Yet Amex provides 21 transfer partners compared to Chase's 14, plus exclusive access to Delta and Singapore Airlines.
Recent 2025 changes have shifted the value equation. This article will guide you through each program's strengths to help you choose the best rewards program for your spending habits.
Key Insights
- Chase Ultimate Rewards offers better cash back flexibility at 1 cent per point vs. Amex's 0.6 cents per point for statement credits.
- 10,000 Chase points equals $100 in cash back, while the same 10,000 Amex points equals $60 in cash back.
- Amex Membership Rewards provides 50% more transfer partners (21 vs. 14) and better international flight redemptions.
- Chase dominates domestic travel with exclusive United, Southwest, and Hyatt partnerships that Amex can't match.
“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,” says Kyle Olsen, Points and Miles Expert at The Points Guy.
Chase Ultimate Rewards Dominates Domestic Travel
Chase Ultimate Rewards has built its reputation on simplicity and strong partnerships with popular US travel brands. The program's straightforward earning structure and valuable domestic transfer partners make it ideal for travelers who prioritize ease of use and North American travel.
Why Chase Works Better
- 1:1 transfer ratios to all partners eliminate complex conversion calculations and keep 100% of your points.
- Exclusive partnerships with United, Southwest, and Hyatt provide unmatched domestic travel value.
- Superior cash back options at 1 cent per point for statement credits or cash.
- Better travel portal experience with more transparent pricing and booking options.
How Much You'll Earn with Chase Cards
| Card | Annual Fee | Key Earning Rates | Best For |
|---|---|---|---|
| Chase Sapphire Reserve | $795 | 8x Chase travel, 3x dining, $300 travel credit | Premium travelers |
| Chase Sapphire Preferred | $95 | 5x Chase travel, 3x dining | Budget-conscious users |
| Chase Freedom Flex | $0 | 5x Chase travel, 3x dining/drugstores (up to $1,500 quarterly) | Category maximizers |
The simplicity of Chase's transfer system means you always know exactly how many points you need for any redemption, without worrying about varying conversion rates or complex award charts.
Amex Membership Rewards Excels at International Travel
American Express Membership Rewards excels in international travel scenarios and premium cabin redemptions. With more transfer partners and access to unique airline programs, Amex points often provide higher value for complex international itineraries.
Where Amex Beats Chase
- 21 transfer partners vs. Chase's 14: Includes exclusive access to Delta, ANA, and Singapore Airlines.
- Premium cabin sweet spots: Offer exceptional value for business and first-class international flights.
- More flexible earning categories: Includes multiple 4x and 5x bonus opportunities.
- Enhanced transfer bonuses: Available throughout the year, increase point values significantly.
How Much You'll Earn with Amex Cards
| Card | Annual Fee | Key Earning Rates | Best For |
|---|---|---|---|
| Amex Platinum card | $695 | 5x flights/hotels, extensive travel benefits | International travelers |
| Amex Golden card | $325 | 4x dining/groceries (with caps), 3x flights | Heavy dining spenders |
| Amex Business Gold | $295 | 4x top two business categories, 3x flights/hotels | Business owners |
Amex shines when you're booking complex international routes or premium cabin flights where transfer partner sweet spots can deliver 2-3 cents per point in value.
Chase vs Amex: Which Transfer Partners Work Better?
The transfer partner network often determines the real value of any points program. While both offer solid options, they excel in different travel scenarios.
Chase's Strategic Partners Include:
- United Airlines: Best for domestic flights and international Star Alliance routes.
- Southwest Airlines: Unmatched for budget domestic travel and companion pass benefits.
- World of Hyatt: Premium hotel program with excellent redemption values (often 2+ cents per point).
- Air Canada Aeroplan: Strong for North American routes and Star Alliance access.
Amex's Diverse Partners Include:
- Delta Air Lines: Major US carrier with an extensive international network.
- Singapore Airlines: Premium international travel with exceptional business/first class.
- ANA Mileage Club: Outstanding for premium cabin redemptions to Asia.
- British Airways: Useful for short-haul flights and Oneworld alliance access.
Partnership Exclusivity: Chase vs Amex
Chase's exclusive relationships with United, Southwest, and Hyatt mean these popular programs aren't available through Amex transfers. Conversely, Amex's exclusive Delta partnership provides the only way to transfer points to this major carrier.
Chase Beats Amex for Cash Back Value
When you can't or don't want to transfer points to travel partners, the cash-out options become crucial for program value.
| Redemption Method | Chase Value | Amex Value | Winner |
|---|---|---|---|
| Statement credits | 1¢ per point | 0.6¢ per point | Chase |
| Direct deposit | 1¢ per point | Not available | Chase |
| Amazon purchases | 1¢ per point | Not available | Chase |
| Apple purchases | 1¢ per point | Not available | Chase |
| Gift cards | 1¢ per point | 0.7-1¢ per point | Chase |
| Investment accounts | Not available | 1¢ per point* | Amex* |
*Requires Morgan Stanley relationship
Your financial impact: A 100,000-point balance provides $1,000 in cash value with Chase versus only $600 with Amex—a $400 difference that significantly impacts your program's floor value.
Chase vs Amex: Are the Annual Fees Worth It?
Both programs offer multiple card options with varying annual fees, but the value proposition differs significantly based on your spending and travel patterns.
Chase Fee Structure Breakdown
Sapphire Preferred: $95 annual fee, solid earning rates, moderate benefits.
Sapphire Reserve: $795 annual fee, premium earning rates, $300 annual travel credit.
Freedom cards: $0 annual fee, category bonuses, limited transfer abilities.
Amex Fee Structure Breakdown
Gold Card: $325 annual fee, strong dining/grocery earning, moderate travel benefits.
Platinum Card: $695 annual fee, premium travel benefits, multiple annual credits.
Business cards: $0-$695 annual fees, enhanced business category earning.
Fee justification calculations: The Sapphire Reserve's $795 fee is effectively $495 after the $300 travel credit, with another $500 in credit for prepaid hotel stays booked through Chase’s list of approved hotels. The Platinum's $695 fee, however, requires maximizing multiple credits to achieve similar value and justify the fee.
How Chase Changed in 2025
- Travel portal modifications now require specific bookings for enhanced redemption rates.
- Transfer partner stability with consistent 1:1 ratios across all partnerships.
- Category earning enhancements on select cards for popular spending areas.
- Digital wallet integration improvements for easier point earning and tracking.
How Amex Changed in 2025
- Transfer partner additions continue expanding international options.
- Credit offerings expansion with more annual statement credits and benefits.
- Business card enhancements targeting the small business and freelancer markets.
- Premium experience investments in airport lounges and exclusive event access.
Fee justification calculations: The Sapphire Reserve's $795 fee is effectively $495 after the $300 travel credit, with another $500 in credit for prepaid hotel stays booked through Chase's list of approved hotels. The Platinum's $695 fee, however, requires maximizing multiple credits to achieve similar value and justify the fee.
Where Chase and Amex Earn You the Most Points
Your spending patterns determine which program delivers better earning potential across different categories.
| Spending Category | Chase Best Rate | Amex Best Rate | Winner |
|---|---|---|---|
| Travel bookings | 8x (Reserve portal) | 5x (direct bookings) | Chase |
| Dining | 3x (Sapphire cards) | 4x (Gold card) | Amex |
| Groceries | 1x (general) | 4x (Gold, capped) | Amex |
| Business expenses | 1x (general) | 4x (Business Gold) | Amex |
| Rotating categories | 5x (Freedom cards) | Not available | Chase |
| General spending | 1x (baseline) | 1x (baseline) | Tie |
Where Chase Earns You the Most Points
- Travel bookings: Up to 8x points through the Chase portal (Reserve), 2x points for direct bookings.
- Dining: 3x points with Sapphire cards across all restaurants.
- Rotating categories: 5x points on Freedom cards (quarterly activations required).
- General spending: 1x points baseline across all cards.
Where Amex Earns You the Most Points
- Flight bookings: 5x points on direct airline purchases plus hotels booked through Amex (Platinum).
- Dining: 4x points globally with Gold Card (up to $50,000 annually).
- Groceries: 4x points at U.S. supermarkets with Gold Card (up to $25,000 annually).
- Business categories: 4x points in the top two categories with Business Gold.
Pro tip: If you spend heavily on dining and groceries, Amex Gold provides superior earning rates. For general travel and flexibility, Chase Sapphire cards offer more consistent value.
Chase vs Amex: Pick Based on Where You Travel
Your primary travel destinations should heavily influence your program choice, as each excels in different geographic regions.
| Travel Type | Chase Advantages | Amex Advantages | Best Choice |
|---|---|---|---|
| Domestic US | Southwest, United, Hyatt partnerships | Limited domestic options | Chase |
| International Economy | United Star Alliance access | More airline routing options | Amex |
| International Premium | Limited sweet spots | Extensive premium cabin partners | Amex |
| Hotel stays | Hyatt transfers (2+ cents/point) | Transfer bonuses available | Chase |
Chase Dominates Domestic US Travel
- Southwest partnerships: This enables affordable domestic flights and Companion Pass benefits.
- United access: Provides comprehensive domestic route coverage and international Star Alliance benefits.
- Hyatt transfers: Offer exceptional value at US hotels and resorts.
- Portal bookings: This works well for domestic flights and hotels with predictable pricing.
Amex Excels in International Premium Travel
- Premium cabin redemptions: To Asia, Europe, and beyond offer 2-3 cents per point.
- International airline partnerships: Provide more routing options for complex itineraries.
- Transfer bonuses: Frequently enhance international airline transfers.
- Global lounge access: Available through Platinum Card benefits for international travelers.
Pro tip: If 70%+ of your travel is domestic, Chase typically provides better value. If you frequently travel internationally or prioritize premium cabins, Amex often delivers superior returns.
Choose Chase or Amex Based on How You Spend
Your optimal choice depends on matching program strengths to your specific spending patterns and travel preferences.
Choose Chase Ultimate Rewards if You:
- Prioritize domestic U.S. travel and road trips
- Value cash back, flexibility, and simple redemptions
- Fly United or Southwest frequently
- Stay at Hyatt properties regularly
- Prefer straightforward earning and redemption processes
- Want maximum value from everyday spending categories
Choose Amex Membership Rewards if You:
- Travel internationally multiple times per year
- Seek premium cabin flights and luxury hotel experiences
- Spend heavily on dining and groceries
- Value extensive lounge access and travel benefits
- Enjoy optimizing complex award bookings
- Can maximize multiple annual credit offerings
Use Both Chase and Amex Cards Together
Advanced rewards earners often maintain cards from both programs to maximize earning potential across all spending categories.
| Combination | Purpose | Best For |
|---|---|---|
| Chase Sapphire + Amex Gold | Maximize dining (4x Amex) and travel (3x Chase) | Heavy dining/travel spenders |
| Chase Freedom + Amex Platinum | Capture rotating 5x categories + premium benefits | Category optimizers |
| Business cards from both | Optimize business spending while maintaining personal benefits | Business owners |
Portfolio Management Tips
- Annual fee justification: Only maintain cards where benefits exceed fees by at least 2:1 ratio.
- Category optimization: Use each card for its highest-earning categories exclusively.
- Transfer timing: Monitor both programs for transfer bonuses before moving points.
- Credit utilization: Spread spending across multiple cards to maintain low utilization ratios.
Bottom Line
Choose Chase if you travel domestically 70%+ of the time and want simple 1-cent-per-point cash back value. Choose Amex if you travel internationally frequently and can optimize complex premium cabin redemptions for 2-3 cents per point.
Advanced users often use both programs to maximize different spending categories.
Frequently Asked Questions
Can I transfer points between Chase and Amex programs?
No, you can't transfer points directly between Chase Ultimate Rewards and Amex Membership Rewards. However, both programs share some common transfer partners where you could theoretically transfer points to the same airline or hotel program.
Which program offers better value for cash back?
Chase Ultimate Rewards provides significantly better cash back value at 1 cent per point compared to Amex's 0.6 cents per point for statement credits. This 67% difference makes Chase the clear winner for cash redemptions.
Should I focus on one program or use both Chase and Amex cards
Advanced users often benefit from both programs to maximize earning rates across different spending categories. However, beginners should typically start with one program to simplify their strategy and ensure they can maximize the benefits before expanding to multiple systems.
