Chase Ultimate Rewards vs. Amex Membership Rewards
A structured comparison of the two dominant transferable points ecosystems — partners, earn rates, redemption options, and which fits different strategies.
Overview
Chase Ultimate Rewards and American Express Membership Rewards are the two most flexible bank points programs available to US cardholders. Both earn transferable points that can be moved to airline and hotel partners — but they differ significantly in partner networks, card earning rates, and practical redemption paths.
Earning Rates
| Category | Chase (top card) | Amex (top card) |
|---|---|---|
| Dining | 3x (Sapphire Preferred) | 4x (Gold Card) |
| Groceries | 3x (Sapphire Preferred) | 4x (Gold Card, US supermarkets) |
| Travel | 2–5x (varies by card) | 3–5x (varies by card) |
| General spend | 1–2x | 1–2x |
Edge: Amex for grocery and dining earn rates at the category card level.
Transfer Partners
Chase UR partners include: United, Southwest, Hyatt, Marriott, Air Canada, British Airways, Singapore Airlines, and others (14 total).
Amex MR partners include: Delta, Air Canada, British Airways, Cathay Pacific, Hilton, Marriott, and others (20+ total).
Edge: Amex for quantity of partners. Edge: Chase for Hyatt access — widely considered the best hotel transfer partner in the US market.
Travel Portal Redemption
Chase offers 1.25x (Sapphire Preferred) or 1.5x (Sapphire Reserve) through its travel portal. Amex offers 1.0x baseline or 1.54x with the Schwab Platinum cash-out option.
Edge: Chase for straightforward portal redemption with the Reserve card.
Cash-Out Value
Chase: 1.0 cent per point (statement credit or transfer to checking). Amex: 0.6 cents per point standard; 1.1 cents via Schwab Platinum Invest with Rewards (requires Platinum card).
Edge: Chase for simple cash-out scenarios.
Best For
Choose Chase if: You prioritize Hyatt transfers, want simple travel portal redemptions, or want better cash-out flexibility.
Choose Amex if: You spend heavily on dining and groceries, plan international premium travel via airline partners, or already hold an Amex Platinum/Gold for credits.
Consider both: Many advanced users hold cards in both ecosystems for maximum partner access and category earning.
Assumptions
This comparison uses publicly available earn rates and transfer ratios as of early 2026. Both programs change partner relationships and redemption values periodically. Individual spend patterns will significantly affect which ecosystem delivers higher effective return.
Put this into practice
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Open My OrganizerNote: This article represents independent educational content. Specific rates, terms, and program details change frequently — verify current information directly with the relevant program. Last updated February 1, 2026.