Which Chase Transfer Bonus Should I Grab Now?

The current landscape is unusually rich with options, but the best value depends entirely on what you want to do. If you have a specific high-end hotel stay in mind — say, the Lake Como EDITION — the 70% Chase-to-Marriott bonus (valid through Oct. 15) can make a night that normally costs 110,500 Marriott points cost as few as 65,000 Chase points. That's a strong per-point value, but only if you were already planning that exact redemption. Marriott's dynamic pricing means the same bonus could just as easily turn into a mediocre 0.6 cents per point if you're booking a Fairfield Inn.

For travelers focused on premium cabins, Citi's new Japan Airlines transfer partnership (with a 30% bonus through Oct. 24) opens up some of the best sweet spots in the industry. Roundtrip business class to Europe on Air France can run as low as 66,000 Citi points after the bonus, with far lower taxes than booking through Flying Blue. Even better: JAL's distance-based roundtrip chart means itineraries like Miami–Madrid on American or New York–Milan on Emirates can cost roughly 85,000 miles roundtrip in business — effectively 42,500 each way. That's exceptional value, though you need to book roundtrip and all flights must be on the same JAL partner.

If travel isn't your goal, Chase's new 'Invest Your Points' option lets you cash out Ultimate Rewards into a qualifying J.P. Morgan investment account at 1 cent per point. That's better than statement credits or Amazon, and it's a perfectly sensible floor for value — but it's not as good as the 1.1 cents you can get from the Charles Schwab Amex Platinum, and it will almost certainly underperform the best travel redemptions. For most people, the JAL/Citi route or a targeted Chase-to-Marriott play will yield more, but the investment option is a useful safety valve if you're sitting on points you'll never use for travel.