Chase Ultimate Rewards: what they are worth and where they transfer
Ultimate Rewards points are Chase's own currency. Every transfer route we have verified moves at 1:1 and in fixed 1,000-point steps, which makes the arithmetic simple and the planning slightly less so.
2.04¢ current reference value per point, from AwardWallet Verified Aug 2026
What Ultimate Rewards points actually are
Like every transferable currency, an Ultimate Rewards point is a claim on the bank rather than on an airline. It becomes miles only when you move it, and that move is one-way.
The routes we have verified are all 1:1. That is genuinely convenient - 60,000 points becomes 60,000 miles, with no mental arithmetic and no hidden haircut. It also means the interesting question is never "how many miles will I get" but "which program should I send them to, and is the seat actually there".
The 1,000-point increment
Every Chase route in our data moves in increments of 1,000 points. If an award costs 57,300 miles and you have exactly that many points, you cannot transfer exactly that amount - you would move 58,000 and leave 700 stranded in the destination program.
This is a small thing that becomes annoying at the wrong moment. Work out the award price first, round up to the next thousand, and confirm you have that much before you start. The transfer calculator flags the mismatch and tells you the nearest valid amounts, without silently changing what you typed.
Where the value actually comes from
With every ratio at 1:1, all of the variation in outcome comes from the destination program and the redemption itself. The same 60,000 points can be a genuinely strong long-haul redemption or a mediocre domestic one, and nothing about the transfer step distinguishes them.
That puts the burden on the step people most often skip: pricing the award in the destination program before transferring. We cover the order of operations in the primer - check award space first.
A worked example
Suppose a domestic round trip is selling for $340, and the airline will also sell it for 35,000 miles plus $11.20 in fees. This is the sort of redemption people make without thinking about it.
($340.00 cash − $11.20 award fees) ÷ 35,000 points × 100 = 0.94 cents per point
Under a cent per point. There is nothing wrong with this booking if you needed the trip and did not want to spend the cash - but it is a poor use of a flexible currency, and worth recognising as such rather than filing it under "free flight".
Against the current reference value of 2.04 cents, that is about 46% of typical - what we label weak relative value. Those bands are our own editorial rules, not an industry standard.
Where these points can go
These are the transfer routes we have verified for Chase Ultimate Rewards. Each carries the date a person last confirmed it against the official page. Our coverage is not exhaustive - there may be partners we have not verified yet, and we would rather list fewer routes than guess at any.
| Destination | Ratio | Minimum | Increment | Verified |
|---|---|---|---|---|
| Air Canada Aeroplan | 1:1 | Not recorded | 1,000 | 2026-09-01 |
| Southwest Rapid Rewards | 1:1 | Not recorded | 1,000 | 2026-09-01 |
| United MileagePlus | 1:1 | Not recorded | 1,000 | 2026-09-01 |
Do these points expire?
Chase Ultimate Rewards points do not expire while your credit card account stays open. Closing the account before redeeming or transferring forfeits the points, as does Chase closing it for missed payments or programme misuse.
Confirmed 2026-09-03 by The Fox against Do Chase rewards points expire? . Expiry rules change, so check before relying on this.
Verified Sep 2026Before you transfer
Transfers are one-way Find and confirm the award seat first, inside the destination program. Only then move your points. Once they leave Chase Ultimate Rewards they are the destination program's currency, subject to its rules and its future devaluations.
Check the minimum and the increment before you commit to an amount - the number you wanted may not be a valid transfer. And remember that transfers are not always instant, so never transfer against a deadline assuming they will be. The transfer calculator flags all three.
Good and poor uses
Broad principles, not promises about specific inventory. What is actually available on your dates is something only the booking program can tell you.
Generally works well
- Long-haul redemptions where the cash fare is high and the award price is not.
- Partner awards booked through a program whose chart prices them well.
- Any situation where the 1:1 ratio lets you top up an existing mileage balance to reach a specific award.
Usually poor value
- Cheap domestic economy, where a cent per point is a realistic outcome.
- Transferring more than the award needs because of the 1,000-point increment.
- Moving points before the seat is confirmed.
Questions people ask
Are all Chase transfers 1:1?
Every route we have verified is. We cannot speak for partners we have not confirmed - and a ratio is a dated fact, so check the date shown beside each one in the table above and confirm on the official page before you move anything.
What happens to the leftover points after an increment rounding?
They stay in the destination program as miles. That is fine if you use that program; it is dead weight if you do not. Plan the amount before you transfer rather than after.
Can I move points between my own Chase cards?
We have not verified Chase's current rules on combining or moving points between accounts, so we will not state them. This is exactly the kind of rule that varies by product and changes, so check the official page.
Should I transfer to lock in a ratio before it changes?
No. Transferring to hedge against a future ratio change trades a certain loss of flexibility against a hypothetical one. You also cannot undo it. If a devaluation is formally announced with a deadline, that is a different calculation - but it should still start with a specific award you intend to book.
Sources and what we have not checked
- Official Chase Ultimate Rewards transfer page — the primary source for every ratio above.
- Reference valuation from AwardWallet, snapshot 2026-08-01, used with attribution. See our methodology.
Things we have deliberately not claimed on this page, because we have not confirmed them from an official source:
- The full current list of Chase transfer partners.
- Rules on combining points between Chase accounts or household members.
- Whether transfer eligibility differs between Ultimate Rewards card products.
- Expiry terms for Citi card accounts other than Custom Cash, Double Cash and the ThankYou Mastercard. Citi publishes a separate Points Expiration section per account type and they do not all match, so check the one for the card you hold.
We would rather tell you what we have not checked than fill the gap with something that sounds authoritative and might be wrong.