By Joseph Hellman-Benjamin, Founder and CEO of The Points King. Last updated: October 12, 2026. Editorial Policy
Amex points vs. Chase points: which are worth more? On paper they are close: The Points Guy values American Express Membership Rewards at 2.0 cents and Chase Ultimate Rewards at 2.05 cents for October 2026. The real differences are elsewhere. Amex has more airlines, including Delta; Chase has United, Southwest and Hyatt. And if you ever want plain cash, Chase pays 1 cent a point where Amex pays about 0.6.
I am Joseph Hellman-Benjamin, and I have run The Points King since 2017. We buy both kinds of points, and the question I hear most from people holding them is not which program is better in theory, but which one suits the trips they actually take. That is how this page is organized. There are no affiliate links on this site, and nothing here is a card recommendation.
Amex Points vs. Chase Points at a Glance
| Amex Membership Rewards | Chase Ultimate Rewards | |
|---|---|---|
| Value, The Points Guy, October 2026 | 2.0 cents | 2.05 cents |
| Value, NerdWallet, October 2026 | 1.3 cents | 1.8 cents on the Sapphire Reserve |
| Transfer partners | 20: 16 airlines, 4 hotels | 14: 10 airlines, 4 hotels |
| Cash | About 0.6 cents as a statement credit | 1 cent as cash back |
| Flights through the bank’s travel site | 1 cent | 1 cent, or up to 2 cents with Points Boost on the Sapphire Reserve |
| Example cards and annual fees | Gold $325, Platinum $895 | Sapphire Preferred $95, Sapphire Reserve $795 |
| Expiry | None while a card stays open | None while a card stays open |
The two valuation sources disagree because they measure differently: The Points Guy assumes good transfer redemptions, NerdWallet bases its figure on a typical one. Neither is what you will get. Your number depends on where you fly.
Transfer Partners: Where They Differ
| Programs | |
|---|---|
| Both Amex and Chase | Aer Lingus, Air Canada Aeroplan, Air France-KLM Flying Blue, British Airways, Iberia, JetBlue, Singapore KrisFlyer, Virgin Atlantic, Marriott Bonvoy |
| Amex only | Delta, ANA, Avianca LifeMiles, Aeromexico, Cathay Pacific, Emirates, Qantas, Qatar Airways, Hilton, Choice, Leading Hotels of the World |
| Chase only | United, Southwest, World of Hyatt, IHG, Wyndham |
Most transfers are 1:1. The exceptions:
- Amex: Cathay Pacific, Emirates and JetBlue at 5:4; Aeromexico at 1:1.6; Hilton at 1:2; Leading Hotels of the World at 4:1. Transfers to Delta and JetBlue carry a fee of $0.0006 a point, up to $99 a transfer (The Points Guy).
- Chase: everything at 1:1 except World of Hyatt, which is now 4:3 on the Sapphire Preferred and Ink Business Preferred. The Sapphire Reserve keeps 1:1. For the full list, see Chase transfer partners.
For the Amex side in full, with ratios and fees, see Amex transfer partners.
What Changed in the Past Year
- June 30, 2025: Amex dropped Hawaiian Airlines.
- September 16, 2025: Amex cut Emirates to 5:4 (One Mile at a Time).
- October 16, 2025: Emirates left Chase (The Points Guy).
- February 2026: Chase added Wyndham at 1:1, its 14th partner (The Points Guy).
- March 1, 2026: Amex cut Cathay Pacific to 5:4.
- June 15, 2026: Chase refreshed the Sapphire Preferred: the fee stayed at $95, it added a $100 Chase Travel hotel credit and 3 points a dollar on gas, and dropped the 10% anniversary bonus (Doctor of Credit).
- June 30, 2026: Amex dropped Etihad (Frequent Miler).
- July 2026: Amex added Leading Hotels of the World at 4:1 (One Mile at a Time).
- October 1, 2026: Chase cut Hyatt to 4:3 for existing Sapphire Preferred and Ink Business Preferred cardholders (Upgraded Points).
The lesson from that list: both banks change partners and ratios every few months, usually with a few weeks’ notice. Do not move points to an airline until you have found the seat you want.
Cash and Travel Portal Value
If you never want to think about transfer partners, Chase is the simpler program. Cash back is 1 cent a point. Through Chase Travel, Points Boost offers on selected flights and hotels can reach up to 2 cents a point on the Sapphire Reserve and about 1.5 cents on the Sapphire Preferred (The Points Guy).
Amex pays about 0.6 cents a point as a statement credit, 1 cent on flights booked through Amex Travel, and about 0.7 cents on most prepaid hotels (NerdWallet).
A worked example with 60,000 points: as cash, Chase pays $600 and Amex about $360. Spent on flights through each bank’s travel site, both are worth $600. Transferred to an airline for a long business class trip, either can be worth far more. The gap between the two programs is widest when you want cash.
Which Points Should You Collect?
- You fly Delta: Amex. Delta takes Amex points and not Chase points.
- You fly United or Southwest, or stay at Hyatt: Chase. None of them takes Amex points. If you hold Amex points and fly United, see how to use Amex points on United.
- You want the lowest annual fee for transferable points: of the four cards above, the Sapphire Preferred at $95.
- You may want cash: Chase, at 1 cent against 0.6. For cards that pay cash outright, see Amex points vs. cash back.
- You book international premium cabins: Amex, for the longer list of airlines, including ANA, Qatar Airways and Qantas. For British Airways and the other Avios programs, see Amex points vs. Avios.
Many people hold both. Eight airline programs take points from either bank, so a Flying Blue or Virgin Atlantic account can pool points from both. Whether to collect bank points at all, or airline miles instead, is a separate question: see airline miles vs. credit card points.
If You Have Points You Will Not Use
Brokers, The Points King included, buy both kinds of points for cash, and both banks forbid it. The Membership Rewards terms (September 2026) say points “don’t belong to you” and “you can’t sell them,” and let Amex take them away. Chase’s rewards program agreement lists buying or selling points as misuse, and says you lose all your points if the account is closed for it. Before anything else, compare a written offer with what the bank pays you in cash: 1 cent for Chase, 0.6 for Amex. Read the risks of selling miles and points, then see our pages on selling Amex points and selling Chase points.
Frequently Asked Questions
Are Amex points or Chase points worth more?
Close to even when transferred: 2.0 cents for Amex and 2.05 cents for Chase in The Points Guy’s October 2026 valuations. As cash, Chase is worth more: 1 cent a point against about 0.6.
Can you transfer Amex points to Chase, or Chase points to Amex?
No. But eight airline programs take both, so you can combine them inside one airline account.
Which has more transfer partners?
Amex, with 20 (16 airlines and 4 hotels). Chase has 14 (10 airlines and 4 hotels).
Which is better for Delta? For United?
Delta takes only Amex points. United takes only Chase points.
Did Chase change its Hyatt transfer rate?
Yes. Since October 1, 2026, the Sapphire Preferred and Ink Business Preferred transfer to Hyatt at 4:3. The Sapphire Reserve stays at 1:1.
Do Amex and Chase points expire?
Not while you keep a card open that earns them. Close your last one with points still in the account and you can lose them.
Sources
- The Points Guy: monthly valuations, October 1, 2026
- NerdWallet: what travel points and miles are worth, October 2026
- NerdWallet: Amex transfer partners, updated July 24, 2026
- Upgraded Points: Chase Hyatt transfer change, updated September 30, 2026
- The Points Guy: Chase Points Boost, September 21, 2026
- NerdWallet: what Amex points are worth, October 2, 2026
- The Points Guy: Amex transfer fees, April 26, 2026
- Frequent Miler: Etihad leaves Amex, June 23, 2026
- One Mile at a Time: Amex adds Leading Hotels of the World, July 28, 2026
- Doctor of Credit: Sapphire Preferred changes, June 10, 2026
- American Express: Platinum Card, read October 12, 2026
- American Express: Gold Card, read October 12, 2026
Update Log
- October 12, 2026: rewritten in my own words. Added a dated timeline of partner changes, the Sapphire Preferred refresh, a cash example and new FAQs; removed a video link.
- October 10, 2026: updated with October 2026 valuations and partner lists.