When you earn cash back with a Chase Freedom or Chase Freedom Unlimited credit card, you’re actually earning Chase Ultimate Rewards points — you’re just limited to redeeming them for cash.
If you open a different Chase Ultimate Rewards card, like the Chase Sapphire Preferred Card, Chase Sapphire Reserve, or Chase Ink Business Preferred, you can pool your points and unlock more valuable ways to redeem them.
The best options are to use them to book travel through Chase, or transfer them to frequent flyer partners.
Of course, you always have the option of sticking with cash if you prefer.
The Chase Freedom and Chase Freedom Unlimited cards are two fantastic options if you’re looking for a cash-back credit card. However, if you’re interested in upgrading to travel rewards points — which can be more valuable than straight cash — it’s possible to convert anything you earn with the Chase Freedom-brand cards.
Why you might want Chase points instead of cash back
Certain other cards from Chase — including the Chase Sapphire Preferred, Chase Sapphire Reserve, and Chase Ink Business Preferred — earn rewards points within Chase’s loyalty ecosystem, “Chase Ultimate Rewards.” When you have one of these cards, there are three main different ways to redeem your points.
The first option is the simplest: You can redeem points for 1 cent each toward cash, gift cards, or purchases.
The next option is to use points to purchase travel through Chase, which features a travel-booking portal on the Ultimate Rewards website. This site works the same way as any major online travel agency — you can book anything from flights or hotels to rental cars or cruises — except that you can use points, or a combination of points and your credit card, to book.
Depending on which card you have, you get a bonus on your points’ value when you use them to book travel through Chase. If you have the Sapphire Preferred (or certain small business cards like the Ink Business Preferred), you’ll get a 25% bonus on points used toward travel — in other words, those points will be worth 1.25 cents each. With the Sapphire Reserve, the bonus for travel purchases is 50%, making your points worth 1.5 cents each.
The third option when you have any of those premium Chase cards is to transfer your …read more
Source:: Business Insider