American Express Membership Rewards vs. Chase Ultimate Rewards

6 min read Published February 23, 2023

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American Express Membership Rewards and Chase Ultimate Rewards are two of the most popular rewards programs among cardholders today.

You can use either of these programs to earn flexible rewards points with eligible rewards credit cards and then cash in your points for some potentially high-value redemptions. Some of the premier travel credit cards in each program also come with coveted benefits like airport lounge access, annual travel credits, travel insurance and Global Entry or TSA PreCheck fee credits.

But would you far better with Membership Rewards or Ultimate Rewards points? Below, we’ve compared the two programs to help you decide.

Amex vs. Chase comparison

	American Express Membership Rewards	Chase Ultimate Rewards
Transfer partners	20 partners: 17 airline, 3 hotel	14 partners: 11 airline, 3 hotel
Point valuation	2.1 cents per point	2 cents per point
Travel transfer redemptions	Most programs transfer at a 1:1 value, but some vary	Points transfer at a 1:1 value
Other redemption options	Statement credits Gift cards Pay with points Book or upgrade via American Express Travel	Statement credits Gift cards Shop with points Chase Dining experiences Book travel through Chase Ultimate Rewards
More details	Transferring points to travel partners is the best way to get more value; non-travel redemptions are typically worth less than 1 cent per point. Some Amex cards offer points boosts when you book airfare through the Amex Travel portal	Some Chase cards offer boosted rewards for travel redemptions. Some Ultimate Rewards points-earning cards do not earn transferrable points, and cannot be transferred to partners

Amex vs. Chase: Redemption options

One of the biggest benefits of both of these programs is the flexibility you’ll have to choose from multiple redemption options.

Amex Membership Rewards redemption options

You can earn American Express Membership Rewards points with many top American Express credit cards, and then redeem them in different ways. Redemption options include:

Statement credits to cover charges on your account
Gift cards for popular merchants
Paying with points at checkout on sites like Amazon, PayPal and BestBuy
Shopping with points through the American Express shopping portal
Booking or upgrading travel through American Express Travel
Points transfers to airline and hotel programs

With many of these redemption options — except for travel and points transfers — you’ll generally get less than 1 cent per point in value. However, the points value you’ll receive depends on how you redeem your points, so make sure to compare and do the math beforehand.

When it comes to travel redemptions, you can redeem your Amex points through the American Express Travel portal. This website lets you search for airfare, cruises, hotels, rental cars and vacation packages with various travel vendors all in one place, and you can pay with points, cash or a combination of points and cash. You will need at least 5,000 Membership Rewards points in your account to pay for travel with points, however.

You’ll typically get 1 cent per point in value when you redeem your points for flights through the Amex portal, yet this value is around 0.7 cents per point when you redeem for hotels, cruises and other travel.

Some American Express credit cards do give you a bonus when you redeem points for airfare specifically through AmexTravel.com. For example, The Business Platinum Card® from American Express provides a 35 percent Airline Bonus on premium cabin flights or flights with your pre-selected airline, which means your points will be worth 1.35 cents per point when you redeem them for eligible airfare through the portal. Note that there’s an annual limit of 1 million points back per calendar year.

Chase Ultimate Rewards redemption options

The Chase Ultimate Rewards program is slightly more straightforward when it comes to the program specifics and respective redemption values. You can redeem points for:

Statement credits or direct deposits
Gift cards from popular retailers
Exclusive event experiences
Takeout, reservations or experiences through Chase Dining
Shopping with points at Amazon or via PayPal
Shopping at Apple
Shopping through the Chase shopping portal
Travel through the Chase Ultimate Rewards portal
Transfers to airline and hotel partners

Statement credits and direct deposits typically have a value of 1 cent per point, and the same redemption value usually applies to gift cards, experiences and shopping with points through Apple. However, some gift cards frequently go on sale, so you’ll be able to get more than 1 cent per point in return. Amazon.com purchases, on the other hand, usually provide less than 1 cent in value.

When redeeming points for travel through the Chase Ultimate Rewards portal, your points value will vary from card to card. Most cards let you get 1 cent per point when you redeem for travel, but there are three top Chase credit cards that offer more value. Specifically, the Chase Sapphire Preferred® Card and Ink Business Preferred® Credit Card offer a 25 percent points boost for travel redemptions through Chase, while the Chase Sapphire Reserve® provides a 50 percent points boost for travel redemptions through Chase.

Amex vs. Chase: Transfer partners

Both Chase Ultimate Rewards and American Express Membership Rewards let you transfer points to popular airline and hotel programs, and many of their transfer partners overlap. Still, this is one area where you’ll want to pay a lot of attention. If you do most of your flying with one airline, or tend to stay in the same hotel chain, and you’re already a loyalty member with those brands, you may want to ensure they’re partners of the program you choose.

For example, the American Express Membership Rewards program often comes out ahead for individuals who frequently travel internationally and want a more diverse selection of international transfer partners, whereas Chase travel partners may have more options closer to home.

Amex transfer partners

Most Amex transfer partners let you transfer points at a 1:1 ratio, but there are a few outliers with different transfer rates. For the following transfer partners, all points will transfer from Amex to its partners at a 1,000:1,000 rate unless otherwise noted:

Hotel partners

Choice Privileges
Hilton Honors (1,000:2,000)
Marriott Bonvoy

Chase transfer partners

All Chase Ultimate Rewards travel partners let you transfer points at a 1:1 ratio. Although Chase has fewer transfer partners than American Express, Chase’s partners may make more sense for you depending on how you travel.

Hotel partners

IHG One Rewards
Marriott Bonvoy
World of Hyatt

Best credit cards for Amex Membership Rewards

Card	Rewards rate	Welcome offer	Annual fee
The Platinum Card® from American Express	5X points on flights booked directly with airlines or through American Express Travel (on up to $500,000 per calendar year) 5X points on prepaid hotels through American Express Travel 2X points on prepaid car rentals through American Express Travel 1X points on all other purchases	80,000 points after spending $8,000 within 6 months of account opening	$695
American Express® Gold Card	4X points at restaurants, (including takeout and delivery in the U.S.), on Uber Eats purchases and at U.S. supermarkets (on up to $25,000 per year, then 1X points) 3X points on flights booked directly with airlines or via American Express Travel 1X points on all other purchases	60,000 points after spending $4,000 within 6 months of account opening	$250
The Blue Business® Plus Credit Card from American Express	2X points on up to $50,000 in spending each year (then 1X points) 2X points on prepaid rental cars booked through AmexTravel.com	15,000 points after spending $3,000 in eligible purchases within 3 months of account opening	$0
The Amex EveryDay® Credit Card*	2X points at U.S. supermarkets (on up to $6,000 each year, then 1X points) 2X points on prepaid rental cars booked through AmexTravel.com 1X points on other purchases	10,000 points after spending $2,000 within 6 months of account opening	$0

Best credit cards for Chase Ultimate Rewards

Card	Rewards rate	Welcome offer	Annual fee
Chase Sapphire Reserve®	10X points on hotel stays and car rentals through Chase Ultimate Rewards 10X points on Chase Dining purchases through Ultimate Rewards 10X points on Lyft rides (through March 31, 2025) 5X points on air travel through Ultimate Rewards 3X points on general travel and restaurant purchases 1X points on all other purchases	60,000 points after spending $4,000 within 3 months of account opening	$550
Chase Sapphire Preferred® Card	5X points on travel purchased through Chase Ultimate Rewards 5X points on Lyft purchases (through March 31, 2025) 3X points on dining, select streaming services and online grocery purchases (excluding Walmart, Target and wholesale clubs) 2X points on other travel 1X points on all other purchases	60,000 points after spending $4,000 within 3 months of account opening	$95
Ink Business Preferred® Credit Card	3X points on travel and select business categories (on up to $150,000 each year, then 1X points) 1X points on all other purchases	100,000 points after spending $8,000 within 3 months of account opening	$95

How to choose the best rewards program for you

Either one of these programs can help you earn rewards for travel and more, but the right rewards card for you depends on your normal spending, budget and how you plan to redeem your points. Before you decide, take time to compare all the rewards credit cards offered in each program and their respective earning rates and benefits, as well as transfer partners you’re most likely to take advantage of.

Fortunately, there are plenty of cards to consider, and you can even combine cards. For example, some people collect the Amex trifecta or the Chase trifecta — popular card trios within either program — which allow you to maximize rewards in certain categories while securing a solid combination of travel benefits along the way.

Another option many frequent travelers use is to pick up cards in both programs. Since some transfer partners overlap — like Air France/KLM, Emirates, Aer Lingus, British Airways and Marriott Bonvoy — having both Chase and Amex cards in your wallet be an excellent way to earn even more points. Just make sure you’re getting enough value from your rewards to justify any annual fees, and you only spend on the cards what you can afford to pay down in full.

*The information about the Amex EveryDay® Credit Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.