If you're serious about maximizing your travel rewards, you've probably found yourself caught between two heavyweight champions: American Express Membership Rewards and Chase Ultimate Rewards. These flexible points currencies represent the gold standard in travel rewards, but which one deserves the top spot in your wallet?

After spending years navigating both programs and helping thousands of readers do the same, we've discovered that the answer isn't as straightforward as you might think. While both programs offer incredible value, your travel patterns, spending habits, and redemption goals will ultimately determine which one delivers more bang for your buck.

The Quick Answer: It Depends on Your Travel Style

For most travelers, Chase Ultimate Rewards edges ahead thanks to its superior domestic airline partnerships, the incredible value of World of Hyatt transfers, and better redemption rates through the Chase Travel portal. However, Amex Membership Rewards takes the crown for international luxury travel with unmatched access to premium cabin redemptions through partners like ANA Mileage Club and Air Canada Aeroplan.

Here's what each program does best:

Chase Ultimate Rewards Wins For:

• Domestic travel (Southwest, United partnerships)
• Hotel redemptions (World of Hyatt is unbeatable)
• Travel portal bookings (up to 2 cents per point value)
• Lower annual fees across the card portfolio
• Simplicity (all partners transfer at 1:1)

Amex Membership Rewards Wins For:

• International first and business class flights
• Airline partner variety (21 partners vs. Chase's 14)
• Larger welcome bonuses on premium cards
• Delta loyalists (exclusive partnership)
• Premium perks and benefits

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Understanding the Basics: What Are These Points Worth?

Before diving into the details, let's establish what we're comparing. Both Membership Rewards and Ultimate Rewards are "transferable points currencies," meaning you can move them to various airline and hotel partners for potentially outsized value.

According to current industry valuations, Amex Membership Rewards points and Chase Ultimate Rewards points are valued at 2 cents and 2.05 cents per point, respectively. However, savvy redemptions can yield far higher returns—we've seen values exceeding 5 cents per point for premium cabin international flights.

What Makes These Programs Special?

Unlike airline miles or hotel points that lock you into one program, these flexible currencies offer multiple redemption paths:

• Transfer to dozens of airline and hotel partners
• Book travel directly through issuer portals
• Redeem for cash back or statement credits
• Pay with points at select merchants
• Cover purchases retroactively (Chase's Pay Yourself Back)

This flexibility provides crucial protection against program devaluations—if one partner raises award prices, you have alternatives.

Transfer Partners: The Heart of Both Programs

The real magic happens when you transfer points to airline and hotel partners. Here's where the programs diverge significantly.

Airline Transfer Partners Comparison

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Hotel Transfer Partners Comparison

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Key Transfer Partner Insights

Chase's Ace in the Hole: World of Hyatt World of Hyatt is a transfer partner of Chase and represents one of the best redemption opportunities in the entire points and miles world. Unlike other hotel programs that have shifted to dynamic pricing, Hyatt maintains a fixed award chart with top properties capping at 35,000-45,000 points per night.

Amex's International Advantage ANA Mileage Club. This Japanese airline maintains a distance-based award chart that allows for some of the cheapest redemptions around. For round-trip business class to Asia, you might pay just 75,000-95,000 Membership Rewards points—a steal compared to other programs.

Earning Points: Credit Card Lineups

Both programs offer multiple credit cards with varying annual fees and benefits. Here's how they stack up:

Chase Ultimate Rewards Cards

Premium Travel Cards:

• Chase Sapphire Reserve ($550 annual fee)
  • 3x on travel and dining
  • $300 annual travel credit
  • Priority Pass lounge access
  • Points worth up to 2 cents each through Chase Travel
• Chase Sapphire Preferred ($95 annual fee)
  • 2x on travel and dining
  • 3x on online grocery (excluding Walmart/Target)
  • Points worth up to 1.75 cents each through Chase Travel with Points Boost

No Annual Fee Options:

• Chase Freedom Unlimited: 1.5x on all purchases
• Chase Freedom Flex: 5x rotating categories (up to $1,500/quarter)

Business Cards:

• Chase Ink Business Preferred ($95 annual fee): 3x on travel, shipping, internet/phone, advertising
• Chase Ink Business Unlimited: 1.5x on all purchases (no annual fee)

American Express Membership Rewards Cards

Premium Travel Cards:

• The Platinum Card from American Express ($695 annual fee)
  • 5x on flights and prepaid hotels through Amex Travel
  • $200 annual airline credit
  • $200 annual Uber credit
  • $240 annual digital entertainment credit
  • Centurion Lounge access
• American Express Gold Card ($325 annual fee)
  • 4x at restaurants worldwide
  • 4x at U.S. supermarkets (up to $25,000/year)
  • $120 annual dining credit
  • $120 annual Uber credit

Other Options:

• American Express Green Card ($150 annual fee): 3x on travel and transit
• Amex Blue Business Plus (no annual fee): 2x on all purchases up to $50,000/year

Welcome Bonus Comparison

American Express cards tend to have larger welcome bonuses, especially if you're eligible for a lucrative targeted offer. Premium Amex cards often feature bonuses worth 100,000-150,000 points, while Chase typically offers 60,000-80,000 point bonuses.

However, Amex bonuses usually require higher spending—often $6,000-$8,000 in 3-6 months for personal cards. Chase bonuses are generally more accessible with $4,000 spending requirements being common.

Redemption Values: Where Your Points Really Shine

Travel Portal Redemptions

This is where Chase pulls significantly ahead:

Chase Travel Portal Values:

• Sapphire Reserve: Up to 2 cents per point on select flights/hotels via Points Boost
• Sapphire Preferred: Up to 1.75 cents per point on select bookings
• Other cards: 1.25 cents per point

Amex Travel Portal Values:

• All cards: 1 cent per point for flights
• Hotels/car rentals: Only 0.7 cents per point
• Business Platinum 35% rebate: Effectively 1.53 cents per point on premium flights

The math is clear: Chase offers a far better value for portal bookings.

Cash Back and Other Redemptions

Chase Ultimate Rewards:

• Statement credits: 1 cent per point
• Gift cards: 1 cent per point
• Pay Yourself Back: 1-1.5 cents per point (categories vary)

Amex Membership Rewards:

• Statement credits: 0.6 cents per point
• Gift cards: 0.5-1 cent per point
• Pay with points: 0.7 cents per point

Again, Chase provides better value for non-travel redemptions, making it more versatile for those who don't always redeem for travel.

Best Program by Traveler Type

International Luxury Travelers: Amex Wins

If your travel goals include Singapore Suites, ANA first class, or Etihad Apartments, Amex is your ticket. Partners like ANA Mileage Club and Avianca LifeMiles offer some of the best premium cabin values in the industry.

Example redemption: San Francisco to Tokyo in ANA business class for 75,000 Membership Rewards points round-trip (worth $8,000+ if paying cash).

Domestic Travelers: Chase Dominates

With exclusive access to Southwest and United, plus the ability to book any airline through the portal at favorable rates, Chase is unbeatable for U.S. travel.

Example redemption: Transfer 50,000 Ultimate Rewards to Southwest for $750+ in flights with their revenue-based program.

Hotel Enthusiasts: Chase by a Mile

World of Hyatt is an exception. Most hotels (and airlines) dynamically price awards based on demand or cost, but Hyatt still has an award chart. This makes Hyatt transfers incredibly valuable, often yielding 3-5 cents per point at luxury properties.

Example redemption: Park Hyatt Paris for 30,000 points per night (worth $1,200+ in peak season).

Budget-Conscious Travelers: Chase Again

Lower annual fees, better cash-back rates, and no-annual-fee earning options make Chase more accessible. You can build a powerful three-card combination for under $200 in annual fees.

The Power Play: Why Not Both?

Here's a strategy many experienced travelers overlook: there's no rule saying you can't have both. In fact, maintaining cards in both ecosystems offers several advantages:

1. Transfer Bonus Arbitrage: both AmEx and Chase run bonus promos for transfers throughout the year. If you had only Chase or AmEx points, you'd miss out on all of the transfer bonuses offered by the other program
2. Maximum Flexibility: Cover all possible sweet spots and partner redemptions
3. Hedging Against Devaluations: If one program makes negative changes, you have alternatives
4. Optimized Earning: Use Amex Gold for dining (4x) and Chase Freedom Flex for quarterly categories (5x)

Strategic Card Combinations

The Premium Setup ($1,570 annual fees):

• Chase Sapphire Reserve
• Amex Platinum
• Amex Gold

The Value Setup ($570 annual fees):

• Chase Sapphire Preferred
• Amex Gold
• Chase Freedom Unlimited

The Budget Setup ($150 annual fees):

• Amex Green
• Chase Freedom Flex
• Chase Freedom Unlimited

Making Your Decision: Action Steps

Choose Chase Ultimate Rewards If:

• You primarily travel domestically
• You value simplicity (all 1:1 transfers)
• You stay at Hyatt properties regularly
• You want better non-travel redemption options
• Annual fees are a major concern
• You fly Southwest or United frequently

Choose Amex Membership Rewards If:

• International premium cabin travel is your goal
• You're a Delta loyalist
• You can meet higher spending requirements
• Lounge access and premium perks matter
• You enjoy hunting for sweet spot redemptions
• You frequently dine out (Gold Card's 4x)

Start With Both If:

• You're comfortable managing multiple cards
• You spend enough to justify the annual fees
• You want maximum redemption flexibility
• You travel both domestically and internationally

The Bottom Line

While TPG's July 2025 valuations give a slight edge to Chase at 2.05 cents per point versus Amex's 2 cents, the real answer depends entirely on how you plan to use your points.

For most people, we recommend starting with Chase due to its lower barriers to entry, superior domestic partnerships, and the incredible value of World of Hyatt. The Chase Sapphire Preferred at just $95 annually offers tremendous value and flexibility.

However, if you're chasing international luxury travel dreams, the Amex ecosystem becomes essential. The ability to fly ANA first class to Japan or transfer to Delta for domestic flights provides options Chase simply can't match.

The smartest play? Build your foundation with Chase, then add Amex as your travel goals and spending power grow. With both programs in your arsenal, you'll have access to nearly every valuable redemption opportunity in the points and miles world.

Ready to Get Started?

1. New to points? Start with the Chase Sapphire Preferred for its low annual fee and solid earning structure
2. Ready for premium perks? The Amex Platinum delivers unmatched benefits for frequent travelers
3. Want the best of both? Pair the Chase Sapphire Reserve with the Amex Gold for comprehensive coverage

Remember, the best rewards program is the one that aligns with your travel goals and spending patterns. Take time to map out your redemption dreams, then choose the path that gets you there fastest.

Have questions about maximizing your points? Check out our guides on earning points without a credit card and choosing the right travel credit card for more strategies.

Featured Image: Chase Lounge JFK