Published in: Credit Cards | Oct. 14, 2020
By: Lyle Daly
About to score a big bonus with Chase? Here's how to make the most of those Ultimate Rewards points.
For a limited time, the Chase Sapphire Preferred® Card has a much larger sign-up bonus of 80,000 points for spending $4,000 on purchases in three months. It's the perfect opportunity to collect Chase Ultimate Rewards points, which are extremely valuable because of all the ways you can use them.
With so many ways to redeem your travel rewards, it can be hard to pick the right one. You don't want to waste points on a subpar redemption if you could've gotten much more value for them.
To help you with that, this list includes several of the best ways you can redeem a large balance of Chase Ultimate Rewards points. Whether you earned that special 80,000 sign-up bonus from the Chase Sapphire Preferred® Card or took advantage of another Chase bonus opportunity, you'll find plenty of high-value redemptions here.
United Airlines is one of Chase's top travel partners because it's a major domestic carrier with routes all over the world. You can get solid value using United miles to book economy tickets, but you'll get even better value on international business-class and first-class tickets.
If you convert your Ultimate Rewards points to United miles, you'll have more than enough to fly anywhere within the United States. You'd also have no shortage of international destinations to choose from, including almost anywhere in Eastern or Western Europe, South America, Africa, and the Caribbean.
Award stays at hotels don't usually get much value for your points, but Hyatt is the rare exception. There are many Hyatt hotels where you can get $0.015 to $0.02 per point, and occasionally even more on award stays.
This isn't limited to high-end Hyatt properties, either, as even less expensive options can get you great value when you transfer Ultimate Rewards points to Hyatt.
Hyatt has properties across the United States and internationally. Destinations you could visit include Paris, Costa Rica, New York, and the Maldives. If you need a place to stay, it's worth looking for Hyatt hotels in the area.
Delta Air Lines isn't one of Chase's travel partners where you can transfer your points, but there's a workaround. Virgin Atlantic is a partner of both Chase and Delta. That means you can transfer Ultimate Rewards to Virgin Atlantic, and then book award airfare with Delta on Virgin Atlantic's site.
Since Delta is one of the world's largest airlines, this opens up a world of travel possibilities. One-way domestic flights start at 12,500 miles, which is a great deal for tickets that can cost $250 or more. You could also book Delta One, the airline's first-class seating, starting at 50,000 miles to go to Europe.
Chase partners with several international airlines, but Singapore Airlines stands out. Its KrisFlyer program offers a wide range of valuable redemption opportunities.
You can, of course, book award airfare on Singapore Airlines flights to destinations across Asia. While you'll get a high value for your points no matter what cabin you book, business-class and first-class redemptions are the best choice. Singapore Airlines is known for its excellent premium cabins, especially its ultra-luxurious Singapore Suites.
Singapore Airlines is also part of the Star Alliance, which has over 25 airlines. You can use KrisFlyer miles to book award airfare with any of those partners.
Through the Chase Ultimate Rewards site, you also have the option to use your points as cash towards travel bookings. With the Chase Sapphire Preferred® Card, points are worth $0.0125 each when redeemed this way. If you have the Chase Sapphire Reserve®, you get $0.015 per point.
What makes this option so useful is that you can make just about any type of travel booking. You could book flights, hotels, rental cars, vacation rentals, and things to do. It's an easy, convenient way to redeem your points for a respectable value.
To give cardholders more ways to use their points during the COVID-19 pandemic, Chase launched a new program called Pay Yourself Back. This program lets you redeem your points as a statement credit towards the following types of purchases:
You can apply your points towards eligible purchases that have posted to your account within the last 90 days. The Pay Yourself Back program is currently available through April 30, 2021 for Chase Sapphire credit cards.
Points are worth the same through Pay Yourself Back as they would be on travel purchases made through Chase Ultimate Rewards: $0.0125 per point with the Chase Sapphire Preferred® Card and $0.015 per point with the Chase Sapphire Reserve®.
Ultimate Rewards points are one of the top perks of Chase credit cards. They're versatile, and the big sign-up bonuses make it easy to collect lots of points. Once you're ready to use them, it's just a matter of picking a good redemption method. You can transfer them, cash them in through Chase's travel portal, or put them towards everyday purchases.
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