Chase Ultimate Rewards and American Express Membership Rewards are the two most popular transferable credit card point currencies in the US. Both let you transfer points to airlines and hotels — but which one is actually worth more?
The honest answer: it depends on how you redeem them. Here's everything you need to know.
Quick answer: Chase points are worth ~1.5–2.0¢ each through the Chase Travel portal. Amex points are worth ~1.0–2.0¢ each. Chase edges out Amex for casual redeemers; Amex wins for luxury travelers with the right transfer partners.
| Partner | Chase | Amex | Transfer Ratio |
|---|---|---|---|
| United MileagePlus | ✅ | ❌ | 1:1 |
| Delta SkyMiles | ❌ | ✅ | 1:1 |
| British Airways Avios | ✅ | ✅ | 1:1 |
| Air France/KLM Flying Blue | ✅ | ✅ | 1:1 |
| Singapore Airlines KrisFlyer | ✅ | ✅ | 1:1 |
| Marriott Bonvoy | ✅ | ✅ | 1:1 |
| Hyatt | ✅ | ❌ | 1:1 |
| Hilton Honors | ❌ | ✅ | 1:2 |
| Emirates Skywards | ❌ | ✅ | 1:1 |
| ANA Mileage Club | ❌ | ✅ | 1:1 |
Winner — Transfer Partners: Amex wins with 20+ partners vs Chase's 14. Amex has unique access to Delta, Emirates, Hilton, and ANA — all highly valuable programs.
Chase Sapphire Reserve cardholders get 1.5 cents per point when booking travel through Chase's portal. Sapphire Preferred gets 1.25 cents per point. This makes Chase extremely easy to use without learning transfer partner tricks.
Amex's travel portal only gives you 1.0 cent per point — significantly lower. You need to transfer to partners to get better value from Amex.
Winner — Travel Portal: Chase wins by a large margin. 1.5¢/pt (Reserve) vs 1.0¢/pt (Amex).
| Redemption | Value Per Point |
|---|---|
| Hyatt hotel transfer | 1.5–2.5¢ |
| United business class transfer | 1.5–2.0¢ |
| Chase Travel portal (Reserve) | 1.5¢ |
| Cash back | 1.0¢ |
| Redemption | Value Per Point |
|---|---|
| ANA business class transfer | 2.0–3.0¢ |
| Emirates first class transfer | 2.0–2.5¢ |
| Air France/Flying Blue transfer | 1.5–2.0¢ |
| Amex Travel portal | 1.0¢ |
| Gift cards/statement credit | 0.6–0.8¢ |
| You should choose Chase if... | You should choose Amex if... |
|---|---|
| You want simple, no-effort redemptions | You want maximum luxury travel value |
| You transfer to Hyatt or United | You want Delta, Emirates, or ANA miles |
| You book via travel portal | You're comfortable with transfer partners |
| You're new to points & miles | You're an experienced points traveler |
Pro tip: Many experienced travelers hold both Chase and Amex cards to cover all transfer partners. The Sapphire Reserve + Amex Platinum combo gives access to nearly every airline and hotel program.
Enter your points balance and instantly see the dollar value — no guessing required.
Calculate My Points Value →For most people, Chase Ultimate Rewards edges out Amex due to the easier 1.5¢/pt portal redemption and the Hyatt transfer partner. But if you're chasing premium cabin flights on Emirates, ANA, or Delta, Amex Membership Rewards can deliver significantly higher value.
Use our free points calculator to see exactly how much your current balance is worth — then decide whether it's time to redeem or keep earning.