Each point you redeem for travel booked through Chase Ultimate Rewards is worth $.0125 (one and a quarter cents), which means that 100 points equals $1.25 in redemption value, and points are worth 25% more than if redeemed for cash.

For holders of the Chase Sapphire Preferred card in 2026, your "Ultimate Rewards" points have a baseline value of 1.25 cents per point when redeemed directly for travel through the Chase Travel^SM portal. This means 60,000 points are worth a guaranteed $750 toward flights, hotels, or car rentals. However, the "pro" way to use these points is by transferring them to one of Chase's 14 travel partners (like United, Hyatt, or British Airways) at a 1:1 ratio. When transferred to partners like World of Hyatt, points can often reach a value of 2.0 to 3.0 cents each, making that same 60,000-point balance worth $1,200 to $1,800 in luxury hotel stays. Conversely, if you redeem points for "Cash Back" or gift cards, they are only worth 1.0 cent each, which is the least efficient use of the currency. To maximize your value, always check for "Transfer Bonuses" (often 20–30% extra) and avoid using points for Amazon purchases, where the value typically drops to a disappointing 0.8 cents per point.