9 Best Ways to Redeem Chase Points For Max Value in 2025

Want to maximize your Chase points? This comprehensive guide ranks every redemption option from worst to best, complete with step-by-step instructions and real-world value calculations. Before diving in, let’s understand how to measure point value.

Understanding Point Value: The Cents Per Point (CPP) Formula

To compare redemption options objectively, we use a metric called “cents per point” (CPP). Here’s how to calculate it:

CPP = (Cash Value of Redemption ÷ Points Required) × 100

For example, if a $100 purchase requires 10,000 points, the CPP would be:
($100 ÷ 10,000) × 100 = 1.0 CPP

A CPP of 1.0 is considered the baseline. Anything higher means you’re getting better value; anything lower means you’re getting poor value.

The Rankings: From Worst to Best

9. PayPal/Amazon Pay with Points (D-Tier)

  • CPP Value: 0.8
  • How it works: Link your Chase account to PayPal or Amazon and use points at checkout
  • Verdict: Avoid this option! You’re losing 20% of your points’ value compared to cash back
  • Pro Tip: Instead, use your card normally and redeem for cash back at 1.0 CPP

8. Gift Cards (C-Tier)

  • CPP Value: 1.0-1.11
  • How to redeem:
  1. Log into Ultimate Rewards
  2. Navigate to “Gift Cards”
  3. Choose from various merchants
  • Pro Tip: Watch for occasional promotions offering 10% off certain gift cards

7. Standard Cash Back (C-Tier)

  • CPP Value: 1.0
  • How to redeem:
  1. Log into Ultimate Rewards
  2. Select “Cash Back”
  3. Choose deposit account
  • Best for: Those who prefer simplicity and guaranteed value

6. Apple Products (B/C-Tier)

  • CPP Value: 1.0-1.35
  • Current promotions:
  • Sapphire Reserve: 35% bonus (1.35 CPP)
  • Sapphire Preferred: 15% bonus (1.15 CPP)
  • Freedom cards: No bonus (1.0 CPP)
  • How to redeem:
  1. Visit Chase Ultimate Rewards
  2. Navigate to “Apple”
  3. Select your desired product

5. Pay Yourself Back (B/C-Tier)

  • CPP Value: 1.0-1.5
  • Eligible categories:
  • Wholesale clubs
  • Pet supplies
  • Gas stations
  • Annual memberships
  • Select charities (1.5 CPP)
  • How to redeem:
  1. Log into Chase
  2. Select “Pay Yourself Back”
  3. Choose eligible transactions
  4. Apply points to erase charges

4. Chase Dining (A/B-Tier)

  • CPP Value: 1.5
  • Features:
  • Special dining experiences
  • Restaurant reservations
  • 10x points on dining (Sapphire Reserve)
  • How to book:
  1. Visit Chase Dining portal
  2. Browse available experiences
  3. Book using points

3. Chase Travel Portal (A-Tier)

  • CPP Value:
  • Sapphire Reserve: 1.5
  • Sapphire Preferred: 1.25
  • Freedom cards: 1.0
  • Best for: Economy flights and hotel bookings
  • How to book:
  1. Visit Chase Travel portal
  2. Search for flights/hotels
  3. Compare cash vs. points prices
  4. Book with points

2. Hotel Transfer Partners (S-Tier)

  • CPP Value: 1.65-3.28+
  • Example: Park Hyatt Paris
  • Cash price: $1,477/night
  • Points needed: 45,000
  • CPP value: 3.28
  • How to transfer:
  1. Log into Ultimate Rewards
  2. Select “Transfer to Travel Partners”
  3. Choose hotel partner (e.g., Hyatt)
  4. Transfer points (1:1 ratio)
  5. Book through hotel website

1. Airline Transfer Partners (S-Tier)

  • CPP Value: 6.75-19.33
  • Best value: Premium cabin international flights
  • Example redemptions:
  • LAX to Japan (Business Class):
    • Cash price: $5,124
    • Points needed: 63,000 (with current 20% bonus)
    • CPP value: 8.0
  • Boston to Munich (First Class):
    • Cash price: $14,533
    • Points needed: 75,000 (with current 20% bonus)
    • CPP value: 19.33

Pro Tips for Transfer Partners:

  1. Always check cash prices first
  2. Look for transfer bonuses (like current 20% Air Canada bonus)
  3. Remember transfers are one-way
  4. Book well in advance for best availability
  5. Factor in taxes and fees when calculating value

Final Thoughts

The highest value redemptions require more effort but offer dramatically better returns. For casual users, the Chase travel portal (1.5 CPP with Sapphire Reserve) offers a good balance of value and simplicity. For those willing to learn award charts and booking rules, transfer partners can provide astronomical value, especially for luxury travel.

Remember: Points are a currency, and like any currency, their value depends on how you use them. Take time to understand your options and plan redemptions strategically to maximize value.

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