Chase Ultimate Rewards and Amex Membership Rewards are the two most valuable flexible points currencies. Both transfer 1:1 to airline programs — but they cover different airlines and shine in different situations.
| Category | Chase UR | Amex MR |
|---|---|---|
| Transfer partners | ~14 | 20+ |
| Transfer ratio | 1:1 to most | 1:1 to most |
| Best airline exclusive | United MileagePlus | Delta, Aeroplan, ANA |
| Best hotel exclusive | World of Hyatt | Hilton Honors |
| Best everyday card | Sapphire Preferred ($95) | Gold Card ($250) |
| Premium card | Sapphire Reserve ($550) | Platinum ($695) |
| Flying Blue access | ✓ Yes | ✓ Yes |
Most frequent travelers hold one Chase card and one Amex card. Chase for United, Hyatt, and travel portal. Amex for Aeroplan (best for Lufthansa Group), Delta, and ANA. Both transfer to Flying Blue, Singapore, and British Airways. Together, you cover every major alliance and program.
The most effective approach for frequent award travelers is to hold one Chase card and one Amex card simultaneously — a strategy that unlocks the full coverage of both programs. Chase's Sapphire Preferred or Reserve covers United MileagePlus (Star Alliance, fixed chart at 80k business to Europe), World of Hyatt (the best hotel program for points value), and British Airways Avios. Amex's Gold or Platinum covers Air Canada Aeroplan (best for Lufthansa Group at 55k business, no surcharges), Delta SkyMiles (for flash sales and domestic), ANA Mileage Club (Japan business class), and Virgin Atlantic Flying Club (for Delta One at fixed rates).
The key overlap between both programs is Air France/KLM Flying Blue (both Chase and Amex transfer) and Singapore KrisFlyer (both programs transfer 1:1). This overlap gives you flexibility — either currency can cover Flying Blue Promo Awards, which are often the best-value transatlantic economy redemptions available. Starting cardholders should prioritize: Chase Sapphire Preferred (strong earning, $95 fee) + Amex Gold (4x dining, $250 fee) as the most cost-effective two-card combination for building a dual-currency strategy without high annual fees.