Chase Ultimate Rewards vs. Amex Membership Rewards: Which Points Are Better in 2026?

The Short Answer

Chase Ultimate Rewards and Amex Membership Rewards are the two heavyweight transferable currencies in the U.S. points game. Both transfer to airline and hotel partners at 1:1, both can be worth well over 2 cents apiece when redeemed well, and both are earned through some of the best credit cards available. So which is better?

The honest answer is that they're better at different things. Chase wins on simplicity, domestic flying, and one killer hotel partner — World of Hyatt. Amex wins on international premium-cabin breadth and frequent transfer bonuses. If you only want one, your travel goals decide it. If you're serious about maximizing value, the real answer most experienced travelers land on is: hold both. This guide breaks down exactly why.

The Headline Difference: Hyatt vs. International Breadth

If you remember nothing else from this article, remember this: Chase Ultimate Rewards is the only major transferable currency that transfers to World of Hyatt — and Amex does not.

Chase's Killer App: World of Hyatt

World of Hyatt is the single best hotel loyalty program for award redemptions, full stop. Unlike Marriott or Hilton, Hyatt still uses a published award chart with fixed category pricing, so a top-tier property that costs $900 cash a night can routinely be booked for 35,000–45,000 points. That regularly translates to 2–3 cents per point or more, and at aspirational properties it can blow past that. Chase is the only major bank currency that reaches Hyatt at all — so for travelers who stay at Hyatt, this one partnership can justify keeping Chase by itself.

One important 2026 update: the June 2026 Sapphire Preferred refresh moved that card's Hyatt transfers to a 4:3 ratio (1,000 points become 750 Hyatt points) — immediately for anyone who applies on or after June 15, 2026, and from October 1, 2026 for existing Preferred cardholders. The fix is simple if you have the right card: the Chase Sapphire Reserve and Ink business cards still transfer to Hyatt at 1:1, so transfer your Hyatt points from one of those. If the Sapphire Preferred is your only Chase card, factor the 4:3 haircut into the math — Hyatt is still excellent value, just slightly less so than it was. Either way, Amex still doesn't reach Hyatt at any ratio.

Amex's Edge: International Premium Cabins

Amex counters with reach that Chase simply doesn't have. Amex transfers to ANA Mileage Club (the cheapest transatlantic business class anywhere), Cathay Pacific Asia Miles (superb for Cathay business and first), and Avianca LifeMiles (a Star Alliance workhorse with frequent bonuses) — none of which Chase partners with. Add Delta on the Amex side, and Amex is the stronger currency for someone chasing lie-flat seats to Asia and Europe.

This is the core trade. Chase gives you the best hotel sweet spot in travel and an easy domestic toolkit. Amex gives you a deeper bench of international airline partners and the transfer bonuses that make them even cheaper.

Transfer Partner Comparison

Here's the partner-by-partner picture using our verified June 2026 partner data. A few partners overlap (both currencies reach them), but the unique partners on each side are what define the choice.

A couple of clarifications worth stating plainly, because they're commonly misreported: Chase does not partner with ANA, Cathay Pacific, or Emirates. And on the other side, Amex does not transfer to World of Hyatt, and does not transfer to Lufthansa Miles & More. If you read otherwise elsewhere, it's out of date. For the full live lists, see our Chase Ultimate Rewards transfer guide and Amex Membership Rewards transfer guide.

Earning Cards on Each Side

A currency is only as good as your ability to earn it. Both ecosystems have a strong card lineup, but they reward slightly different spending.

Chase Ultimate Rewards Cards

• Chase Sapphire Preferred — the classic entry point. Solid bonus categories on travel and dining, a modest annual fee, and full 1:1 transfer access.
• Chase Sapphire Reserve — premium tier with stronger portal value (points redeem at an elevated rate through Chase Travel) and lounge access, on top of the same transfer partners.
• Chase Ink Business cards — the engine room for many points travelers, with high earning on office supply, internet/phone, and advertising spend. Pairing an Ink with a Sapphire unlocks transfers.

One important note on the Chase side: you generally need a card that allows transfers (a Sapphire or an eligible Ink) to move points to partners. Cash-back-only Chase cards earn the same points but can't transfer until you have a premium card in the family.

Amex Membership Rewards Cards

• Amex Gold — a category monster, with elevated earning on dining and U.S. supermarkets. For many travelers it's the single best everyday MR-earning card.
• Amex Platinum — the premium flagship: heavy travel benefits, lounge access, and full transfer access. High annual fee, justified mostly by perks and credits.
• Amex Business Platinum / Business Gold — strong business-side earning and the same MR transfer partners, useful for scaling up your points balance.

Amex's category bonuses (especially dining and groceries on the Gold) make it easy to rack up points fast, which pairs nicely with Amex's frequent transfer bonuses. For a deeper look at the Amex side, read our Amex Membership Rewards guide.

Redemption Styles

Beyond which partners exist, the two currencies tend to be used differently.

Chase Skews Practical

Chase points are easy to deploy at a respectable value even without expert knowledge. Sapphire Reserve holders get an elevated rate booking flights and hotels directly through the Chase Travel portal, which acts as a reliable floor. Add United for Star Alliance access, Southwest for cheap domestic flying, Hyatt for hotels, and you have a kit that quietly delivers good value across very ordinary trips. Chase is the currency you can hand to a less-experienced traveler and trust them not to waste it.

Amex Rewards Expertise

Amex's ceiling is higher, but it asks more of you. The big wins — ANA business class round-trip, Cathay first class, a 40%-boosted Flying Blue redemption — require knowing the sweet spots and timing the transfer bonuses. The Amex travel portal exists, but its baseline redemption rate is lower than Chase's, so portal redemptions are rarely the move. Amex pays off most for people who treat points as a project, not a fallback.

Transfer Bonuses & the Amex Devaluation

This is where Amex pulls meaningfully ahead — with one honest caveat.

Amex Runs Bonuses Constantly

Amex regularly offers transfer bonuses of 20–40% to partners like Air France/KLM Flying Blue, British Airways Avios, Virgin Atlantic, and Avianca LifeMiles. A 30% bonus turns 50,000 MR into 65,000 partner miles — which can be the difference between an aspirational seat being out of reach and being a screaming deal. These bonuses rotate frequently enough that, if you have flexible plans, you can often wait for one. Chase runs transfer bonuses far less often, and when it does, they're typically to hotel partners like Marriott rather than airlines. Track live offers on our live transfer bonuses page and read the strategy in our transfer bonus guide.

The Honest Caveat: Amex's 5:4 Devaluation

Amex isn't all upside. In October 2025, Amex devalued transfers to some partners from 1:1 to a 5:4 ratio (you get 4 partner miles for every 5 MR), which quietly raised the real cost of those redemptions. Emirates Skywards is the most cited example of the 5:4 change on the Amex side. It doesn't apply to every partner, and most of the marquee airline partners discussed here still transfer at 1:1 — but it's a reminder that Amex's flexibility comes with the issuer's willingness to move the goalposts. Always confirm the current ratio before you transfer, since transfers are one-way and irreversible.

The Verdict

There's no single winner — there's a winner for your situation.

Choose Chase if…

• You stay at Hyatt, or want the best hotel award chart in travel.
• Most of your flying is domestic (United, Southwest, JetBlue cover it).
• You want a currency you can redeem well without studying award charts.
• You value the Sapphire portal as a reliable redemption floor.

Choose Amex if…

• You want international business and first class — ANA, Cathay, Avianca, Flying Blue.
• You'll time your redemptions around 20–40% transfer bonuses.
• You earn heavily on dining and groceries (Amex Gold) and want a high ceiling.
• You're comfortable verifying current transfer ratios before moving points.

The Real Answer: Hold Both

The two currencies don't transfer to each other and barely overlap on their best partners, so holding both is genuinely additive. A Chase Sapphire paired with an Amex Gold or Platinum gives you Hyatt and United and ANA, Cathay, and every transfer bonus Amex runs. For anyone redeeming more than a couple of times a year, the two-currency setup is the standard for a reason — it leaves almost no high-value sweet spot off the table.

Frequently Asked Questions

Does Chase or Amex have more transfer partners?

Amex Membership Rewards has more airline transfer partners than Chase Ultimate Rewards. Amex transfers to Delta, Air Canada Aeroplan, ANA, Avianca LifeMiles, Air France/KLM Flying Blue, British Airways Avios, Virgin Atlantic, Singapore KrisFlyer, and Cathay Pacific. Chase transfers to United, Southwest, JetBlue, Aeroplan, Flying Blue, British Airways Avios, Virgin Atlantic, Singapore KrisFlyer, and Iberia. Chase has the edge on domestic carriers (United, Southwest, JetBlue) and on Iberia; Amex has the edge on international premium-cabin access (ANA, Cathay, Avianca).

Does Chase or Amex transfer to World of Hyatt?

Chase Ultimate Rewards reaches World of Hyatt and Amex Membership Rewards does not — Chase is the only major transferable currency that transfers to Hyatt at all, which is the single biggest reason to keep Chase points. Hyatt award nights routinely deliver some of the best fixed-value redemptions in travel. One 2026 caveat: the June 2026 Sapphire Preferred refresh moved that card's Hyatt transfers to 4:3, but the Chase Sapphire Reserve and Ink business cards still transfer 1:1 — so move your Hyatt points from one of those to keep full value.

Which points transfer to ANA and Cathay Pacific?

Amex Membership Rewards transfers to both ANA Mileage Club and Cathay Pacific Asia Miles; Chase Ultimate Rewards transfers to neither. ANA via Amex is the cheapest way to book transatlantic business class at 88,000 miles round-trip (44,000 each way), though ANA only books round-trip awards. Cathay Asia Miles is excellent for Cathay Pacific business and first class. Both are Amex-exclusive among the two ecosystems compared here.

Which program gets more transfer bonuses, Chase or Amex?

Amex Membership Rewards runs frequent transfer bonuses — often 20% to 40% to partners like Air France/KLM Flying Blue, British Airways Avios, Virgin Atlantic, and Avianca LifeMiles. These bonuses can meaningfully lower the effective cost of a premium-cabin award. Chase runs transfer bonuses far less often, and they are usually limited to hotel partners such as Marriott. If chasing transfer-bonus value is your strategy, Amex is the stronger currency.

Can you have both Chase and Amex points at the same time?

Yes, and most experienced points travelers do exactly that. Chase and Amex are separate currencies that do not transfer to each other, so holding both gives you access to every partner across both ecosystems — Hyatt and United through Chase, plus ANA, Cathay, and frequent transfer bonuses through Amex. A common setup is a Chase Sapphire card paired with an Amex Gold or Platinum, which together cover almost every high-value sweet spot.