There are many ways to redeem Chase Ultimate Rewards points, but some are better than others. Cash - This is the worst way to redeem Chase points. Each point is worth 1 cent, so you receive no additional value. Booking Travel via Chase Ultimate Rewards Portal - Points are worth 1.5 cents per point. This is a solid way to redeem points. Chase Pay Yourself Back Feature - Points are worth up to 1.5 cents per point via a statement credit. This is a solid way to redeem points. Transferring to Chase Airline and Hotel Partners - Points may be worth as much as 2 cents per point. Depending on the situation, this can be the best way to redeem points.