American Express and Chase have two of the most robust travelers’ rewards programs today. Their flexible travel credit cards, high-value redemptions, and long lists of added perks can all go a long way, whether you travel often or only a few times yearly.
Before you plan your next trip, this guide can help you decide whether American Express Membership Rewards points or Chase Ultimate Rewards points can take you further.
American Express Membership Rewards
How to earn Amex Membership Rewards points
You can earn Membership Rewards points with a points-earning Amex credit card. If you choose a card with bonus rewards in your most frequent spending categories, you’ll have the greatest chance to boost the points you earn more quickly.
You can also earn points from purchases made on authorized user cards connected to your primary account. However, you won’t earn points on many non-purchase transactions, including cash advances, card fees, loading prepaid gift cards, returns, and more.
Best credit cards for earning Amex points
These are some of our favorite Amex cards that earn Membership Rewards points today:
The Platinum Card® from American Express
Annual fee: $695 (see rates & fees)
Welcome offer: Earn 80,000 points after you spend $8,000 in purchases within the first 6 months of account opening
Rewards:
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5x points on flights booked directly with airlines or through American Express Travel (up to $500,000 spent each year, then 1x)
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5x points on prepaid hotels booked through American Express Travel
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1x point per dollar spent on everything else
Benefits:
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Up to $200 annual statement credits on eligible hotel bookings through Amex Travel
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Up to $200 annual statement credits for incidental fees with your choice airline
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Up to $155 in annual Walmart+ statement credits to cover auto-renewing monthly subscription
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Up to $240 annual statement credits ($20 monthly) for Disney+, Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal purchases — enrollment required
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Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the U.S. annually (Uber Cash and Uber VIP status is available to Basic Card Members only; you must have the latest version of the Uber App downloaded and your eligible American Express Platinum Card must be a method of payment in your Uber account; Amex benefit may only be used in United States)
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Up to $199 annual CLEAR Plus credit per calendar year on your membership (subject to auto-renewal)
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Up to $100 annual credits for Saks Fifth Avenue or saks.com spending ($50 January-June and $50 July-December) — enrollment required (terms apply)
American Express® Gold Card
Annual fee: $325 (see rates & fees)
Welcome offer: Earn 60,000 points after you spend $6,000 in purchases within the first 6 months of account opening, plus get 20% back on restaurant spending worldwide (up to $100 in statement credits) in the first 6 months
Rewards:
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4x points at restaurants worldwide (up to $50,000 per year, then 1x)
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4x points at U.S. supermarkets (up to $25,000 per year, then 1x)
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3x points on flights booked directly with airlines or through American Express Travel
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2x points on prepaid hotels and other eligible purchases booked on American Express Travel
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1x point per dollar spent on everything else
Benefits:
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Up to $120 in annual Uber Cash toward Uber rides and Uber Eats (up to $10 in credits per month; you must have the latest version of the Uber App downloaded and your eligible American Express Gold Card must be a method of payment in your Uber account; Amex benefit may only be used in United States)
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Up to $120 annual credits ($10 per month) for purchases with Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys (terms apply)
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Up to $100 in annual statement credits ($50 semi-annually) when you use your Gold Card on eligible purchases at U.S. restaurants on the Resy app or Resy.com
American Express® Green Card*
Annual fee: $150 (see rates & fees)
Welcome offer: Earn 40,000 points after you spend $3,000 in purchases within the first 6 months of account opening
Rewards:
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3x points on travel (flights, hotels, car rentals, cruises, vacation rentals, and more)
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3x points on transit
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3x points at restaurants worldwide (plus takeout and delivery in the U.S.)
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1x point per dollar spent on everything else
Benefits:
*All information about American Express® Green Card has been collected independently by Yahoo Finance; American Express Green Card is no longer available through Yahoo Finance.
Business credit cards that earn Amex points
These are the options for small business owners who want to earn Membership Rewards points:
*All information about Business Green Rewards Card from American Express has been collected independently by Yahoo Finance; Business Green Rewards Card from American Express is no longer available through Yahoo Finance.
How to redeem American Express points
To get the most out of your Amex points, you’ll want to use them for travel. There are multiple travel-related redemptions to choose from, though — and a few non-travel options for comparison.
Book travel through Amex Travel
You’ll get up to 1 cent per point when you redeem rewards for travel through the Amex portal. The specific type of travel you can change your redemption value. Here’s a breakdown:
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Flights: 1 cent per point
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Prepaid hotels: 0.7 cents per point
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Prepaid rental cars: 0.7 cents per point
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Cruises: 0.7 cents per point
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Vacation packages: 0.7 cents per point
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Fine hotel and resort bookings (available for Platinum cardholders only): 1 cent per point
Say you’re planning a trip to Paris next spring and want to use your Membership Rewards points for the flight and hotel. Through American Express Travel, you find a round-trip flight for $650 and a 4-night hotel stay for $700 prepaid — $1,350 total.
If you choose to redeem points for that itinerary, you would spend 65,000 on your flight (1 cent per point) and 100,000 on your hotel (0.7 cents per point), or 165,000 points in total.
Booking through Amex Travel can be a great way to redeem points, but you’ll get the best value if you stick to flight reservations. Or, if you have a Platinum Card, on booking hotels in the Fine Hotels and Resorts collection. At less than 1 cent per point, you’re not getting the highest possible value otherwise.
Transfer partners
For the most part, Amex Membership Rewards points transfer to partners at a 1:1 ratio. However, you can get a more lucrative redemption value with some partners, and Amex sometimes offers transfer bonuses for a limited time.
Below is an overview of each of Amex’s airline and hotel partners and their transfer ratios. Unless otherwise noted, the minimum amount you can transfer starts at 1,000 — 1,000 Membership Rewards points for 1,000 partner points or miles.
This can be one of the best ways to redeem your Amex points because partner hotels and airlines often offer dynamic pricing on award flights or stays.
To put these transfer ratios in perspective, say you want to fly Delta Air Lines from New York to Los Angeles for a long weekend over Memorial Day.
The least expensive flight currently available for Friday, May 24 costs $557 for a main cabin fare. But the same ticket costs only 47,500 in miles. If you transfer your Amex points to Delta SkyMiles at a 1:1 ratio — and each point is worth 1 cent each — you could reduce your overall cost to the equivalent of $475.
Even accounting for the extra $12 in taxes and fees, that’s a difference of $70. In this instance, that would make your points worth about 1.15 cents each.
Even accounting for the extra $12 in taxes and fees, that’s a difference of $70. In this instance, that would make your points worth about 1.15 cents each.
Other redemption options
Non-travel redemptions are possible with the Membership Rewards program but are often lower value.
You can use points at checkout with certain retailers, including Amazon.com, Best Buy, PayPal, and more. With some exceptions and limited-time boosted rates, this option generally gets you about 0.7 cents per point.
Gift card redemptions can vary, with some only worth 0.5 cents per point, and others up to a full 1 cent per point. If you’re interested in redeeming points for gift cards, make sure you look at all the options available to compare the best value.
When you use points to cover eligible purchases or for statement credits to your account, you’ll get a lower 0.6 cents per point.
How much are Amex points worth?
American Express has a pretty straightforward system for assigning value to your redemptions. The issuer even has a rewards calculator you can use to preview the monetary value of different redemption options associated with your specific Amex credit card.
For the most part, you can count on getting up to a value of 1 cent per point with Membership Rewards when you use them for travel. The best redemption options are booking flights through American Express Travel or transferring to Amex’s long list of airline and hotel partners. Transfers can potentially be worth even more than 1 cent per point, depending on your itinerary.
Other redemptions will be less valuable, and often closer to 0.6 cents or 0.7 cents per point.
If you choose Amex Membership Rewards as your preferred program, stick to travel redemptions if you want to maximize points.
Chase Ultimate Rewards
How to earn Chase Ultimate Rewards points
The best way to earn Chase points is also with a Chase credit card. Chase offers multiple different options for maximizing both travel and everyday spending.
Any purchases you make with an eligible Chase card will earn at least 1 point per dollar — including those made by an authorized user on your account. You will not earn points on things like balance transfers, cash advances, money orders, card fees, lottery tickets, unauthorized charges, and more.
Learn more: See our picks for the best Chase credit card
Best credit cards for earning Chase points
Here’s more about the Sapphire and Freedom cards from Chase that earn Ultimate Rewards points:
Chase Sapphire Reserve®
Annual fee: $550
Welcome offer: Earn 60,000 points after you spend $4,000 in purchases within 3 months of account opening
Rewards:
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10x points on hotels and rental cars purchased through Chase Travel℠
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5x points on flights purchased through Chase Travel
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3x points on other travel and dining
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1x point per dollar spent on everything else
Benefits:
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Points are worth 1.5 cents each when you use them to book travel through Chase
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$300 annual travel credit (you’ll only start earning points on travel spending after maxing out this credit each anniversary year)
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Priority Pass Select membership for complimentary lounge access (with enrollment)
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Up to $100 statement credit every four years for TSA PreCheck, Global Entry, or NEXUS fee
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10x points on Lyft rides plus complimentary 2-year Lyft Pink All Access membership (activate by Dec. 31, 2024)
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10x points on Peloton equipment and accessories (when you spend over $150 with 50,000 points max earned through March 31, 2025)
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Additional DoorDash and Instacart benefits
Chase Sapphire Preferred® Card
Annual fee: $95
Welcome offer: Earn 60,000 points after you spend $4,000 in purchases within 3 months of account opening
Rewards:
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5x points on travel purchased through Chase Travel
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3x points on dining (including takeout and eligible delivery)
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3x points on online grocery purchases (does not include wholesale clubs, Target, or Walmart)
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3x points on select streaming services
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1x point per dollar spent on everything else
Benefits:
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Points are worth 1.25 cents each when you use them to book travel through Chase
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Up to $50 in statement credits each account anniversary year for hotel stays purchased through Chase Travel (you won’t earn points on hotel spending with Chase until maxing out the credit)
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Earn bonus points for 10% of your total spending amount each anniversary year
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5x points on Lyft rides (through March 31, 2025)
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5x points on Peloton equipment and accessories (for purchases over $150, up to 25,000 points earned through March 31, 2025)
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Additional DoorDash and Instacart benefits
Note: The cash-back-earning Chase Freedom Flex®and Chase Freedom Unlimited cards must be used alongside a Chase Sapphire card to get the full flexibility of Chase Ultimate Rewards points. You can redeem rewards for travel through Chase with these cards, but you won’t be able to transfer to partners.
Chase Freedom Flex®*
Annual fee: $0
Welcome offer: Earn $200 after spending $500 within the first 3 months of account opening; also get 5% cash back on grocery store and gas station spending for the first 12 months (not including Target or Walmart; applies to the first combined $12,000 in purchases)
Rewards:
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5% back on rotating quarterly bonus categories (up to $1,500 combined spending, with activation)
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5% back on travel booked through Chase Travel
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3% back at restaurants (including takeout and eligible delivery)
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3% back at drugstores
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1% back on all other spending
Benefits:
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0% intro APR on purchases and balance transfers for 15 months (20.49%–29.24% variable APR thereafter)
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5% cash back on Lyft rides through March 31, 2025
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Additional DoorDash and Instacart benefits
*All information about Chase Freedom Flex has been collected independently by Yahoo Finance. Chase Freedom Flex is no longer available through Yahoo Finance.
Chase Freedom Unlimited®
Annual fee: $0
Welcome offer: Earn an extra 1.5% cash back (up to $300) on all purchases for the first year (up to $20,000 in spending)
Rewards:
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5% back on travel through Chase Travel
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3% back at restaurants (including takeout and eligible delivery)
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3% back at drugstores
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1.5% cash back on all other spending
Benefits:
Business credit cards that earn Chase points
If you’re a small business owner, you can also earn Chase Ultimate Rewards using one of the following Ink business credit cards from Chase.
How to redeem Chase points
Chase points have the most potential value when you redeem them for travel — but other options can still be valuable. Here’s what to know:
Book travel through Chase Travel portal
Using your points toward Chase Travel purchases is one of the best ways to maximize them — especially if you have a Chase Sapphire Reserve or Chase Sapphire Preferred Card. While other Chase cards will get you a value of 1 cent per point when you redeem through the portal, your points go further with these cards:
Say you’re looking at purchasing a flight on the Chase Travel portal that costs $800 round trip. If you were to use your points for the flight instead, you would need to redeem only 53,400 points with a Reserve card or 64,000 with a Preferred card. You could book the same flight with a Chase Freedom Unlimited card, for example, and use a full 80,000 points.
In other words, you’re getting the value of 80,000 points, but only have to spend 53,400 or 64,000 points, respectively, when you redeem this way.
Transfer partners
Chase points transfer to each of its hotel and airline partners at a ratio of 1:1 and a minimum transfer of 1,000 points. Occasionally, Chase does offer transfer bonuses to boost redemptions with specific partners during a given time period. With any rewards program, it can pay to keep up with your account and check for any offers before planning your trip.
Compared to Amex, Chase has fewer partners, but most cross over. Here’s an overview of each of the current Chase airline and hotel partners:
Consider Chase’s transfer partners using the same trip we looked at with Amex. This time, maybe you want to make the same Memorial Day trip, but you prefer flying with United Airlines — a partner with Chase, but not American Express.
The lowest-fare main economy ticket for a May 24 flight from New York to Los Angeles is currently $419. But the same flight using United miles is just 19,100. If you transfer your Chase Ultimate Rewards points to United to pay for the airfare and assume a redemption rate of 1 cent per point, you could effectively bring the price down to $191 plus $5.60 in extra fees.
On this particular trip, that means you could redeem your points for an incredible value of about 2.12 cents per point.
Other redemption options
Beyond travel redemptions, Chase offers a few additional options for redeeming Ultimate Rewards points.
You can redeem points for cash back as a statement credit or deposit into your account for a value of 1 cent per point. You’ll get the same rate for gift cards, though you may sometimes find discounted rates on gift card redemptions. You can pay with points at checkout with Amazon or PayPal for a lower redemption value.
How much are Chase points worth?
The value of Chase points can vary a bit more by card than with American Express, though you can generally get at least 1 cent per point value for each redemption option — including cash back.
Transfer partners are one way to get a higher value, but you’ll need a Sapphire Reserve or Preferred card that offers this redemption. Most points transfer 1:1 but you can get a greater value from the transfer depending on your travel plans. However, this can vary greatly from partner to partner and trip to trip.
Booking travel through Chase can be the most lucrative way to use your Chase points. Because Chase Sapphire Reserve points get a boosted 1.5 cents per point value and Chase Sapphire Preferred Card points are boosted to 1.25 cents per point, this is one way to guarantee you get the maximum value for your rewards on flights, hotel stays, and more.
Non-Sapphire cards from Chase, however, tend to have a standard 1 cent per point value for any redemption option, without the option to use transfer partners. If Chase Ultimate Rewards is the program you’re interested in, read the card agreement to understand how your card’s rewards work within the program’s ecosystem. You may get even more value for your points when you combine a Freedom and Sapphire card to combine points under your more flexible account.
Amex points vs. Chase points: Which should you choose?
Whether you decide to collect American Express or Chase points can depend greatly on your spending habits and travel goals. Here are a few factors to consider:
Credit card rewards categories
You’ll need a qualifying travel rewards credit card to earn and redeem points under either program. Both Chase and Amex offer a range of options, from premium cards with valuable travel perks to more cost-effective options for occasional travelers.
Choose the points-earning card that best fits your budget and spending habits to decide the best overall program for you.
Card combinations
If you already have a card with either issuer, you may also want to consider whether you can pair that card with another points-earning card to maximize your rewards. For example, you might pair the Chase Freedom Unlimited with the Chase Sapphire Reserve, or carry both the American Express Gold Card and The Platinum Card from American Express.
The more you can maximize your regular spending to earn points, the more you’ll have to redeem toward future vacations. Just keep in mind that these cards also often carry annual fees. If you’re not getting enough value from your rewards and benefits to offset the fee — or you’re spending more than you can afford to pay down each month — they may not be worth it.
Transfer partner options
Between the two programs, Amex does offer significantly more partners, which could be useful for future travel. Amex’s international airline partners can help unlock some great deals on worldwide travel in premium fare classes. And popular brands like Delta Air Lines and Hilton only partner with American Express.
On the other hand, Chase may be the better option for domestic travelers who prefer to fly with United Airlines and Southwest Airlines through Chase, or stay at IHG or Hyatt properties.
If you live near an airline hub or you already have elite status with a certain hotel brand, transfer partner options could make a big difference in your rewards program choice.
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
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