Dear Clever Credit,
Other than flights and hotels, what is the best way to use Chase Ultimate Rewards points? We have about 220K points, but we’re no longer able to travel. Any ideas?
Signed,
Grounded Chaser
Dear Grounded,
There are plenty of other ways you can redeem your Chase Ultimate Rewards points. Granted, you’re going to get the most out of them if you spend them on travel, but don’t worry. There are other ways you can spend that buttload of points.
— Cash back. Points are worth 1 cent each, which means your 220,000 points equal $2,200.
— Gift cards. Most of the time, points are worth 1 cent each when redeemed for a gift card. But sometimes Chase sells specific gift cards at a discount.
— Amazon purchases. You can spend your points on Amazon purchases through the Shop with Points program. Chase Ultimate Rewards points are worth 0.8 cent per point in this program, so it’s a little less than if you were to redeem for cash back.
— Apple purchases. Points are worth 1 cent each, but keep an eye out for discounted Apple gift cards. You can maximize your points this way. Chase also often offers discounts on Apple products if you purchase through its shopping portal.
— Pay Yourself Back. With the Pay Yourself Back program, you receive a statement credit for eligible purchases. Points can be worth from 1 cent to 1.5 cents per point, depending on promotional redemptions and the type of card you have.
— Chase Experiences. Just because you can’t travel doesn’t mean you have to give up on experiences. You can redeem your points for exclusive events, music festivals, dining experiences and more.
[Read: Best Credit Cards.]
Now, depending on what you’re after, there’s no one right answer. If we’re looking strictly at redemption values, your best bet would be to use the Pay Yourself Back program. But since you can only redeem a statement credit on recent eligible purchases, this may not work for you if you have a stockpile of points. If that’s the case, good old cash back could be the next best thing.
But if you’re looking for something comparable to travel, using your points for Chase Experiences could be a better option. This way, you’re still enjoying things in your city (or close by) that don’t require any travel.
The worst thing you can do is let your points gather dust. While they don’t expire, letting that much potential money just sit there and not work for you is a travesty. If you’re still not sure what you want to do with your points, think about redeeming them for cash back and depositing that cash into a high-yield savings account. This way, at least that money is earning interest in the meantime. Make those points work for you!
[Read: Best Cash Back Credit Cards.]
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Clever Credit: I Have a Stockpile of Chase Ultimate Rewards Points But Don’t Travel. What Do I Do? originally appeared on usnews.com
