Chase Ultimate Rewards vs. Amex Membership Rewards 2026: Which Program Wins?
Chase Ultimate Rewards and American Express Membership Rewards are the two dominant transferable points programs in the US. Both offer flexible redemptions, strong airline and hotel transfer partners, and premium credit cards with meaningful travel benefits. But they are not equivalent — understanding the differences determines which program (or combination) is right for you.
Quick Comparison
| Category | Chase Ultimate Rewards | Amex Membership Rewards |
|---|---|---|
| Transfer partners | 14 airlines, 3 hotels (17 total) | 18 airlines, 3 hotels (21 total) |
| Portal value (premium card) | 1.5 cpp (Sapphire Reserve) | 1.0 cpp (Platinum) |
| Top transfer ratio | 1:1 with all partners | 1:1 with most partners (some at 1:0.75) |
| Best hotel partner | World of Hyatt | Marriott Bonvoy |
| Transfer speed (airlines) | Instant (most) | Instant (most) |
| Annual fee range | $95–$550 | $150–$695 |
| Earning highlights | 5x dining/travel at Chase, 5x rotating (Flex) | 5x flights on Amex Platinum, 4x dining (Gold) |
| 5/24 rule | Yes (limits new Chase cards) | No equivalent restriction |
Transfer Partners: Overlap and Unique Partners
Partners Available on BOTH Programs
Several major airline and hotel programs accept transfers from both Chase and Amex. When you have both programs, you can choose which to use per redemption:
| Partner | Chase Ratio | Amex Ratio |
|---|---|---|
| Air Canada Aeroplan | 1:1 | 1:1 |
| Air France/KLM Flying Blue | 1:1 | 1:1 |
| British Airways Avios | 1:1 | 1:1 |
| Iberia Avios | — | 1:1 |
| Singapore Airlines KrisFlyer | 1:1 | 1:1 |
| Virgin Atlantic Flying Club | 1:1 | 1:1 |
| Marriott Bonvoy | 1:1 | 1:1 |
Chase-Exclusive Partners (Not Available on Amex)
| Partner | Why It Matters |
|---|---|
| World of Hyatt | Best hotel program for premium value |
| United MileagePlus | Star Alliance access without surcharges |
| Southwest Rapid Rewards | Domestic US/Caribbean budget routes |
| IHG Rewards | Broad budget and midscale hotel coverage |
Chase’s biggest exclusive advantage: World of Hyatt. Hyatt offers fixed-price award charts, no dynamic pricing at most properties, and consistent 2–5 cpp value — especially at Park Hyatt and all-inclusive Ziva/Zilara properties. Amex has no equivalent hotel transfer partner.
Amex-Exclusive Partners (Not Available on Chase)
| Partner | Why It Matters |
|---|---|
| Delta SkyMiles | Access to Delta’s own award pricing (generally poor value) |
| ANA Mileage Club | Trans-Pacific first class and business at fixed rates |
| Etihad Guest | Etihad Business Studio and Apartments (Abu Dhabi hub) |
| Cathay Pacific Asia Miles | Cathay’s excellent premium cabin product |
| Emirates Skywards | Emirates First Class A380 Shower Spa experience |
| Qantas Frequent Flyer | Pacific and oneworld routing |
Amex’s biggest exclusive advantage: Delta SkyMiles transfers and the breadth of premium product access via Etihad, Cathay, and Emirates — carriers with no Star Alliance connection. ANA Mileage Club at 1:1 (vs. Aeroplan’s 1:1 for ANA bookings via Chase) also gives Amex an alternative path to ANA at sometimes better pricing.
Earning Rates: Card by Card Comparison
Best Earners for Dining
| Card | Annual Fee | Dining Earn Rate |
|---|---|---|
| Amex Gold | $250 | 4x at restaurants worldwide |
| Chase Sapphire Reserve | $550 | 3x at restaurants |
| Chase Sapphire Preferred | $95 | 3x at restaurants |
| Amex Platinum | $695 | 1x at restaurants |
Winner: Amex Gold — 4x on dining is the best single-card restaurant earn rate in the US. But the Gold’s $250 annual fee comes with limited travel benefits vs. the Sapphire Reserve.
Best Earners for Travel
| Card | Annual Fee | Travel Earn Rate |
|---|---|---|
| Amex Platinum | $695 | 5x on flights booked direct or via Amex Travel |
| Chase Sapphire Reserve | $550 | 10x hotels/cars via Chase Travel, 5x flights via Chase Travel, 3x all other travel |
| Chase Sapphire Preferred | $95 | 5x via Chase Travel, 2x all other travel |
Winner: Tie (depends) — The Platinum’s 5x on direct flight bookings is outstanding if you book directly with airlines. The Reserve’s 10x on hotels and cars via Chase Travel is unmatched if you use the portal.
Best Earners for Everyday Spend
| Card | Annual Fee | Catch-All Rate |
|---|---|---|
| Chase Freedom Unlimited | $0 | 1.5x all purchases |
| Chase Ink Business Unlimited | $0 | 1.5x all purchases |
| Amex Blue Business Plus | $0 (first year) | 2x on first $50k/year |
Winner: Amex Blue Business Plus — 2x on all business purchases up to $50,000/year is the highest flat-rate earn on a no-fee card. But it’s only available to business cardholders.
Portal Value: A Significant Chase Advantage
This is perhaps the clearest differentiator between the two programs:
- Chase Sapphire Reserve: 1.5 cpp via Chase Travel portal
- Amex Platinum: 1.0 cpp via Amex Travel portal
Amex’s portal rate is equivalent to cash back — meaning Amex cardholders get zero premium over simply cashing out points. In practice, this makes transfer partners non-optional for Amex users seeking premium value, while Chase cardholders have a useful mid-tier redemption path for economy flights and simple travel bookings.
Which Program Is Better?
Choose Chase UR if you:
- Value hotel redemptions (Hyatt transfers are a unique, exceptional option)
- Want a meaningful portal fallback (1.5 cpp is genuinely useful for domestic economy travel)
- Book domestic US routes on Southwest or United frequently
- Are building a Trifecta strategy with multiple no-fee cards
- Are newer to points travel and want simpler, lower-risk high-value redemptions
Choose Amex MR if you:
- Want premium cabin access to Middle Eastern and Asian carriers (Emirates, Etihad, Cathay, ANA)
- Fly Delta domestically and want to use MR points for SkyMiles top-ups
- Spend heavily on dining (Amex Gold’s 4x is unmatched)
- Want Delta SkyMiles without earning Delta’s own mediocre redemption rates
- Are comfortable with a higher annual fee for the Platinum’s travel benefits (lounge access, hotel status, etc.)
The Best Answer: Both
Many experienced points travelers hold cards in both programs, using them complementarily:
- Amex Gold for dining (4x → MR)
- Amex Platinum for direct flight bookings (5x → MR)
- Chase Sapphire Reserve for travel and dining fill-in (3x → UR)
- Chase Freedom Unlimited for everything else (1.5x → UR)
- Transfers: UR → Hyatt for hotels, MR → Etihad/Cathay for premium Asian carriers
This “dual program” approach maximizes earning in every category while preserving access to the best partners in both ecosystems.
Frequently Asked Questions
Which is better: Chase Ultimate Rewards or Amex Membership Rewards?
Chase wins on hotel redemptions (World of Hyatt is unmatched) and portal value (1.5 cpp vs. Amex’s 1.0 cpp). Amex wins on premium Asian and Middle Eastern carriers (Cathay Pacific, Etihad, Emirates) and daily spending earn rates with the Amex Gold’s 4x dining. For most US-based travelers focused on Hyatt and transatlantic business class, Chase is the stronger starting program.
Does Chase or Amex have more transfer partners?
Amex has 21 total partners (18 airlines, 3 hotels) vs. Chase’s 17 (14 airlines, 3 hotels). The programs share many major partners — Aeroplan, Flying Blue, British Airways, Virgin Atlantic, Singapore Airlines KrisFlyer, and Marriott Bonvoy. Chase’s key exclusive is World of Hyatt; Amex’s key exclusives are Delta SkyMiles, Etihad Guest, Cathay Pacific Asia Miles, and Emirates Skywards.
Can I transfer Chase points to Amex airline partners?
No. Chase Ultimate Rewards and Amex Membership Rewards are entirely separate programs with no bridge between them. To access Delta, Etihad, Cathay Pacific, or Emirates, you need Amex Membership Rewards points — not Chase UR.
Does Chase or Amex have a better travel portal?
Chase is significantly better. The Sapphire Reserve delivers 1.5 cents per point in the Chase Travel portal — a 50% premium over cash back. Amex’s Membership Rewards travel portal redeems at only 1.0 cent per point, the same as cash redemption. For Amex cardholders, this means the portal provides essentially no bonus value, making partner transfers non-optional for anyone seeking above-average returns.