Chase offers several credit card products that earn Ultimate Rewards points. But figuring out which is best for you can be a bit complicated.

In fact, carrying two Chase credit cards offers a great way to maximize your ability to earn rewards and the value you can redeem them for. That is to say, you can get most of the benefits of carrying a credit card for every occasion with just two Chase products and one account.

No need to manage multiple cards across various banks. No need to keep track of various award points. Just a simple wallet with a couple of credit cards.

A closeup of two credit cards.

Image source: Getty Images

Why you should get two Chase credit cards

What Chase doesn't tell you about Ultimate Rewards points is that there are two versions. One version is only good for redemption as a statement credit or for gift cards. Those are the points earned on Chase's no-annual-fee credit cards.

The other version provides much more value. Those points can be redeemed through the Chase travel portal or transferred to Chase's travel partners for even more value.

The bad news is you need to own one of Chase's premium credit cards to maximize how much Chase Ultimate Rewards points are worth. The good news is you can combine points across your credit card accounts, so you can redeem the points you earn on no-annual-fee credit cards for higher value.

Chase's no-annual-fee products provide excellent ways to earn extra Ultimate Rewards points. Then, by transferring them to the premium account, you can maximize their redemption value.

Here are your options.

A no-annual-fee workhorse

Chase offers three no-annual-fee credit cards that earn Ultimate Rewards points.

Credit Card

Ways to Earn Ultimate Rewards Points

Chase Freedom Unlimited

1.5 points per dollar on every purchase.

Chase Freedom®

5 points per dollar in quarterly bonus categories (limited to the first $1,500 in bonus spend each quarter); 1 point per dollar on all other purchases.

Chase Ink Business Cash Credit Card

5 points per dollar at office-supply stores and on internet, cable, and phone services (up to $25,000 per year); 2 points per dollar at gas stations and restaurants (up to $25,000 per year); 1 point per dollar on all other purchases.

For most consumers, the Chase Freedom Unlimited and Chase FreedomⓇ present the best options.

It doesn't get simpler than the Chase Freedom Unlimited. It earns a flat-rate 1.5 points per dollar on every purchase everywhere. No need to think about bonus categories. No spending limits. Read our full review of the Chase Freedom Unlimited to learn more.

If you want to maximize your points per dollar, the Chase Freedom may provide a better option. It earns 5 points per dollar in rotating categories, which can add up quickly. Examples of categories include grocery stores, wholesale clubs, restaurants, gas stations, local commuter transportation, department stores, and drugstores. Chase usually combines two categories, sometimes three, in a quarter. Read our full review of the Chase FreedomⓇ to learn more.

If you own a business and buy a lot of office-supply products, the Chase Ink Business Cash Credit Card offers a lot of potential earnings, with its 5 points per dollar at office-supply stores and on select utilities. It's not for everyone, but business owners can get a lot of value out of this no-annual-fee credit card, especially when combined with a premium Chase credit card. Read our full review of the Chase Ink Business Cash Credit Card.

The premium card for maximizing point value

Chase offers three premium credit cards that make Ultimate Rewards points eligible for use through the Chase travel portal and to transfer to its hotel and airline partners.

Credit Card

Annual Fee

Ways to Earn Ultimate Rewards Points

Chase Sapphire Reserve

$450

3 points per dollar on dining and travel purchases; 1 point per dollar on everything else.

Chase Sapphire PreferredⓇ

$95

2 points per dollar on dining and travel purchases; 1 point per dollar on everything else.

Ink Business Preferred Credit Card

$95

3 points per dollar on travel, shipping purchases, internet, cable and phone services, and on advertising purchases made with social-media sites and search engines (up to $150,000 per year); 1 point per dollar on everything else.

The Chase Sapphire Reserve offers the most value to most consumers, but it also comes with the highest annual fee. In exchange for that high annual fee, however, cardholders will be able to redeem Ultimate Reward points for 1.5 cents per point through the Chase travel portal. The other cards only offer 1.25 cents per point. If you dine out a lot or spend a lot on travel, you may get additional value from the extra point per dollar on those categories over the Chase Sapphire PreferredⓇ. It also comes with a host of other premium benefits like $300 in travel credits and airport lounge access. Read our full review of the Chase Sapphire Reserve to learn more.

The Chase Sapphire PreferredⓇ offers a less expensive option to get the most out of Chase's Ultimate Rewards program. While it doesn't come with all the perks of its more expensive sibling, it does what you need the premium card to do (allow higher value point redemptions) and provides excellent value. Read our full review of the Chase Sapphire PreferredⓇ to learn more.

If you own a business, the Ink Business Preferred Credit Card is a great option. It earns 3 points per dollar on travel just like the Chase Sapphire Reserve, but it also earns that bonus on several other typical business categories. Read our full review of the Ink Business Preferred Credit Card to learn more.

Putting it all together

As an example of how a dynamic duo of Chase products works in real life, consider combining the Chase Sapphire Reserve with the Chase Freedom Unlimited.

With this duo you can earn 3 points per dollar on travel and dining by using the Chase Sapphire Reserve and 1.5 points per dollar everywhere else using the Chase Freedom Unlimited. When you transfer points from the Chase Freedom Unlimited account to the Chase Sapphire Reserve account, you can redeem them for 1.5 cents per point.

The duo ensures you'll get at least 2.25% back in travel rewards on every purchase. You can transfer points to airline or hotel partners for even more value.

If you want to save some money, using the Chase Sapphire PreferredⓇ and the Chase Ink Business Cash Credit Card for your business presents a great duo for just $95 in annual fees per year. You can earn up to 125,000 Ultimate Rewards points from $25,000 of bonused spend on the business credit card. You could redeem those points for $1562.50 in travel after transferring them to the Chase Sapphire PreferredⓇ account.

Read through all our reviews to figure out which portfolio of cards makes the most sense for you. Don't forget about each credit card's lucrative sign-up bonus. And before you apply, be sure to read this article on seven things you should know before applying for a Chase credit card.

Adam Levy has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.