Chase vs Amex: 2025 Points Program Analysis

American Express Membership Rewards holds a distinct advantage for premium international flights in 2025, driven by a broader airline network and potent transfer bonuses that can yield valuations of 5.0 to 7.0 cents per point (cpp). However, Chase Ultimate Rewards maintains an uncontested monopoly on high-value luxury hotel redemptions through its exclusive 1:1 partnership with World of Hyatt, where redemptions consistently deliver 3.5 to 4.88 cpp. For sophisticated travelers, the optimal strategy involves leveraging both ecosystems, as the superior program is dictated entirely by the specific redemption goal: flights or hotels.

Transfer Partner Network & Fee Analysis

The fundamental difference between the two programs lies in their strategic approach: Amex pursues breadth while Chase prioritizes simplicity and consistency. Amex provides access to 17 airline partners, offering more optionality for Oneworld, SkyTeam, and non-alliance carriers like Emirates and Etihad. This expanded network, however, introduces complexity. Transfers to partners like JetBlue and Emirates incur a 20% value penalty with a 5:4 ratio, and transfers to U.S. carriers (Delta, JetBlue, Hawaiian) are subject to a federal excise tax of $0.0006 per point, capped at $99. This fee, though minor, represents a direct reduction in value not present with Chase.

Chase’s network is smaller, with 10 airline and 3 hotel partners, but its core strength is the universal 1:1 transfer ratio across all programs. This eliminates the need for complex calculations and ensures predictable value. Furthermore, nearly all Chase transfers are instantaneous, a critical advantage when securing fleeting award availability. The notable exception is Singapore Airlines KrisFlyer, which can take 1-7 days, creating booking risk. Amex transfers are also mostly instant, but key partners like ANA (2-3 days) and Cathay Pacific (1-2 days) introduce similar delays.

Premium Cabin Sweet Spots: International Flights

For transatlantic and transpacific business class, Amex's broader partner list and aggressive transfer bonuses create more opportunities for outsized value. The current 40% transfer bonus to Virgin Atlantic (through Dec 31, 2025) reduces the cost of an East Coast to London Upper Class seat to an effective 20,650 Amex points, yielding 2.5 cpp even after accounting for the recently increased $580-$600 in taxes and fees. Another powerful Amex-exclusive redemption is through ANA Mileage Club for round-the-world itineraries or simple round-trips like North America to Japan in business class for just 85,000 miles.

Both programs share access to Air Canada’s Aeroplan, a top-tier program for its distance-based chart and lack of fuel surcharges on most partners. An Amex transfer of 50,000 points can secure a lie-flat business class seat to Northern South America (e.g., Colombia, Peru), generating a remarkable 5.6 to 7.0 cpp against cash fares of $2,800-$3,500. Chase offers a similar value proposition with Aeroplan, requiring 60,000 points for a business class flight from the West Coast to Japan on partners like ANA, a redemption valued at 5.0 cpp. The primary differentiator is often the availability of temporary transfer bonuses, which Amex offers more frequently and at higher rates than Chase.

Luxury Hotel Redemptions: The Unbeatable Hyatt Advantage

While the airline debate is nuanced, the hotel verdict is decisive. Chase's exclusive 1:1 transfer partnership with World of Hyatt is the single most valuable redemption pathway offered by any flexible currency program. Amex's hotel partners—Hilton, Marriott, and Choice—offer objectively poor value. The standard Amex-to-Hilton ratio is 1:2, which seems generous until factoring in Hilton's inflated point pricing, resulting in a typical value of just 0.5-0.6 cpp. Marriott redemptions are similarly weak, rarely exceeding 0.8 cpp.

In stark contrast, Hyatt’s fixed award chart allows for redemptions at properties where cash rates are astronomical. The quintessential example is the Park Hyatt Maldives Hadahaa, a Category 7 property available for 25,000 to 35,000 points per night. With cash rates routinely exceeding $1,000, this redemption delivers a value of 3.5 to 4.88 cents per Chase point. Similarly, the Andaz Tokyo Toranomon Hills, at 40,000 points per night, yields over 3.0 cpp when cash rates climb above $1,200. No Amex hotel transfer partner can approach this level of consistent, high-end value.

Execution Strategy & Time-Sensitive Opportunities

Maximizing value from either program requires disciplined execution. The cardinal rule is to confirm award availability before initiating a transfer, as all point conversions are irreversible. Use tools like Seats.aero or the airline’s own website to find open seats. For time-sensitive redemptions, especially with Chase's 1-7 day transfer to Singapore Airlines, it is critical to call the airline and request a courtesy hold on the award seats while the points are in transit.

Both programs are currently offering aggressive, time-sensitive transfer bonuses through late 2025 that dramatically alter the value equation. The Amex 40% bonus to Virgin Atlantic (expiring Dec 31, 2025) and Chase's 70% bonus to Marriott Bonvoy (expiring Nov 30, 2025) are prime examples. The Marriott bonus, while seemingly attractive, is primarily useful for topping off an airline account via Marriott's hotel-to-air conversion (60,000 Marriott points become 25,000 airline miles), not for hotel stays. For travelers with specific redemptions in mind, acting before these bonus windows close is essential to lock in maximum value.