Chase is offering a limited-time promotion where you can redeem 10-15% fewer Ultimate Rewards points for gift cards from 19 brands. While this isn't the highest-value way to use your points, there are specific situations where it makes sense.
The Deal
Chase Ultimate Rewards cardholders can save points on gift cards through the Chase shopping portal. Here's what's on sale:
10% discount (4,500 points for a $50 card instead of 5,000):
- Adidas
- Aerie & American Eagle Outfitters
- Apple
- Bath & Body Works
- Chili's
- Domino's Pizza
- DoorDash
- eBay
- Food and Laughs (multi-brand)
- Krispy Kreme
- Landry's Restaurants
- Macy's
- Maggiano's Little Italy
- Seasons Greetings (multi-brand)
- Under Armour
- Zaxby's
15% discount (4,250 points for a $50 card instead of 5,000):
- Fandango
- Spafinder
To access the sale, log into your Chase Ultimate Rewards account, select "Shopping & Experiences," then choose gift cards. Cards are available in various denominations and can be delivered via email or mail.
There's no published end date for this promotion, which means it could disappear at any time.
Who Can Use This Deal
This promotion is available to anyone with a Chase card that earns Ultimate Rewards points, including:
- Chase Sapphire Preferred
- Chase Sapphire Reserve
- Chase Freedom Unlimited
- Chase Freedom Flex
- Chase Ink business cards
When This Deal Makes Sense
Let's be honest: at 1.11 cents per point (with the 10% discount), this falls well below our Chase Ultimate Rewards valuation of 2 cents per point. But there are legitimate scenarios where it's worth considering:
You're already buying these gift cards anyway. If you were planning to purchase an Apple gift card for a new iPhone or hitting DoorDash for dinner, using 4,500 points instead of 5,000 beats the standard 1 cent per point redemption.
You have points expiring. Chase Ultimate Rewards points don't expire as long as your account remains open, but if you're closing a card or have a large balance you won't use for travel, this beats letting them disappear.
You've maxed out your travel redemptions. Already booked your trips for the year and sitting on extra points? Converting some to gift cards for everyday spending isn't the worst option.
Holiday shopping is approaching. Apple, Macy's, and the multi-brand cards could help stretch your gift budget during the holidays.
When to Skip It
If you have any travel plans in the next 12 months, you're better off saving your points for Chase transfer partners like Hyatt, United, or Southwest. You'll consistently get 1.5-2+ cents per point in value, nearly double what this gift card promotion offers.
For Chase Sapphire Preferred and Reserve cardholders, even booking travel through the Chase portal at 1.25-1.5 cents per point beats this deal.
The Bottom Line
This gift card sale is best viewed as a "better than nothing" option rather than a strategic redemption. If you're flush with points and already planning specific purchases from the brands listed, go for it. But if you're building your points balance for travel, resist the temptation and keep stacking those points for higher-value redemptions.
To check your eligibility and see current gift card options, log into your Ultimate Rewards account and navigate to the gift cards section under Shopping & Experiences.
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