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American Express Membership Rewards points and Chase Ultimate Rewards points are two of the most highly sought-after transferable currencies among travel enthusiasts. These points can unlock high-value redemptions at aspirational destinations.
Both programs offer a range of valuable travel rewards credit cards and redemption options, including transferring points to airline and hotel partners and booking travel through the respective card issuer’s travel portal.
According to TPG’s July 2025 valuations, Amex Membership Rewards points and Chase Ultimate Rewards points are valued at 2 cents and 2.05 cents per point, respectively.
So, how do they measure up — and which is the best currency for you?
Which currency has the best transfer partners?
American Express Membership Rewards
American Express partners with an impressive 17 different airline programs and three hotel chains. Unless indicated, points transfer at a 1:1 rate in 1,000-point increments. Here’s the current list of Amex airline partners:
- Aer Lingus AerClub
- Aeromexico Rewards (1:1.6)
- Air Canada Aeroplan
- Air France-KLM Flying Blue
- ANA Mileage Club
- Avianca LifeMiles
- British Airways Club
- Cathay Pacific Asia Miles
- Delta SkyMiles
- Emirates Skywards
- Etihad Guest
- Iberia Club
- JetBlue TrueBlue (250:200)
- Qantas Frequent Flyer
- Qatar Airways Privilege Club
- Singapore Airlines KrisFlyer
- Virgin Atlantic Flying Club
And these are the Amex hotel transfer partners:
Chase Ultimate Rewards
With Chase Ultimate Rewards, you can transfer points to 11 airline programs:
- Aer Lingus AerClub
- Air Canada Aeroplan
- Air France-KLM Flying Blue
- British Airways Club
- Emirates Skywards
- Iberia Club
- JetBlue TrueBlue
- Singapore Airlines KrisFlyer
- Southwest Rapid Rewards
- United MileagePlus
- Virgin Atlantic Flying Club
Chase also partners with three hotel programs:
All transfer ratios are 1:1, and you must transfer in 1,000-point increments.
Which program has the best transfer partners largely depends on your travel habits and favorite airline and hotel loyalty programs.
While Amex may seem like the obvious winner with more transfer partners — including Delta SkyMiles and Avianca LifeMiles — Chase holds its own with a few key partners that aren’t available through Amex.
If you’re a regular United Airlines traveler, for example, you could transfer either currency to Air Canada Aeroplan and book United flights. However, United’s own MileagePlus program also partners with Chase but not Amex, so you may wish to focus on earning Chase points if it’s your preferred carrier and program.
On the hotel side, we highly value the World of Hyatt program for its high-value award chart redemption rates, so if you’re looking for a great hotel transfer option, consider earning Chase points.
Related: How to redeem Chase Ultimate Rewards points for maximum value
Which currency has the best credit card welcome offers?
American Express Membership Rewards
Despite a once-per-lifetime policy for welcome offers, the wide range of cards that earn Membership Rewards points makes it easy to accumulate a substantial points balance.
Here are some of the best welcome offers available right now:
- The Platinum Card® from American Express: Find out your offer and see if you are eligible for as high as 175,000 Membership Rewards points after spending $8,000 on purchases within the first six months of card membership. Welcome offers vary and you may not be eligible for an offer.
- American Express® Gold Card: Find out your offer and see if you are eligible for as high as 100,000 Membership Rewards points after spending $6,000 on eligible purchases in your first six months of card membership. Welcome offers vary and you may not be eligible for an offer.
- The Business Platinum Card® from American Express: Earn 150,000 Membership Rewards points after spending $20,000 in eligible purchases within the first three months of card membership.
Related: Best American Express credit cards
Chase Ultimate Rewards
Chase offers four cards that earn transferable Ultimate Rewards points, all of which have generous welcome bonuses:
- Chase Sapphire Preferred® Card (see rates and fees): Earn 75,000 bonus points after spending $5,000 on purchases in the first three months from account opening.
- Chase Sapphire Reserve® (see rates and fees): Earn 100,000 bonus points and a $500 Chase Travel℠ promo after spending $5,000 on purchases in the first three months from account opening.
- Ink Business Preferred® Credit Card (see rates and fees): Earn 90,000 bonus points after spending $8,000 on purchases in the first three months from account opening.
- Chase Sapphire Reserve for Business℠ (see rates and fees): Earn 200,000 bonus points after spending $30,000 on purchases in the first six months from account opening.
Remember that the Chase 5/24 rule may limit your ability to get approved for these cards. If you’re new to points and miles, your best bet is to apply for the Chase cards you want first.
Related: Best Chase credit cards
Which currency has the best bonus categories?
To maximize the points you can earn in either program, it’s best to choose a card that earns more than 1 point per dollar in categories where you spend the most. Here are some highlights across the programs.
American Express Membership Rewards
The Amex Gold earns 4 points per dollar spent at restaurants worldwide (on up to $50,000 spent per calendar year, then 1 point per dollar).
In comparison, the Amex Platinum and the Amex Business Platinum earn 5 points per dollar spent on airfare booked directly with the airline or via American Express Travel® (on up to $500,000 of these purchases per calendar year, then 1 point per dollar for the consumer version) and 5 points per dollar spent on prepaid hotels booked through American Express Travel.
Chase Ultimate Rewards
The Sapphire Preferred offers 5 points per dollar spent on travel booked through Chase Travel, 3 points per dollar spent on dining, select streaming services, and online grocery purchases (excluding Target and Walmart) and 2 points per dollar spent on other travel purchases.
The Ink Business Preferred offers 3 points per dollar spent on travel, shipping, internet, cable, phone services and advertising purchases made with social media and search engines (on up to $150,000 in combined purchases per account anniversary year, then 1 point per dollar) and 1 point per dollar spent on all other purchases.
Finally, with the Sapphire Reserve and Sapphire Reserve for Business, you’ll earn 8 points per dollar spent on all Chase Travel purchases and 4 points per dollar on flights and hotels booked directly.
The business version also earns 3 points per dollar on social media and search engine advertising.
Related: Comparing flat-rate with bonus-category cash-back credit cards
Which currency has the best redemption options?
Membership Rewards and Ultimate Rewards have a large overlap of the same transfer partners that transfer at a 1:1 rate, so collecting either currency will give you the same redemption values.
While Amex boasts more transfer options — including six additional airline partners — Chase still stands out with exclusive partners like World of Hyatt, known for its consistently high redemption value.
You can use the Amex Travel portal to find a preferred room and then pay with points — valued at only 1 cent each — or cash. You can book hotels, including those in Amex’s Fine Hotels + Resorts program.
With Chase, you can book travel through Chase Travel and redeem points to pay for your plane tickets, hotel stays, rental cars and experiences. If you’re a Sapphire Preferred or Ink Business Preferred cardholder, each point is worth up to 1.75 cents with Points Boost, depending on the specific redemption (see your reward program agreement for full details).
If you have the Sapphire Reserve or Sapphire Reserve for Business, your points can be worth up to 2 cents each when redeemed through the portal (depending on the specific redemption — see your rewards program agreement for full details), which offers better value than booking through the Amex Travel portal.
Bottom line
Both Membership Rewards and Ultimate Rewards offer tremendous value, with strong transfer partners, lucrative welcome offers and flexible redemption options.
Chase stands out for its Hyatt partnership and portal redemptions worth up to 2 cents per point, while Amex shines with exclusive airline partners like Delta and Avianca.
The potential best strategy? Earn both — and let your travel goals determine how you redeem.
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
