Template: UR Intro

Ultimate Rewards is the name of Chase's own rewards program. Ultimate Rewards Guide

Ultimate Rewards points can be transferred to many different frequent flyer and hotel loyalty programs. his gives you the flexibility to take advantage of award space on over a hundred different airlines. In many cases, you can choose to book a flight through one of several different partner programs, allowing you to take advantage of whichever program requires the fewest miles and fees for your trip.
Unlike the other "transferable" point programs, you can redeem your Ultimate Rewards Points for good value, without needing to hassle with frequent flyer tickets. Ultimate Rewards points can be converted into Hyatt hotel points, which can easily be used for award nights at point values typically over 1.7 cents each. If you have the Sapphire Reserve Card, you can "cash out" your points at 1.5 cents per point. And you can get similar value using your points to purchase Southwest Airline tickets.

While you can still typically get the most value for your points through good-value frequent flyer tickets, you can easily get good value, with much less effort, through these other types of redemptions. And you can sometimes get as much as 3 cents in value on better-than-normal Hyatt redemptions.

We value Ultimate Reward points at 1.7 cents each. Because you can take advantage of award space and "sweet spots" from many different frequent flyer programs, Ultimate Reward points are worth more than any single type of airline miles. If you highly valuable premium-cabin award tickets, Ultimate Reward points are worth even more. If you want to avoid the hassles associated with frequent flyer tickets, they are worth a little less. How Much are Points Worth?