American Express Membership Reward Points and Chase Ultimate Reward Points are two of the most popular transferable currencies among travel enthusiasts. These key points unlock high-value redemptions for aspiring destinations.
Both programs offer a range of valuable travel reward credit cards and redemption options, including transferring points to airlines and hotel partners, and booking trips through the respective card issuer’s travel portal.
According to TPG’s July 2025 valuation, AMEX membership reward points and Chase Ultimate Rewards points are 2 cents and 2.05 cents per point, respectively.
So, how do they measure – which is the best currency for you?
Which currency is the best transfer partner?
American Express Membership Rewards
American Express works with 17 different aviation plans and 3 hotel chains. Unless indicated, the points are transferred at a rate of 1:1 in increments of 1,000 minutes. Here is the current list of AMEX Aviation partners:
These are Amex Hotel Transfer Partners:
Chase the ultimate reward
With Chase Ultimate Rewards, you can transfer points to 11 airline plans:
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Chase also works with three hotel programs:
All transfer ratios are 1:1 and you must transfer in 1,000 point increments.
Which program’s best transfer partner depends heavily on your travel habits and your favorite airline and hotel loyalty programs.
Although Amex seems to be the obvious winner, including Delta Skymiles and Avianca Lifemiles, Chase has some of its own key partners that Amex cannot get.
For example, if you are a regular United Airlines traveler, you can transfer the currency to Air Canada and book a United flight. However, Manchester United’s own MileagePlus program also works with Chase, but not Amex, so if you’re the preferred carrier and program, you might want to focus on earning chase points.
When it comes to hotels, we place great emphasis on the high value reward chart redemption rate of the Hyatt program, so if you are looking for an excellent hotel transfer option, consider earning chase points.
Related: How to redeem the biggest reward point for chasing the greatest value
Which currency is the best credit card welcome offer?
American Express Membership Rewards
Despite every millennium policy on welcome offers, the wide range of cards that earn membership reward points make it easy to accumulate a large balance of points.
Here are some of the best welcome offers available right now:
- PlatinumCard® from American Express: Find out your offer and see if you are eligible for up to 175,000 membership reward points after spending $8,000 in the first six months of card membership. Welcome offers vary and you may not be eligible for an offer.
- AmericanExpress® Gold Card: Find out your offer and see if you are eligible for 100,000 membership bonus points, after spending $6,000 in eligible purchases in the first six months of your card membership. Welcome offers vary and you may not be eligible for an offer.
- American Express’s business PlatinumCard®: Earn $150,000 in membership bonus points by spending $20,000 in eligible purchases in the first three months of card membership.
Related: Best US Express Credit Cards
Chase the ultimate reward
Chase offers four cards that transfer final reward points, all with generous welcome bonuses:
Remember that chasing 5/24 rules may limit your ability to get approval for these cards. If you are new to and mileage, your best bet is to apply for the chase card you want first.
Related: Best Chase Credit Cards
Which currency has the best bonus category?
To maximize the points you can earn in any program, it’s best to choose a card that earns more than 1 point per dollar in the category you spend the most. Here are some highlights in the entire program.
American Express Membership Rewards
Amex Gold earns 4 points per dollar for restaurants around the world ($50,000 per year, then 1 point per dollar).
By comparison, Amex Platinum and Amex Business Platinum earn 5 points on tickets booked directly with airlines or through American ExpressTravel® (up to $500,000 in these purchase years, compared to 1 point per dollar per dollar for the consumer version), and 1 point per dollar per dollar for the US dollar), and 5 points per dollar for the prepaid hotel booked in the US Express Express Travel.
Chase the ultimate reward
Sapphire Preferred spends 5 points per dollar on trips booked through Chase Travel, catering services per dollar, featured streaming services and online grocery purchases (excluding Target and Walmart) and 2 points per dollar on other travel purchases.
Ink Business Preferred offers 3 points per dollar on travel, transportation, internet, cable, telephone service and advertising procurement, which is made by social media and search engines (a combined purchase of up to $150,000 per year for account anniversary year, followed by 1 point per dollar) for all other purchases.
Ultimately, with sapphire reserves and sapphire reserves as the business, you will spend 8 points per dollar on all chase travel purchases, while 4 points per dollar for flights and direct bookings.
The commercial version also earns 3 points per dollar on social media and search engine advertising.
Related: Comparison of flat interest rates with bonus category cash backpack credit cards
Which currency has the best redemption option?
Membership rewards and final rewards have a large overlap of the same transfer partners transferred at a 1:1 interest rate, so collecting either currency will give you the same redemption value.
Despite Amex’s more transfer options (including six additional airline partners), Chase still stands out from exclusive partners like World Hyatt, known for its consistently high redemption value.
You can use the Amex Travel portal to find your preferred room and then pay with points (only 1% per person) or cash. You can book hotels including hotels planned by Amex’s Fine Hotels + Resorts.
With Chase, you can book your trip by chasing trips and redeeming points to pay for air tickets, accommodation, car rental and experience. If you are the preferred or ink business preferred cardholder for Sapphire, each point is worth up to 1.75 cents and points increase depending on the specific redemption (see your Rewards Program Agreement for details).
If you have a business with sapphire reserves or sapphire reserves, your points are worth up to 2 cents when redeemed through the portal (depending on the specific redemption – see your Rewards Program Agreement for full details) which is worth better than booking through the AMEX Travel Portal.
Bottom line
Both membership rewards and final rewards are of great value, with strong transfer partners, profitable welcome offers and flexible redemption options.
Chase stands out for its Hyatt partnership and portal redemption, up to 2 cents per point, while Amex plays a role with exclusive airline partners like Delta and Avianca.
Potential best strategy? Earn both – Let your travel goals determine how you redeemed.
Related: How to choose the best credit card for you
