MileVerdict

Amex points vs Chase points: how the transfer options differ

The two currencies are worth close to the same per point, so the real difference is where they can go and how they move. Our verified data shows overlap on some partners, plus partners each reaches that the other does not. Choose on which partner you actually need, not on the headline valuation.

What each is worth

Reference values come from AwardWallet, built from real award bookings. They are estimates for context, not prices.

  American Express Membership Rewards Chase Ultimate Rewards
Reference value 2.02¢ per point 2.04¢ per point
Verified routes 4 3
Routes worse than 1:1 JetBlue TrueBlue (1,000:800) None in our data
Transfer increments None recorded 3 of 3 routes

The valuations are close enough that treating one as inherently better than the other on that basis would be reading precision into an estimate that is not there.

Where they can each send points

This compares the routes we have verified, not necessarily every partner each issuer offers. An absence here means we have not confirmed it, not that it does not exist.

Both reach

  • Air Canada Aeroplan

American Express Membership Rewards only

  • British Airways Club
  • Delta SkyMiles
  • JetBlue TrueBlue

Chase Ultimate Rewards only

  • Southwest Rapid Rewards
  • United MileagePlus

This is the part that should decide it. If the program you want to book through is reachable from only one of the two, the comparison is over — the reference values are not close enough in either direction to outweigh being unable to get there at all.

How they differ mechanically

Every Chase Ultimate Rewards route we have verified moves in fixed increments, so the exact number of points an award needs may not be a valid transfer amount. You round up and leave the remainder stranded in the destination program. It is a small tax on planning rather than a serious cost, but it is worth knowing before you commit to a number.

American Express Membership Rewards has at least one route that is worse than 1:1 in our data — JetBlue TrueBlue at 1,000:800, a 20% loss in the move. When most routes are 1:1 it is easy to assume they all are, and this is exactly the kind of assumption that costs money.

Beyond that, both behave like any transferable currency: transfers are one-way, ratios are dated facts rather than permanent ones, and eligibility can vary by card. Run any specific move through the transfer calculator, which applies the verified ratio and shows when it was last confirmed.

How to choose

Work backwards from the booking. Decide which program you would book the award through, check which of the two can reach it, and let that settle it. If both can, the difference is close to immaterial and you should use whichever balance you have more of.

If you are choosing where to direct future earning rather than making a booking now, the wider partner list is the better hedge — but our data is not complete enough to declare a winner on that, and we are not going to pretend otherwise.

Questions people ask

Which currency is worth more per point?

The reference values for the two are close enough that the difference is not a reason to choose one over the other. What matters far more is whether the specific partner you need is on your issuer's list, and whether the redemption you want is a good one.

Can I move points between Amex and Chase?

No. Transferable currencies move outward to airline and hotel partners, not sideways between banks. A balance in one is not convertible into the other.

Should I hold both?

Holding both widens the set of partners you can reach, since the lists differ. It also splits your balances, which can leave you short of any single award. Whether that trade is worth it depends on how much you are earning.

Is this comparison complete?

No, and we would rather say so. It compares the routes we have verified, which is not necessarily every partner either issuer offers. Check the official pages before making a decision that depends on a specific partner.

Sources

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