Chase Ultimate Rewards
Chase Ultimate Rewards (UR) is the transferable points currency earned on Chase cards such as the Sapphire Preferred ($95 annual fee) and Sapphire Reserve ($795). Points transfer to 14 airline and hotel partners — mostly at 1:1 — or redeem in the Chase Travel portal at a base rate of 1 cent each.
Ultimate Rewards is the anchor of the most popular points setup in the US. Cards pool points: no-fee Freedom cards earn UR that becomes transferable once you also hold a Sapphire Preferred ($95), Sapphire Reserve ($795), or Ink Business Preferred ($95).
Redemption options. (1) Transfer partners — United, Southwest, Air Canada Aeroplan, British Airways, World of Hyatt, and more. (2) Chase Travel portal — 1.0 cent per point by default, with dynamic "Points Boost" offers up to 2.0 cents on the Reserve. (3) Cash back at 1.0 cent.
Key 2026 changes. Since June 15, 2026, UR transfers to Hyatt at 4:3 from the Sapphire Preferred and Ink Preferred; the Sapphire Reserve keeps 1:1. The old flat 1.5x portal rate on the Reserve was retired in 2025 in favor of Points Boost.
Example. 100,000 UR is $1,000 in cash back — or, transferred to Hyatt from a Reserve, roughly six nights at a 15,000-point property worth $300+ per night.
Common mistakes: redeeming in the portal at 1.0 cent when a transfer would double the value, and keeping points on a Freedom card only, where they can't reach partners. See how to redeem UR for maximum value.