The Sapphire Preferred earns Chase’s in-house rewards currency, known as Ultimate Rewards (UR) points. There are a few different ways you can redeem them.
One option is to simply redeem them for cash. One UR point equals one cent, so if you have 10,000 points, that’s $100. You can get the cash as a statement credit or direct deposited to your linked checking account.
Another option is to use points to book travel through the Ultimate Rewards travel website. It works like any other online travel agency, such as Priceline or Expedia. You can search for flights, hotels, rental cars, cruises, vacation packages, or more. The best part is that when you book travel through Chase and use points, you’ll get a 25% bonus, making each point worth 1.25 cents. If you have 50,000 points, they’ll be worth $625. If the trip you want to book costs more points than you have, you can always pay the difference.
The most valuable way to use points is transferring them to Chase’s travel partners, including nine airline frequent flyer programs and four hotel loyalty programs. While this is more complicated, you can generally get more value by booking frequent flyer award tickets than you can by using your points as cash or through Chase. You can even book flights in business or first class for fewer points than you might expect. You can read more about why transferable points are so valuable.