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Chase Ultimate Rewards Question
Posted on 4/7/14 at 9:39 am
Posted on 4/7/14 at 9:39 am
Can the ultimate rewards points be redeemed to just serve as a payment toward your balance? If so, how do I go about doing this? I have some racked up right now and would be nice to not have to make a cash payment this month. Thanks guys 
2
Posted on 4/7/14 at 9:44 am to JumpingTheShark
Log on to your Chase account. Go to Ultimate Rewards. Click Cash Back and specify Statement Credit.
Posted on 4/7/14 at 9:45 am to Bear-O-Dactyl
Thanks bud, simple enough. Much appreciated
Posted on 4/7/14 at 10:03 am to JumpingTheShark
As long as you realize you are absolutely destroying the value of those points, go ahead
Posted on 4/7/14 at 10:35 am to Teddy Ruxpin
Its what's best for me right now.
Posted on 4/7/14 at 10:45 am to Teddy Ruxpin
quote:
As long as you realize you are absolutely destroying the value of those points, go ahead
Just curious, can you explain how it is destroying the value. I usually take the cash deposited to my checking account.
Posted on 4/7/14 at 10:52 am to ATOlurker
quote:
Just curious, can you explain how it is destroying the value. I usually take the cash deposited to my checking account.
Sure, but it really depends on what you want the points for in the first place, so it varies from person to person. But don't be fooled, the Chase UR program is a "Travel program" first and foremost.
Hence, when Chase UR points when redeemed for cash back are only worth 1 cent per point. Simply going through the Chase UR portal to book travel makes them worth 1.25 cents per point, so using them as cash back is already losing value.
If you have CSP card and can transfer to say Southwest, your points will be worth about 1.6 cents per point.
If you book an international trip in economy, you can get about 2 cents per point. If you book premium international seats, your value per point is somewhere north of 4 cents per point and higher.
But again, if you aren't using the points for travel, then cash back works I guess, but I'd suggest exploring other points programs if that is all you want.
This post was edited on 4/7/14 at 10:54 am
Posted on 4/7/14 at 10:53 am to Teddy Ruxpin
Wha? Please elaborate.
I either use them for a statement credit, or for the RARE chance they run a discount on Amazon Gift Cards.
I either use them for a statement credit, or for the RARE chance they run a discount on Amazon Gift Cards.
Posted on 4/7/14 at 10:54 am to ATOlurker
You get a lot more bang for your buck when you transfer the points and redeem for airfare. You are cutting your value in half by redeeming for cash, but if you never fly anywhere, I guess it doesn't matter.
Posted on 4/7/14 at 10:55 am to LSUtigerME
I'm not trying to rain on any body's parade, but I'd look around real hard at various cash back point systems if that is all you want out of a credit card.
Right, I just want to throw out the suggestion to either 1)Redeem for travel, 2) Find a better program for cash back if possible.
I hope everyone is successful in their endeavors
quote:
You get a lot more bang for your buck when you transfer the points and redeem for airfare. You are cutting your value in half by redeeming for cash, but if you never fly anywhere, I guess it doesn't matter.
Right, I just want to throw out the suggestion to either 1)Redeem for travel, 2) Find a better program for cash back if possible.
I hope everyone is successful in their endeavors
This post was edited on 4/7/14 at 10:58 am
Posted on 4/7/14 at 11:25 am to Teddy Ruxpin
Yeah the travel points are legit. Kept me from paying an arm and a leg for a trip to Charleston recently.
Posted on 4/7/14 at 12:03 pm to Teddy Ruxpin
quote:
If you book an international trip in economy, you can get about 2 cents per point. If you book premium international seats, your value per point is somewhere north of 4 cents per point and higher.
How do you get this? I just did a search for an international flight and it only comes out to 1.25 cents per point.
Posted on 4/7/14 at 12:13 pm to lapistola
You need to have a Chase Sapphire Preferred or a Chase Ink Bold or Plus card.
Posted on 4/7/14 at 12:15 pm to Teddy Ruxpin
I have Chase Sapphire Preferred.
Posted on 4/7/14 at 12:22 pm to lapistola
Go into Chase Ultimate Rewards.
On the menu bar at the top, you will see "Point Transfer"
If you have a reward account with one of those companies, you can transfer points at a 1:1 rate from your UR account into their Reward program. Signing up for a reward account with those companies is free and easy.
Then, you can book your flight/hotel via their program, which is where the higher valuations over 1.25 cents comes from.
On the menu bar at the top, you will see "Point Transfer"
If you have a reward account with one of those companies, you can transfer points at a 1:1 rate from your UR account into their Reward program. Signing up for a reward account with those companies is free and easy.
Then, you can book your flight/hotel via their program, which is where the higher valuations over 1.25 cents comes from.
This post was edited on 4/7/14 at 12:23 pm
Posted on 4/7/14 at 12:29 pm to Teddy Ruxpin
Gotcha, thanks. I figured it had to do with transferring the points. We will be doing a trip to Europe in the next couple of years and hoping I can save enough for at least one ticket. Any airlines that you know of that give the best points rewards for international?
P.S. sorry for the hijack OP but it looked like you got the answer to your question.
P.S. sorry for the hijack OP but it looked like you got the answer to your question.
Posted on 4/7/14 at 12:38 pm to lapistola
Your easiest/simplest bet is going to be to transfer to United and book. This doesn't mean you'll be flying on United planes the whole time, as Star Alliance airlines can be booked with United awards.
Do some Google searched on booking United Awards with Chase UR points to get an idea on how the process works. Play around with United website's award booking tool. The more you use it, the better you get at it.
Do NOT transfer your points into United until you have figured out all the flights you'll need and confirm availability.
Pro Tip: Search award availability by segment. So if I want to go from MSY to Bangkok, you can try MSY to BKK and click roundtrip, but you will get much better results doing MSY to IAH, IAH to SFO, SFO to BKK (or whatever alternatives) and similarly for the return.
It pays to know all the different routes between airports and who flies them. Wikipedia the airports to learn this info. Very helpful.
Do some Google searched on booking United Awards with Chase UR points to get an idea on how the process works. Play around with United website's award booking tool. The more you use it, the better you get at it.
Do NOT transfer your points into United until you have figured out all the flights you'll need and confirm availability.
Pro Tip: Search award availability by segment. So if I want to go from MSY to Bangkok, you can try MSY to BKK and click roundtrip, but you will get much better results doing MSY to IAH, IAH to SFO, SFO to BKK (or whatever alternatives) and similarly for the return.
It pays to know all the different routes between airports and who flies them. Wikipedia the airports to learn this info. Very helpful.
This post was edited on 4/7/14 at 12:40 pm
Posted on 4/7/14 at 12:42 pm to Teddy Ruxpin
Excellent. Thanks for the tips. Will definitely be using that info.
I just did a quick search with United and it was about 1.50 cent/point for the flight I wanted with only the return trip being in the "Saver" reward category, so I'm sure if I played around with the dates I could find another Saver flight for the departure trip and make it even higher.
I just did a quick search with United and it was about 1.50 cent/point for the flight I wanted with only the return trip being in the "Saver" reward category, so I'm sure if I played around with the dates I could find another Saver flight for the departure trip and make it even higher.
Posted on 4/7/14 at 12:45 pm to lapistola
quote:
I just did a quick search with United and it was about 1.50 cent/point for the flight I wanted with only the return trip being in the "Saver" reward category, so I'm sure if I played around with the dates I could find another Saver flight for the departure trip and make it even higher.
Right, you're always looking for the Saver award level. Two things that will help you. 1) Be flexible 2) Look early and often for award availability starting 330 days out from date of intended departure.
This post was edited on 4/7/14 at 12:46 pm
Posted on 4/7/14 at 7:42 pm to Teddy Ruxpin
The travel benefits aside, Chase Freedom is a good value card for the 5% quarterly bonuses (especially the gas one).
If you aren't planning on flying anywhere, it's not a bad idea to take the points and pay off your bill, especially if you would otherwise pay interest on your card.
If you aren't planning on flying anywhere, it's not a bad idea to take the points and pay off your bill, especially if you would otherwise pay interest on your card.
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