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 incredible redemptions in aspirational locations.
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 April 2025 valuations, both 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?
Highest-ever offer: Chase Sapphire Preferred® Card (see rates and fees): Earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening.
Which currency has the best transfer partners?
American Express Membership Rewards
Amex partners with an impressive 18 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 Cathay
- Club Iberia Plus
- Delta SkyMiles
- Emirates Skywards
- Etihad Guest
- HawaiianMiles
- 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:
- Choice Privileges
- Hilton Honors (1:2)
- Marriott Bonvoy
Daily Newsletter
Reward your inbox with the TPG Daily newsletter
Join over 700,000 readers for breaking news, in-depth guides and exclusive deals from TPG’s experts
Related: How to redeem American Express Membership Rewards for maximum value
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
- Club Iberia Plus
- Emirates Skywards
- JetBlue TrueBlue
- Singapore Airlines KrisFlyer
- Southwest Rapid Rewards
- United MileagePlus
- Virgin Atlantic Flying Club
Chase also partners with three hotel programs:
- IHG One Rewards
- Marriott Bonvoy
- World of Hyatt
All transfer ratios are 1:1, and you must transfer in 1,000-point increments.
Related: How to redeem Chase Ultimate Rewards points for maximum value
Which program has the best transfer partners largely depends on your travel habits and favorite airline and hotel loyalty programs.
While it might seem like Amex is the obvious winner given it has more transfer partners like Delta SkyMiles, HawaiianMiles and Avianca LifeMiles, the value of a few select Chase transfer partners that don’t partner with Amex is worth noting.
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 Ultimate Rewards but not Amex Membership Rewards, so you may wish to focus on earning Chase points if it’s your preferred carrier.
On the hotel side, we highly value the World of Hyatt program for its low award chart redemption rates, so if you’re looking for a great hotel transfer option, consider earning Chase points.
Related: Quick Points: World of Hyatt members don’t pay hotel taxes or fees on award stays
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 accumulating a substantial points balance easy.
Here are some of the best welcome offers available right now:
- The Platinum Card® from American Express: Earn 80,000 Membership Rewards points after spending $8,000 on purchases in the first six months of card membership.
- American Express® Gold Card: Earn 60,000 Membership Rewards points after spending $6,000 on purchases in the first six months of card membership.
- The Business Platinum Card® from American Express: Earn 150,000 Membership Rewards points after spending $20,000 on eligible purchases in the first three months of card membership; plus, earn a $500 statement credit after spending $2,500 on qualifying flights booked directly with airlines or through American Express Travel in the first three months of card membership. You can earn one or both of these offers.
Check the CardMatch tool to see if you’re targeted for an even higher welcome offer (subject to change at any time).
Related: Best American Express credit cards
Chase Ultimate Rewards
Chase offers three cards that earn transferable Ultimate Rewards points, all of which have generous welcome bonuses:
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 one point per dollar in categories where you know you will spend regularly.
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 Chase Sapphire Preferred offers 5 points per dollar spent on travel booked through Chase Travel℠, 3 points per dollar spent on dining and select streaming services, 3 points per dollar spent on online grocery purchases (excluding Target and Walmart), 2 points per dollar spent on other travel purchases and 1 point per dollar spent on all other expenses.
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.
With the Chase Sapphire Reserve, you’ll earn 10 points per dollar spent on hotels and car rentals when you book through Chase Travel, 5 points per dollar spent on flights booked through Chase Travel, 3 points per dollar spent on other travel purchases (excluding the $300 travel credit) and dining and 1 point per dollar spent on other expenses. Moreover, Sapphire Reserve cardholders will earn 5 total points per dollar spent on Lyft rides when using their card, valid through Sept. 30, 2027.
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.
Though it would seem Amex has better transfer options given it has seven more airline transfer partners than Chase, as mentioned above, Chase holds its own with some of its unique transfer partners, especially World of Hyatt.
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 holder of the Chase Sapphire Preferred or the Ink Business Preferred, each point is worth 1.25 cents. If you have the Chase Sapphire Reserve, your points are worth 1.5 cents apiece toward redemptions through the portal, which is a more valuable option than the Amex Travel portal.
Bottom line
Choosing between these two programs depends on your preferences, but there’s no reason why you can’t collect both types of points, as you can’t go wrong with either transferable currency.
Chase Ultimate Rewards is a great choice if you’re aiming for remarkable redemptions like luxury Hyatt stays or want the flexibility of redeeming points through Chase Travel for virtually any flight or hotel for up to 1.5 cents per point, depending on the type of Chase card you hold.
If you’re a Delta SkyMiles, HawaiianMiles or Avianca LifeMiles fan, only Amex’s Membership Rewards transfer to these programs, so collecting Amex points would be a better option.