Chase Ultimate Rewards vs. Amex Membership Rewards: Which Is Better?

Chase Ultimate Rewards and American Express Membership Rewards are the two most valuable credit card point currencies in the US. Both transfer to major airlines and hotels at 1:1, both offer premium travel cards with large bonuses, and both have passionate fan bases among travel hackers. Here’s how to decide which to build.

The Transfer Partners: Where Points Actually Go

This is the most important factor — because how valuable your points are depends entirely on where you send them.

Chase Ultimate Rewards Transfer Partners

Airlines:

• United MileagePlus (1:1)
• Southwest Rapid Rewards (1:1)
• British Airways Avios (1:1)
• Air France/KLM Flying Blue (1:1)
• Singapore Airlines KrisFlyer (1:1)
• Emirates Skywards (1:1)
• Aer Lingus AerClub (1:1)
• Iberia Plus (1:1)
• Virgin Atlantic Flying Club (1:1)

Hotels:

• Hyatt World of Hyatt (1:1) ← The crown jewel
• IHG One Rewards (1:1)
• Marriott Bonvoy (1:1)

Amex Membership Rewards Transfer Partners

Airlines:

• Delta SkyMiles (1:1)
• British Airways Avios (1:1)
• Air France/KLM Flying Blue (1:1)
• Singapore Airlines KrisFlyer (1:1)
• Emirates Skywards (1:1)
• Aer Lingus AerClub (1:1)
• Iberia Plus (1:1)
• Virgin Atlantic Flying Club (1:1)
• ANA Mileage Club (1:1)
• Cathay Pacific Asia Miles (1:1)
• Air Canada Aeroplan (1:1)
• Hawaiian Airlines (1:1)
• Avianca LifeMiles (1:1)
• JetBlue TrueBlue (0.8:1 — less favorable)

Hotels:

• Hilton Honors (1:2 — you get 2 Hilton points per Amex point)
• Marriott Bonvoy (1:1)
• Choice Privileges (1:1)

Key Differences in Partners

Chase’s advantage: Hyatt. World of Hyatt points are the most valuable hotel currency, and Chase is Hyatt’s only major transfer partner. If you want to stay at Park Hyatt and Andaz properties, Chase is the path.

Amex’s advantage: More airline options, especially Delta (exclusively Amex) and international carriers like ANA and Cathay Pacific. If you want to fly Delta on points, you need Amex. If you’re targeting ANA business class (one of the best sweet spots in the world) or Cathay’s premium cabin, Amex has the edge.

The Cards: Earn Rates Compared

Chase Flagship Cards

Chase Sapphire Preferred [AFFILIATE LINK — Chase Sapphire Preferred — REPLACE WITH YOUR LINK] ($95/year)

• 5x on Chase Travel bookings
• 3x on dining
• 2x on other travel
• 1x everywhere else

Chase Sapphire Reserve [AFFILIATE LINK — Chase Sapphire Reserve — REPLACE WITH YOUR LINK] ($550/year)

• 10x on Chase Travel bookings
• 3x on dining and other travel
• 1x everywhere else

Amex Flagship Cards

Amex Gold [AFFILIATE LINK — American Express Gold Card — REPLACE WITH YOUR LINK] Card ($250/year)

• 4x at US restaurants
• 4x at US supermarkets (up to $25,000/year)
• 3x on flights booked directly
• 1x everywhere else

Amex Platinum [AFFILIATE LINK — The Platinum Card from American Express — REPLACE WITH YOUR LINK] Card ($695/year)

• 5x on flights booked directly or through Amex Travel
• 5x on prepaid hotels through Amex Travel
• 1x everywhere else

Key Takeaway on Earning

Amex Gold is the superior grocery and dining card — 4x at supermarkets and restaurants beats anything Chase offers in those categories. If you spend heavily on food, the Amex Gold is compelling.

The Chase Reserve is better for general travel spend — 3x on all travel vs. Amex Platinum’s 1x outside of flights.

How to Value the Points

Both currencies can yield 1-7+ cents per point depending on how you redeem. Average values:

• Chase Ultimate Rewards: ~1.7-2.0 cents per point (experienced redeemers targeting Hyatt and transfer partners)
• Amex Membership Rewards: ~1.5-2.0 cents per point (similar range, slightly less Hyatt access)

For cash back or basic travel redemptions, both are worth roughly 1-1.5 cents per point — not where you want to redeem if maximizing value.

Can You Have Both?

Yes — and many serious travel rewards enthusiasts do. A common setup:

• Amex Gold for groceries and dining (4x)
• Chase Sapphire Reserve for travel (3x) and the Hyatt transfer access
• A no-fee Chase card (Freedom Unlimited [AFFILIATE LINK — Chase Freedom Unlimited — REPLACE WITH YOUR LINK]) for 1.5x on everything else

This way you’re capturing high earn rates in every category while maintaining access to both transfer ecosystems.

Which Should You Start With?

Start with Chase if:

• You want to stay at Hyatt properties
• You value Southwest and United for domestic travel
• You prefer a more straightforward ecosystem with fewer card options to navigate

Start with Amex if:

• You spend heavily on groceries and dining (Amex Gold’s 4x is hard to beat)
• You want Delta miles
• You’re targeting premium international flights on airlines like ANA, Cathay, or Singapore Airlines

Either choice is excellent. The “wrong” answer is keeping points in a single airline program that doesn’t transfer broadly — that’s where flexibility disappears.

Always verify current transfer partners, ratios, and card benefits directly with Chase and Amex — these details change over time.

Frequently asked questions

Do Chase and Amex points expire?

Chase Ultimate Rewards points do not expire as long as your account is open and in good standing. Amex Membership Rewards points also do not expire while your account is active. If you close the primary card that earns those points, however, any unredeemed balance may be forfeited. The safest practice is to redeem or transfer points before closing a card, and always keep at least one card in each ecosystem active if you want to preserve a large balance.

Can I combine points between Chase and Amex?

No. Chase Ultimate Rewards and Amex Membership Rewards are separate, closed ecosystems. You cannot transfer between them directly. They do share some overlapping transfer partners — British Airways Avios, Air France/KLM Flying Blue, Singapore Airlines KrisFlyer, Emirates, and a few others accept transfers from both programs — but the points themselves stay separate. Building both programs in parallel means running multiple cards and tracking two balances independently.

Are transfer bonuses common for these programs?

Yes. Both Chase and Amex periodically offer transfer bonuses to specific airline partners — for example, a 30% bonus when transferring to a particular airline means 10,000 points becomes 13,000 airline miles. These promotions are time-limited and not announced far in advance, so following deal-tracking sites and newsletters is the best way to catch them. Transfer bonuses can materially improve the value of a redemption, particularly when combined with a premium cabin award.

What is the minimum amount I can transfer to a partner?

Chase requires a minimum transfer of 1,000 Ultimate Rewards points (in 1,000-point increments). Amex requires a minimum of 1,000 Membership Rewards points as well. Transfers are generally irreversible — once points move to an airline or hotel program, you cannot move them back. Transfer only what you need for a specific award, and only when the award is confirmed or close to being booked.