How to Transfer Ultimate Rewards Points Between Accounts
I dreaded trying to transfer Chase points between cards until I tried it, and I still can't believe how easy it was
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- I used to redeem the points I earned on my Chase Freedom® card for cash back at a value of 1 cent per point, not realizing that the Freedom card actually earns Ultimate Rewards points, not cash.
- To get more value per point, I can transfer my points to my Chase Sapphire Preferred® Card. Frankly, that sounds like a complicated pain ... but it was shockingly easy.
- It took me about three minutes, maybe less, to consolidate my points on my Chase Sapphire Preferred® Card, where they can now be redeemed at a value of at least 1.25 cents per point.
- See Business Insider's picks for the best rewards credit cards »
For years, I applied the cash back from my Chase Freedom® card to my credit card statement, to lower the next month's bill.
What a moron.
I'm kidding (a little), but the truth is that I wasn't getting the most value from my card all those years I was redeeming cash back. That's because the thing many people don't realize — I didn't until recently — is that while the Chase Freedom® card is marketed as a cash-back card, it's really earning Chase Ultimate Rewards, the same currency earned by points powerhouses like the Chase Sapphire Preferred and Chase Sapphire Reserve.
What makes those two cards so valuable is when you redeem Ultimate Rewards through Chase for travel, each point from the Preferred is worth 1.25 cents, and each point from the Chase Sapphire Reserve® is worth 1.5 cents. It's possible to get even more value by transferring those points to airline partners, but right off the bat, that's more value than the 1 cent each point is worth when you redeem it for cash.
I'm relatively new to rewards cards and couldn't justify the Reserve's $550 annual fee for the time being, so I opened the Chase Sapphire Preferred® Card over the summer ($95 a year) and got a sign-up bonus of 60,000 points once I spent $4,000 within the first three months.
After learning about consolidating points, I got curious and started poking around the Chase site. Less than three minutes later (I'm not exaggerating) all of my Chase points were in my Sapphire Preferred account, ready to be used for travel.
How to transfer your Chase Ultimate Rewards points between cards
1. Log into the Chase Ultimate Rewards portal with your account information
You can get to the portal from your account page. I clicked into my Freedom card (the card with the points I wanted to transfer) and opened up my Ultimate Rewards balance, highlighted here in red.
2. Expand the Ultimate Rewards menu to see all your options
After looking over the menu options in the portal, I didn't see anything about transferring points, so I expanded the menu by clicking the icon on the right-hand side.
3. Select 'combine points'
Bingo! The last hidden option was "combine points," which sounded like what I was looking for.
4. Select which cards you want transfer points to and from
The site automatically surfaces any Chase cards you have that are currently earning Ultimate Rewards — for me, that was just two: the Chase Freedom® and the Chase Sapphire Preferred® Card. If I had a Sapphire Reserve, I would have consolidated all my points on that card to maximize value, but with only two cards my choice was easy.
5. Select how many points you want to transfer
All of them, of course! I realized after doing this that I have another 3,000-plus points coming with my next statement (thanks, Q4 5% back from Paypal purchases), but it's so easy I'll just do it again.
6. Confirm that you're moving the right number of points between the right cards
When you scroll down, the site confirms which cards you're using for this transaction.
7. Confirm again, just to be safe
How refreshing to see that my points will be moved instantly — for most banking transactions, you have to wait a few hours or days, biting your nails (if you're anything like me) the whole time.
8. Take note of your order number in case there's an issue
For me, there was no issue: When I logged back in a little while later, the points balance on my Freedom card was zero ... exactly what I wanted.
Regular APR
14.99%–23.74% variable APR
Credit Score
Good to Excellent
Editor's Rating
Pros
- One of the highest cash-back rates — if you work for it
- No annual fee
- You can turn your cash back into travel rewards if you have another eligible Chase card
Cons
- Cap on quarterly bonus cash back
- If the quarterly categories aren't convenient, you can do better with another card
- The information related to the Chase Freedom® has been collected by Business Insider and has not been reviewed or provided by the issuer of this card.
- 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate
- 1% cash back on all other purchases
- Cash Back rewards do not expire
Regular APR
15.99%-22.99% Variable
Credit Score
Good to Excellent
Editor's Rating
Featured Reward
60,000 points
Pros
- High sign-up bonus starts you off with lots of points
- Strong travel coverage
Cons
- Doesn't offer a Global Entry/TSA PreCheck application fee credit
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
- Enjoy new benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining and 2X points on all other travel purchases, plus more.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
Regular APR
16.99%-23.99% Variable
Editor's Rating
Featured Reward
50,000 points
Pros
- Annual travel credit can effectively shave $300 off the annual fee if you use it
- Strong travel insurance
- Strong bonus rewards on travel and dining
Cons
- Very high annual fee
- The new DoorDash statement credits may not be useful for everyone, which can make the recently increased annual fee harder to justify
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
- $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year. Through December 31, 2021, gas station & grocery store purchases will also count towards earning your Travel Credit
- Earn 5X total points on air travel and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases
- Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $750 toward travel
- With Pay Yourself Back℠, your points are worth 50% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
- 1:1 point transfer to leading airline and hotel loyalty programs
- Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit for Global Entry or TSA Pre✓™
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more
- More credit card coverage
- What's the best airline credit card?
- The best cash-back credit cards
- Southwest credit card review
- Best rewards credit cards
Libby Kane, CFEI
Executive Editor, Personal Finance Insider
Libby Kane, CFEI, is the Executive Editor for Personal Finance Insider, Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money Insider readers already know and love. She holds the Certified Financial Education Instructor (CFEI) certification issued by the National Financial Educators Council. For 2021, she is a member of the Insider Committe, a cross-team focus group working on making Insider an even better place to work. Previously at Insider, she oversaw teams including Strategy, Careers, Executive Life, and Personal Finance. Before joining the company in March 2014, she was the associate editor at LearnVest, covering personal and behavioral finance. Her teams at Insider have tackled projects including: • Master Your Money, a year-long guide for millennials on how to take control of their finances • The Better Capitalism initiative, in which we examine how companies create long-term value for shareholders • Inside the Racial Wealth Gap, an exploration of the causes, effects, and potential solutions of the racial wealth gap in the US She's written about everything from why Chinese children are so good at math to the business of dogs to hard truths about adulthood. In September 2016, she helped launch Insider Netherlands in Amsterdam. She's always interested in research, charts, and people: new and interesting research, compelling charts and other visuals, and people who are willing to share the details of their impressive financial accomplishments and strategies.If you have something to share, please reach out to lkane@insider.com. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Sign up to get Personal Finance Insider's free email newsletter in your inbox »
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How to Transfer Ultimate Rewards Points Between Accounts
Source: https://www.businessinsider.com/personal-finance/how-to-transfer-chase-ultimate-rewards-points
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