Chase Ultimate Rewards: Is it the Best Point Rewards Program

Back in July, I wrote a Chase Ultimate Rewards review.  At the time, my position on this rewards program was mixed. On the one hand, I don’t like credit card points. In fact, I somewhat detest them and I detailed this in an article I wrote for Forbes. Essentially, the problem with credit card rewards points, which are the currency of the Chase Ultimate Rewards program, is that they are worthless, a credit card company’s version of Disney dollars.

However, Chase is really pushing the new Ultimate Rewards program and, as a reviewer of credit card offers, I had to get myself a Chase Sapphire card and test out the new Chase rewards system. And, much to my dismay, I like it quite a bit.

In the article I wrote for Forbes, I focused on the value of rewards points as opposed to cash back. With the Citibank Thank You Rewards program and especially the Bank of America Worldpoints program, most points were worth less than one cent, even when you used them for gift cards.

At that time, I considered the American Express Membership rewards program to be the best point reward system because the value of points redeemed for gift cards or travel was always one cent. This is essentially in line with what you can earn with most cash back credit cards.

After testing the Chase Ultimate Rewards program, I came to a shocking conclusion:  Ultimate Reward points are actually worth more and easier to use than American Express points. The key feature that distinguishes the Chase rewards program is the Pay Yourself Back option. It works like this: you select any purchase you made and you can redeem your points for a statement credit. You only need 2,000 points to make a redemption for $20.

Essentially, this makes the Chase Ultimate Rewards program similar to a cash back rewards program where you earn 1% for every dollar you spend. Because of this, I now consider Ultimate Rewards to be the best point based rewards program. It blows the aforementioned Citi Thank You Rewards and Bank of America Worldpoints programs out of the water. And hopefully it will force American Express to add a similar feature.

For additional information on credit cards with Ultimate Rewards, please see the Chase credit card section of Card Wisdom where you can compare interest rates, promotions, and fees before applying online. You can also compare offers below.

Related Posts

1. Credit Card Review: The Chase Freedom Visa Card Chase is a major player in the credit card rewards space, with a variety of cards that offer points, miles and cash back. Their leading cash back credit card, the Chase Freedom Visa, is one of their most competitive reward cards and likely the best Chase credit card for general...
2. The Ultra-Premium J.P. Morgan Select Credit Card Chase is one of the largest issuer of reward credit cards and they offer a wide variety of cash back and co-branded cards that grant points or miles. Furthermore, Chase operates an industry leading rewards program aptly titled Ultimate Rewards. Although their most well known cards that offer Ultimate Rewards...
3. Chase Slate Credit Card Review When it comes to paying interest on credit card purchases, consumers have always faced an all or nothing proposition.  Some pay their balances in full and on time every month and avoid paying interest. Others make payments that are short of their outstanding balance and end up owing interest on...
4. Southwest Airlines Rapid Rewards® Plus Credit Card from Chase Review Southwest Airlines has quickly evolved from a startup underdog to the largest carrier of domestic passengers in the United States. During this time they have earned a reputation for doing things differently than other airlines. The Southwest Airlines Rapid Rewards® Plus Credit Card from Chase from Chase follows the lead...