Amex Membership Rewards vs Chase Ultimate Rewards

Earning points

American Express gives one point for every dollar spent on an eligible purchase made with an enrolled Card [1]. The same terms exclude cash advances and cash equivalents such as gift cards, person-to-person transactions, balance transfers, traveller's cheques, purchases or reloading of prepaid cards, fees and interest, and foreign exchange fees [1]. Points for a billing period are earned only if American Express receives the minimum amount due on time; if it does not, those points are not earned, though they can be requested afterwards within 12 months for a fee for each billing period and each Card Account [1].

On the Chase side, the agreement checked covers the Ink Business Preferred, which earns 1 point per $1 and 3 points total per $1 on the first portion of combined purchases each account anniversary year in shipping, social media and search engine advertising, travel, and internet, cable and phone services, returning to 1 point per $1 with no maximum after that [3]. Points post at the close of each monthly billing cycle, and balance transfers, cash advances, cash-like transactions, checks, interest, fees of any kind and unauthorised or fraudulent charges are not purchases [3].

Transfers to partner programmes

Membership Rewards. A Rewards Account must be linked to the partner loyalty account first, and that partner account must be in the cardholder's name or in the name of an Additional Card Member whose Additional Card was issued at least 90 days before the link [1] [6]. In most cases the minimum is 1,000 points, moved in multiples of 1,000 [1]. American Express says a transfer typically takes 48 hours to process, but some programmes delay posting [1]. Transfers cannot be reversed, transferred points cannot be converted back, and the partner's terms then govern them [1] [6]. Transfers to a US airline frequent flyer programme carry an excise tax offset fee of $0.0006 per point, capped at $99 [1]. The rate at which points transfer varies by partner [1] [5]. If an airline programme leaves the Rewards Program, American Express may limit transfers to it before participation ends, but the limit will be at least 100,000 points [1].

Ultimate Rewards. Points move in 1,000-point increments and only to participating frequent travel programme accounts belonging to the cardholder or to an owner of the company who is listed as an authorised user on the account [3]. Most requests process by the next business day but may take up to 7 business days [3]. A point transfer fee may be charged, and Chase says it will disclose whether a fee applies and its amount before the transfer [3]. Once transferred, points cannot be refunded and the transaction cannot be cancelled [3]. Participating programmes can change without notice [3]. Chase separately allows points to be moved to another Chase card that earns Ultimate Rewards, if it belongs to the cardholder, one member of the household, or the company owner [3].

Redemption and value

Chase sets a baseline: when points are redeemed for cash, gift cards or travel, 100 points equal $1 [3]. Other reward options may be worth more or less, and limited-time promotions may offer a higher value on their own terms [3]. Options may include cash, gift cards, travel through Chase Travel, transfers to frequent travel programmes, and paying with points at third parties [3]. A redemption, once made, is final and may not be cancelled unless noted otherwise [3].

The Membership Rewards terms state no fixed value; they say the value of points varies according to how they are used and point readers to a separate value page [1]. The options described there include Pay with Points at checkout with participating brands or through American Express Travel, statement credits needing at least $1 of points, gift cards, Cover your Card Charges, and transfers to partner programmes [1]. Redemptions cannot be reversed, and American Express does not control the terms of third-party partner programmes [1].

Account and programme terms

Both programmes tie the balance to the card account rather than to the person. American Express says points are not the cardholder's property and cannot be transferred to someone else's Rewards Account, sold, or passed on through divorce, inheritance or bankruptcy [1]. Chase says points have no value until redeemed, can be moved only where the agreement allows, and cannot be transferred by operation of law such as inheritance, bankruptcy or divorce [3].

Closing behaviour differs. American Express says a cardholder loses all points if any Product is cancelled for any reason, including death, insolvency or bankruptcy, but gives 90 days to use points when a Card Account is cancelled for inactivity [1]. Chase says points do not expire while the account is open, that all points are lost immediately if the account is closed for misuse, fraud or the other listed reasons, and that at least 30 days are given to use points if the account is closed for any other reason; where an account is closed because of death, the points are automatically redeemed for cash as a statement credit [3].

Both can stop a cardholder from earning or using points. American Express may suspend earning or use, remove points and cancel Products if it decides a cardholder has engaged in fraud, abuse, misuse or gaming [1]. Chase may temporarily prohibit earning or using points while it suspects misuse or fraud, and lists buying or selling points, manufacturing spend and repeatedly opening accounts to generate rewards among its examples of misuse [3].

American Express may change earn rates, redemption levels, rewards options, caps and fees, raise annual or programme fees, or cancel the programme with at least 90 days' notice [1]. Chase gives notice of changes as required by law, may change what is available within a redemption option without prior notice, and gives at least 30 days to use points if it cancels the programme [3].

Exceptions and limits

• Membership Rewards: if the only Card Product linked to the Rewards Account is a Legacy Card, the partner transfer option is not available [1].
• Membership Rewards: Additional Card Members on Consumer and Business Card Accounts do not have their own Rewards Accounts, so a partner account may be linked only in the Basic Card Member's name or an eligible Additional Card Member's name [1].
• Membership Rewards: if the last linked Product is a Corporate Card, points may be redeemable for up to 30 days after cancellation or unenrollment, and New York Card Members can keep using points for 90 days in certain restricted or cancelled situations by calling the number on the back of the card [1].
• Ultimate Rewards: the one-cent baseline covers cash, gift cards and travel only; other options and promotional offers are priced on their own terms disclosed at the time of the offer [3].
• Ultimate Rewards: transfers to a frequent travel programme are limited to the cardholder or a company owner listed as an authorised user, which is narrower than the card-to-card movement allowed within a household [3].
• Both: rules, partner lists and values can change, so the terms of the specific product and partner programme decide the outcome of a transfer or redemption [1] [3].

Related pages

Programme profiles: Amex Membership Rewards (US) and Chase Ultimate Rewards. Guides: how to redeem Membership Rewards, how to redeem Ultimate Rewards, transfer points checklist, and cobranded cards vs transferable points. Terms: cents per point and transfer ratio.

Sources

Sources checked on 18 October 2026. It compares the US versions of Membership Rewards and Ultimate Rewards only; other Ultimate Rewards card products, other American Express card products, and the versions of either programme offered outside the United States are not covered.

1. Membership Rewards Program Terms and Conditions, checked 18 October 2026
2. Ink Business Preferred with Ultimate Rewards Program Agreement, checked 18 October 2026
3. Membership Rewards Program Terms and Conditions: transfer to partner loyalty programs, checked 18 October 2026
4. How do I transfer Membership Rewards points?, checked 18 October 2026