Chase Ultimate Rewards vs Amex Membership Rewards: which points are worth more?
Last updated: October 2, 2026 Card terms checked: September 2026
On transfers, the two programs are nearly tied: The Points Guy values Chase Ultimate Rewards at 2.05 cents per point and Amex Membership Rewards at 2.0 cents (September 2026). On cash, Chase wins at 1 cent per point against about 0.6 cents for an Amex statement credit. The difference that usually decides it is not the value of a point but how many points your cards earn on your spending.
Point values are estimates, not guarantees. Pay every card in full each month.
What a point is worth, by how you use it
| Redemption | Chase Ultimate Rewards | Amex Membership Rewards |
|---|---|---|
| Cash back or statement credit | 1.0 cent | about 0.6 cents |
| Bank portal, flights | 1.0 cent base; Points Boost up to 1.75 cents (Preferred) or 2 cents (Reserve) on select flights | 1.0 cent |
| Bank portal, hotels | 1.0 cent base; Points Boost up to 1.5 cents (Preferred) or 2 cents (Reserve) on select hotels | about 0.7 cents on most hotels |
| Transfer partners (The Points Guy, September 2026 estimate) | 2.05 cents | 2.0 cents |
The floor is cash and the portals. The ceiling is transfer partners, and it depends on the award you book.
Transfer partners side by side
| Both programs | Chase only (of these two) | Amex only (of these two) |
|---|---|---|
| Air Canada Aeroplan | United MileagePlus | Delta SkyMiles |
| Air France-KLM Flying Blue | Southwest Rapid Rewards | ANA Mileage Club |
| British Airways | World of Hyatt | Cathay Pacific Asia Miles |
| Iberia | IHG One Rewards | Qantas |
| Aer Lingus | Wyndham Rewards | Qatar Airways |
| Singapore Airlines KrisFlyer | Emirates Skywards | |
| Virgin Atlantic Flying Club | Avianca LifeMiles | |
| JetBlue TrueBlue | Aeromexico Rewards | |
| Marriott Bonvoy | Hilton Honors, Choice Privileges |
| Detail | Chase Ultimate Rewards | Amex Membership Rewards |
|---|---|---|
| Standard ratio | 1:1 with all partners except Hyatt on some cards | 1:1 with most partners |
| Hyatt | 1:1 (Reserve); 4:3 (Preferred and Ink Business Preferred, from October 1, 2026) | Not a partner |
| Reduced ratios | None besides Hyatt above | Cathay Pacific, Emirates, and JetBlue at 5:4 |
| Hilton | Not a partner | 1:2 |
| U.S. airline transfer fee | None | $0.0006 per point, maximum $99 (Delta, JetBlue) |
| Transfer speed | Most post almost immediately | Up to 48 hours per Amex; many are faster |
Earning rate beats point value
A higher point value does not help if a card earns fewer points on your spending. For $9,600 of dining, this is what the Amex Gold's 38,400 points and the Sapphire Preferred's 28,800 points are worth:
| How you redeem | Amex Gold (38,400 points) | Sapphire Preferred (28,800 points) | Comes out ahead |
|---|---|---|---|
| Cash out | $230 (at 0.6 cents) | $288 (at 1.0 cent) | Chase |
| Portal flights at the base rate | $384 (at 1.0 cent) | $288 (at 1.0 cent) | Amex |
| Transfer, conservative 1.8 cents for both | $691 | $518 | Amex |
| Transfer, The Points Guy September 2026 | $768 (at 2.0 cents) | $590 (at 2.05 cents) | Amex |
The Gold earns 4x on dining and the Preferred earns 3x, so the Gold's extra points outweigh the Chase point's slightly higher value. The comparison flips if you will cash out, where Chase's 1 cent beats Amex's 0.6.
Which one to build around
Pick by the airline or hotel you actually use and by how you will redeem. If you fly United or Southwest, or want Hyatt or IHG, Chase has the partners. If you fly Delta or want ANA, Cathay, Qantas, Qatar, Emirates, or Hilton, Amex has them. If you will mostly cash out, Chase's floor is higher. Many households hold one card from each.
Watch the ratios, because they change. Chase to Hyatt is now 4:3 on the Preferred, and Amex charges a fee on transfers to Delta and JetBlue. See how transfer partners work and what a point is worth. For the Chase side in depth, see Sapphire Preferred vs Reserve. To find your own numbers, use the free rewards calculator.
Cards mentioned
- American Express Gold (issuer terms)
- Chase Sapphire Preferred (issuer terms)
Sources
- The Points Guy: monthly points valuations
- The Points Guy: Chase Ultimate Rewards point values
- The Points Guy: Amex Membership Rewards point values
- The Points Guy: Sapphire Preferred 2026 changes, including Hyatt 4:3
- The Points Guy: Chase Points Boost
- American Express: Gold Card terms and benefits
- Chase: Sapphire Preferred terms and benefits