Chase Ultimate Rewards: earning, transfers and redemptions

Earning points

Under the Ink Business Preferred programme agreement, points are earned on purchases after returns and refunds are deducted, and a defined list of transactions does not count: balance transfers, cash advances, cash-like items such as travellers cheques, foreign currency, money orders, wire transfers and cryptocurrency, lottery and casino transactions and other betting, person-to-person money transfers and account-funding transactions, cheques that access the account, interest, unauthorised or fraudulent charges, and fees of any kind including an annual fee. [3]

That card earns 1 point per $1 spent, plus 3 points total per $1 on combined purchases in shipping, social media and search engine advertising, travel, and internet, cable and phone services up to a threshold each account anniversary year; above that threshold it returns to 1 point per $1 with no maximum. [3] The agreement defines the account anniversary year as the period beginning on the account open date and running through the first statement after the anniversary, then each 12 billing cycles after that. [3]

Bonus categories depend on merchant codes, which merchants or their processors assign under Visa and Mastercard procedures. A merchant that appears to fit a category may still lack the relevant code and therefore not qualify, and purchases routed through third-party payment accounts, mobile card readers or digital wallets may not qualify when the technology is not set up to process the purchase in that category. [3] Points are calculated at the close of each monthly billing cycle and generally become available at the start of the next cycle, although purchases made near the end of a cycle can take one additional cycle. [3] If returns and refunds exceed purchases, the deduction can push the balance negative. [3]

Combining balances across cards

The agreement allows points to be moved to another Chase card that carries Ultimate Rewards, but only to a card belonging to you, one member of your household, or the owner of the company, as applicable. [3] A move is blocked if either account is barred from earning or using points at the time you attempt it. [3] Requests are made at chase.com/ultimaterewards, by phone, or at a Chase branch. [3]

Because Chase advertises travel-partner transfers, experiences and other features as coming with select cards [1], which options a particular card unlocks is card-specific.

Transferring to travel partners

Points move to participating frequent travel programmes in 1,000-point increments, and only into accounts belonging to you or to an owner of the company who is listed as an authorised user on the card account. [3] A transfer fee may be charged, and the amount, if any, is disclosed before the transfer is made. [3] Most requests are processed by the next business day, but Chase says it can take up to 7 business days depending on the receiving programme, and the details supplied must match the information on file with that programme or the transfer may be delayed or blocked. [3]

Once points are transferred they are subject to the receiving programme's terms, cannot be refunded and the transaction cannot be cancelled, and Chase states it is not responsible for how the receiving programme governs or applies the points. [3] Participating programmes can change without notice. [3] Because a transfer is final, it is worth reading the minimum transfer note and the transfer checklist before sending points.

Redemption options

Cash can be taken as a statement credit or as an electronic deposit into an eligible Chase account located in the United States, and, where available, points can be used to fund select third-party wallets or accounts. [3] Gift cards and gift certificates are ordered through the programme and are valid only at participating merchants, under the issuer's own terms on expiry and non-usage fees. [3] The programme page likewise lists cash back, gift cards from more than 200 brands, and statement credits on eligible purchases through Pay Yourself Back. [1]

Travel is booked through Chase Travel, either at chasetravel.com or by phone; a service fee may be charged for booking by phone and is disclosed first, and if the points balance is short of the fare, the remainder can be paid with the card. [3] The public pages add Chase Dining, curated events, and Shop and Earn, which pays 1 to 15 bonus points per $1 at more than 1,000 stores, again with select cards. [1]

On value, the agreement fixes cash, gift card and travel redemptions at 1 cent per point, so 100 points equal $1, while other reward options may be worth more or less; points used directly through third-party merchants may be worth less than redemptions taken through the programme. [3] Chase may run promotions worth more than the standard cash value, with the offer terms given at the time. [3] Pay with Points lets a cardholder apply points to all or part of an eligible Amazon.com order or a PayPal checkout, which requires enrolment with that merchant and may involve authorising Chase to share account information. [1] [3] Once points are used, the transaction is final and may not be cancelled unless stated otherwise, and minimum or maximum point amounts may apply to a redemption and are disclosed before use. [3]

Exceptions and limits

• Points do not expire while the account is open, but all of them are lost immediately if the account status changes or the account is closed for misuse, fraud, failure to comply with other Chase agreements, or because Chase believes the holder may be unwilling or unable to pay debts, including in bankruptcy or insolvency proceedings. [3]
• Lost points are not reinstated unless Chase made an error. [3] If an account is closed for any other reason, or Chase cancels the programme, there are at least 30 days from that date to use the points. [3] If the account is closed because of death, the points are automatically redeemed for cash as a statement credit. [3]
• Points are not the cardholder's property, have no value until redeemed, and cannot be transferred or moved except as the agreement allows — not by inheritance, bankruptcy or divorce. [3]
• Chase may temporarily block earning or using points while it suspects misuse or fraud related to the account or the programme, and earning and using can resume in the next billing cycle after a payment brings the account current or the concern ends. [3] Listed examples of misuse include missing minimum payments, buying or selling points, selling items obtained with points, repeatedly opening accounts to generate rewards, and manufacturing spend. [3]
• Participation may produce miscellaneous income and trigger a Form 1099-MISC or 1042-S filing, with tax liability falling on the participant. [3] The agreement is governed by federal law and the law of Delaware. [3]

Related pages

Comparisons and programme profiles: Chase Ultimate Rewards versus Capital One Miles, American Express Membership Rewards, Citi ThankYou Rewards, Capital One Miles. Background: loyalty currency.

Sources

Sources checked on 18 October 2026. It covers Ultimate Rewards as described in Chase's public programme pages and in the Ink Business Preferred programme agreement; earning rates and benefits for other Ultimate Rewards cards, and the names of the individual airline and hotel transfer partners, are not published in the sources checked. Other transferable-currency programmes, including American Express Membership Rewards, Citi ThankYou Rewards and Capital One Miles, are not covered here.

1. Chase Ultimate Rewards programme overview, checked 18 October 2026
2. Ink Business Preferred with Ultimate Rewards Program Agreement, checked 18 October 2026