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• Chase Ultimate Rewards points give you lots of options for booking award travel.
• You can redeem for travel through the Chase Travel Portal or transfer to partners like United, Hyatt, and more.
• You’ll usually get more value by transferring to travel partners — but booking via the travel portal is simpler.
• Read Insider’s guide to the best rewards credit cards.

Chase Ultimate Rewards® points are one of the most valuable rewards currencies out there. One reason for this is how incredibly flexible they are.

There are two main ways to redeem Chase points for travel:

Chase points are easy to earn, too. For example, the Chase Sapphire Reserve® currently offers an increased bonus of 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s worth $1,440, per Insider’s points valuations.

This flexibility helps to insulate you from miles and points devaluations — if one program updates its award chart in a way that decreases the value of its miles, you still have many other options for using your Ultimate Rewards. But how do you know when to use your points directly with Chase’s travel portal and when to transfer them to an airline or hotel program?