Chase Ultimate Rewards vs. Amex Membership Rewards vs. Aeroplan: Which Points Currency Is Actually Worth More?
Ask five churners which points currency is "the best" and you will get five different answers, because Chase Ultimate Rewards, Amex Membership Rewards, and Aeroplan are not actually competing for the same job. Each one is optimized for a different kind of trip, and the real answer is usually "some of each, transferred at the right moment."
The Short Answer
Chase Ultimate Rewards has the deepest bench of transfer partners and the most forgiving fixed-rate redemption if you never want to think about sweet spots. Amex Membership Rewards has the widest global airline partner list, which matters if you fly outside North America. Aeroplan is the one you usually end up transferring into anyway -- it accepts points from both UR and MR, and its Star Alliance award chart consistently prices international business class lower than either of the other two currencies can match on their own.
Flagship Earning Cards, Compared
Chase Ultimate Rewards
UR's biggest strength is optionality: transfer partners span United, Southwest, Hyatt, IHG, British Airways, Air France/KLM, and more, plus Chase Travel bookings at 1 cent per point -- or up to 1.5 to 2 cents on select hotels and flights with a Points Boost offer -- if you would rather skip the sweet-spot research entirely. For domestic travel and hotel stays, UR is usually the easiest currency to extract good value from without much effort.
Amex Membership Rewards
MR's partner list leans international -- ANA, Cathay Pacific, Emirates, Virgin Atlantic, and Air France/KLM among them -- which makes it the strongest currency for premium-cabin redemptions to Asia, the Middle East, and Europe. The tradeoff is that MR has no portal boost like Chase's (Amex Travel pays about 1 cent per point on flights), so its value depends more heavily on knowing (or looking up) the right sweet spot.
Aeroplan
Aeroplan is unique on this list because most people acquire it two ways at once: earning it directly on an Aeroplan co-brand card, and transferring in unused UR or MR balances. Its Star Alliance chart (especially to Europe and Asia in business class) routinely delivers some of the highest cents-per-point value of any program covered here, which is why experienced churners treat it as a shared destination currency rather than a standalone competitor.
Stop Guessing What Your Points Are Worth
How to Decide Which to Prioritize Earning
- Mostly domestic trips, want simplicity: Ultimate Rewards -- easy Hyatt and domestic airline transfers, plus Points Boost offers in Chase Travel.
- Premium international travel, Asia/Middle East focus: Membership Rewards -- the partner list is built for exactly this.
- Star Alliance business class, especially to Europe: Earn Aeroplan directly, and top it up by transferring in UR or MR when a specific award opens up.
See Your Whole Portfolio at Once
The Bottom Line
There is no single "best" points currency -- there is only the best currency for the trip you are planning. Most experienced churners end up holding all three and moving balances into Aeroplan only once a specific award is in front of them, rather than committing to one ecosystem up front.
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