provided you’re a fan of Hyatt, there are definitely ways you can stretch ~60,000 Chase Ultimate Rewards points to $1,200 in Hyatt value–and enjoy a well-deserved weekend at the Hyatt Regency Clearwater Beach on the Gulf Coast of Florida. 

Travel – up to 1.5 CPP

Even if your travel plans don’t involve one of the transfer partners above, you can always redeem your Chase Ultimate Rewards through Chase Travel for a redemption value of 1.25 CPP if you have the Preferred and 1.5 CPP if you have the Reserve. 

If you’ve never used the Chase Travel portal before, know that it’s surprisingly robust and very easy to use. You can book hotels, flights, rental cars, cruises and “activities” (e.g. food tours, skydiving lessons and more). I’ve used it countless times to book flights and hotels, and you get a confirmation email from both Chase and the travel vendor when you do (which is extra comforting). 

Just be mindful that if you book a hotel room through Chase Travel, you typically won’t qualify for loyalty points or rewards on the hotel side. Plus, you’ll definitely want to use up your annual travel credits ($50 with the Preferred, $300 with the Reserve) before using up your points. 

An under-the-radar use of Ultimate Rewards points is redeeming them for activities. You can get 1.25 or 1.5 cents per point by buying airport transfers, catamaran tours, or cooking classes through the portal. 

For Freedom cards

As mentioned, Chase’s trio of Freedom-branded cards (the Chase Freedom Rise℠, Chase Freedom Flex℠ and Chase Freedom Unlimited^®) lack the option to transfer points to travel partners. They also don’t get 25% or 50% travel redemption bonuses like the Sapphire cards, so your list of the best redemption options isn’t quite as “spicy.” Even still, it has plenty of kick–and you won’t have to look far to get more than a penny per point in value.

Pay Yourself Back – up to 1.25 CPP

Under Ultimate Rewards > More ways to use, you’ll see that 5,000 points are pretty much worth $50 across the board. 

But wait – what’s this?

Chris Butsch: Chase

Somehow, the Pay Yourself Back option–which lets you cover past purchases with points–has a 25% multiplier. Let’s investigate. 

From the Pay Yourself Back dashboard, you can see that there’s a temporary 25% bonus on select charitable donations–which is awesome. It may not help you pay your bills per se, but it’s a great redemption option nonetheless that helps you stretch your points to 1.25CPP.

Chris Butsch: Chase screenshot

Gift cards – up to 1.1 CPP

In a similar vein, Chase often has “sales” on gift cards that you can’t always see from the main Ultimate Rewards dashboard. 

But if you go to Shopping & Experiences > Redeem for gift cards, you’ll see that some of your options are 10% off–meaning your points suddenly carry a redemption value of ~1.1 CPP with select merchants: 

Chris Butsch: Chase screenshot

You can also filter by Sale to see all of your current options in one easy view:

Chris Butsch: Chase screenshot

Again, your options may be limited here–but if you were planning on doing some home improvement (and rewarding yourself with pancakes after), there are some good savings to be had from this redemption option. 

The takeaway

So there you have it–the four best redemption options for Chase Ultimate Rewards in 2024. From a weekend getaway at the Grand Hyatt to a fresh banana cream cheesecake, there are plenty of ways to redeem your points for more than a penny each in value.

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