How much are Chase points worth in 2026?

How much are Chase points worth in 2026?

Chase points do not have one value. They have five or six, depending on which button you press, and the cheapest button for Chase is always the easiest one to find. "Redeem for cash" is one tap in the app. The better exits take a few more, on purpose.

The example balance

• 25,000 Chase Ultimate Rewards points
• Held on a Chase Sapphire Preferred, unless the row says otherwise
• Every row uses Chase's published rates, not best-case award hunting

Points Boost rates come from Chase's own Sapphire terms and apply only to select bookings. The legacy rate is 1.5 cents on a Sapphire Reserve and is available, whichever is higher, until October 26, 2027.

Why the gap exists

Every redemption costs the bank something different. Cash at a penny is the price Chase planned for. A Points Boost booking at 1.5 cents is Chase pricing in a deal it has with the airline or hotel. A transfer to a partner costs Chase whatever it negotiated per point with that partner, which is usually less than a penny, while giving you something that might be worth two.

Banks prefer you pick the option that is cheapest for them, so the better options take more steps. Not hidden. Just one menu deeper.

Transfer partners: the variable exit

Chase points move to airline and hotel programs including United, Southwest, British Airways, Air France-KLM, Virgin Atlantic, Marriott and IHG, at 1:1 for most partners. Hyatt is now 4:3 on the Preferred. The Points Guy valued Chase points at 2.05 cents each in June 2026, which puts 25,000 points at roughly $512.

That valuation is an average across good redemptions. It is not a floor. Transfer 25,000 points to an airline for a flight that would have cost $180 in cash and you have redeemed at 0.7 cents. Transfers are one-way and cannot be undone.

The rule we use: value your points at a penny until you have personally beaten that at least twice. After that, you know what your points are worth to you.

How to get the most from 25,000 points

1. Check Points Boost first. Search the trip in Chase Travel. If the flight or hotel shows a boosted rate, you are at 1.5 cents or better with no award charts.
2. Compare against a transfer. Price the same trip on the airline or hotel's own site in points. Divide the cash price by the points needed. If that beats your boosted rate, transfer.
3. Use legacy points before October 26, 2027. Points earned before October 26, 2025 still redeem at 1.25 cents on the Preferred and 1.5 on the Reserve in Chase Travel, whichever is higher than Points Boost.
4. Cash out only when you need cash. A penny is a fine outcome. It just should not be the default.

The Freedom problem

Points earned on a Chase Freedom Unlimited or Freedom Flex are the same currency but a weaker version of it. On their own they cash out at 1 cent and cannot transfer. Most people with a Freedom card and a Sapphire card never move points between them.

Move your Freedom points into your Sapphire or Ink Preferred account and they pick up Points Boost and the transfer partners. It takes about a minute in the Chase app under "Combine points." The 3% dining you earn on a Freedom Unlimited becomes up to 4.5% in value, if you redeem with a boost.

If your Freedom points are sitting in their own account, that is the single easiest upgrade on this page.

Who should hold which card

Sapphire Preferred if you book at least one trip a year through Chase Travel and will check Points Boost. It costs $95 a year and turns a $250 balance into $375 or more.

Sapphire Reserve if you book enough travel to justify a $795 fee on its own terms. Our travel card guide runs that math. Do not buy it to raise your points from 1.5 to 2 cents.

Freedom only if you cash out every time. Then a flat 2% card earns more on non-bonus spend, and the annual fee break-even says skip the Sapphire.

What to check before redeeming

Figures reflect published Chase terms as of September 2026. Points Boost availability changes week to week, and transfer ratios can change with about three months' notice, as the Hyatt change showed. Check the live rate in Chase Travel and on the partner's site before you move a single point.