Advertiser Disclosure

Credit Cards, Reviews

How to Earn and Redeem Rewards with Chase Ultimate Rewards

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

How to Earn and Redeem Rewards with Chase Ultimate Rewards

The information related to the Chase Sapphire Preferred® Card, Chase Freedom Unlimited®, Chase Ink Business CashSM Credit Card, and Ink Business PreferredSM credit card has been collected by MagnifyMoney.com and has not been reviewed or provided by the issuer of these cards prior to publication.

Chase has an impressive list of credit card products that reward you for everyday spending. However, just five of the Chase rewards cards are currently part of the Chase Ultimate Rewards® program.

These credit cards include:

  • Chase Freedom®

    • Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.
  • Chase Freedom Unlimited®

    • 1.5% cash back offer. – it’s automatic
  • Chase Ink Business CashSM Credit Card
    • 5% cash back on the first $25,000 spent at office supply stores, and on cell phone, landline, internet, and cable TV services
    • 2% cash back on the first $25,000 spent on combined purchases at gas stations and restaurants
    • 1% cash back on all other purchases
  • Ink Business PreferredSM credit card
    • Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, and on advertising purchases made with social media sites and search engines each account anniversary year.*
    • Earn unlimited 1 Point Per $1 spent on all other purchases. Points do not expire as long as your account is open.*
  • Chase Sapphire Preferred® Card

    • 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide

If you have one (or several) of these cards in your wallet, the Chase Ultimate Rewards® website is a one-stop-shop where you can manage, combine, and redeem points earned.

Since choosing a credit card rewards program without digging into the product can be difficult, we’re giving you a behind the scenes look at what Chase Ultimate Rewards® has to offer cardholders.

In this post we’ll touch on:

  • Accessing Chase Ultimate Rewards®
  • Navigating the Chase Ultimate Rewards® portal
  • How much Chase Ultimate Rewards® points are worth
  • How to redeem Chase Ultimate Rewards® points

How to Access Chase Ultimate Rewards®

Where the Chase Ultimate Rewards® portal shines is how easy it is to manage your points. There are two simple ways to review the points you’ve earned. First, you can log into your Chase credit card account. There you’ll find your point balance alongside your credit card statement summary.

Or you can go straight to the Ultimate Rewards website and log in. To make your life easy, the credentials you use to log into your credit card account are the same credentials you need to access the Chase Ultimate Rewards® dashboard.

Chase Ultimate 1

The Chase Ultimate Rewards® Homepage

The bar at the top of the homepage shows the card that you’re currently managing on the left and your point balance on the right.

Chase Ultimate 2

Further down the page, there’s a detailed record of the points available to you now and how many points you’ve earned so far toward your next billing statement.

For cards that earn cash back (like the Chase Freedom® shown here), the Chase Ultimate Rewards® dashboard includes your point balance and what it equals in cold-hard cash back. We’ll discuss the points to cash conversion later in this post.

Chase Ultimate 3

You’ll also see the progress of your spending within the categories of each card on the right-hand side of the homepage. In our example photo, the Chase Freedom® Ultimate Rewards® page shows combined purchases for the revolving category which is currently restaurants and wholesale clubs. This is also where you would go quarterly to activate the category.

How to Earn an Extra Bonus

Besides earning from everyday spending, Chase Ultimate Rewards® gives you an opportunity to earn a bonus when you shop online with participating retailers.

Chase Ultimate 4

We’re reviewing Chase Ultimate Rewards® using a Chase Freedom® credit card, so the store bonuses appear in cash back. Credit cards that earn points rather than cash back will show bonus points for each online store instead.

Some cash back highlights on the online shopping list are:

  • Apple: 2% cash back
  • Macy’s: 3% cash back
  • Groupon: 4% cash back
  • Sears: 3% cash back

How Much Points Are Worth

Here’s where things get interesting. The Chase Ultimate Rewards® program uses a point system to keep track of earnings even for cash back cards. The redemption value of Chase Ultimate Rewards® points is:

  • 1 point equals 1 cent, or
  • 100 points equals 1 dollar

Now, taking a look at the point summary from above, you can see how 493 points earned equals $4.93 in cash back. You can expect this redemption value for cash back, gift cards, products, and travel unless you have the Chase Sapphire Preferred® Card or Chase Ink Business PreferredSM Credit Card.

Both of these cards give you a little more value for your points when you redeem for travel. It comes in the form of an additional 20% off when you make bookings through Chase Ultimate Rewards®. This translates into a point value of 1.25 cents per 1 point or $1.25 per 100 points.

Chase Sapphire Preferred® Card cardholders are able to transfer points to participating travel programs point for point as well. These travel programs include:

  • British Airways Executive Club
  • JetBlue TrueBlue
  • Singapore Airlines KrisFlyer
  • Southwest Airlines Rapid Rewards
  • United MileagePlus
  • Virgin Atlantic Flying Club
  • Hyatt Gold Passport
  • IHG Rewards Club
  • Marriott Rewards
  • The Ritz-Carlton Rewards

The Chase Sapphire Preferred® Card and Chase Ink Business PreferredSM Credit Card are the only two that earn Chase Ultimate Rewards® points with a $95 annual fee. For either of these cards to be worthwhile, you need to make sure the value of your rewards will surpass the fee.

For a quick example, you would need to spend $4,750 in the 2X category with your Chase Sapphire Preferred® Card to repay the $95 annual fee with a statement credit. For the Ink Business Preferred℠ Credit Card, you would need to spend $1,900 in the 5X category.

How to Redeem Chase Ultimate Rewards® Points

As mentioned, Chase Ultimate Rewards® members can redeem points for cash back, gift cards, products, and travel.

Cash Back

You can request a deposit into a checking and savings account or redeem for statement credit.

Gift Cards

If you prefer gift cards, some cards you can obtain with a point balance as low as 500. There are over 70 different stores and restaurants you can choose gift cards from including Starbucks, P.F. Chang’s, Gap, Amazon, and more.

Ultimate 6

Amazon Products

Amazon shoppers can link a Chase card to the site and use points to buy products.

Chase Ultimate 7

Travel

For cards other than the Chase Ink Business PreferredSM Credit Card and Chase Sapphire Preferred® Card, you’ll get the basic 1 cent per 1 point redemption value for travel.

Chase Ultimate 8

The good news is you can combine Chase Ultimate Rewards® balances to increase the buying power of your points. Keep in mind; you can only transfer points to another Chase card that belongs to you or someone in your household.

Chase Ultimate 9

For big travelers, partnering your Chase Sapphire Preferred® Card with the Chase Freedom® can help you maximize the Chase Ultimate Rewards® program. With this hack you can earn as much as you can from multiple categories. Then move your points over to the Chase Sapphire Preferred® Card to get a higher redemption value on travel. Or you can transfer your points to another travel loyalty program altogether.

Final Word

The Chase Ultimate Rewards® dashboard is easy to use and gives you many options for point redemption. Although activating a category or shopping within constraints can be a hassle, the Chase Ultimate Rewards® dashboard makes it easy to subscribe to bonus categories and keep track of your progress.

Even if you’re not ready to make the leap to a rewards card like the Chase Sapphire Preferred® Card with an annual fee of $95, you can still get more value from your points by shopping online with participating retailers.

 

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

Advertiser Disclosure

Reviews

How to Request a Credit Limit Increase With Chase

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

If you’re interested in requesting a credit limit increase with Chase, the good news is that it’s fairly simple to do. Before you pick up the phone, however, be sure you’re requesting a credit limit increase for the right reasons. Are you looking to get a higher limit so you can make a large purchase and pay it off over time? Are you constantly finding yourself maxing out your cards? A higher limit might help you in the short-term by giving you more breathing room, but it won’t solve the larger issue that is driving you to charge purchases you can’t afford to pay off each month.

But a credit limit increase can also be a strategic move to decrease your credit utilization rate and, as a result, possibly boost your credit score.

In this post, we’ll provide instructions for requesting a credit limit increase with Chase.

Option 1: Over the phone

The only way to request a credit limit increase is to speak with a representative over the phone. Simply call the number on the back of your card and someone can assist you in requesting a higher credit limit. Have your account and financial information ready.

A Chase representative tells MagnifyMoney there is no limit to how many times you can request a credit limit increase. However, be aware that a request will result in a hard pull on your credit report, which can ding your credit score.

Option 2: Automatic credit limit increases

On occasion, you may receive a notice from Chase in the mail saying your credit limit has been increased automatically. If you receive an increased credit limit, there is no action required on your part and your new credit limit is available for use. Your odds of receiving an automatic credit limit increase may be amplified if you follow some of the tips below.

  • Pay on time and more than the minimum. Having good payment history shows issuers you’re responsible with your credit card and may lead to an increase in your credit limit. That means don’t be late on payments and avoid carrying a balance whenever possible.
  • Keep your income up to date. For example, if you get a raise, record your new salary on your account profile so your financial information will be current. If issuers see you’re making more money, they may raise your credit limit.

Currently, you can’t request a credit limit increase with Chase online.

Understanding credit limit increases

Hard or soft pull on your credit? If you receive an automatic credit limit increase, there will be no harm to your credit score since you didn’t initiate anything. However, if you request an increase by phone, Chase will request a credit bureau report, resulting in a hard pull.

A higher credit limit has the potential to improve your credit score. Increasing your credit limit has the potential to boost your credit score by allowing you to maintain a low utilization rate more easily. Your utilization rate is the amount of credit you’re using divided by the total credit you have. An increase in the limit while maintaining the same spending will lower your utilization rate, and may raise your credit score.

For example, if you spend $1,000 a month on a card with a $4,000 credit limit, your utilization rate is 25%. But, if you request a credit limit increase and receive a new line of credit at $5,000, your utilization rate will drop to 20% as long as you still spend $1,000 a month.

Increased buying power. Your current credit limit may not be enough to cover the cost of large purchases, and that’s where a credit limit increase can come in handy. An increase in your credit limit can provide you with the buying power necessary for large purchases. However, take your increased credit limit with a grain of salt. While it can be tempting to spend more, keep new purchases to a minimum and pay them off as soon as possible so you avoid interest charges.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at [email protected]

Advertiser Disclosure

Reviews

Review of Edward Jones CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

What are brokered CDs?

Edward Jones offers brokered CDs, which are a bit different from the standard bank-issued CDs that most investors are familiar with. Bank-issued CDs, as the name implies, are issued by individual banks for their customers. Since Edward Jones is a broker and not a bank, it cannot issue its own CDs. Instead, the firm offers a range of CDs issued by other banks and thrifts but sold via Edward Jones.

For the casual investor, it can be hard at first glance to tell the difference between bank-issued and brokered CDs. However, there are some important distinctions:

  • No early withdrawal penalties: Brokered CDs don’t have early withdrawal penalties. If you need to get out of your CD, you can usually sell it back to another investor through a brokerage firm. This means that brokered CDs carry some additional risk, as the price of these CDs may fluctuate on the open market.
  • Higher APYs: You can often get higher yields on a brokered CD than with a bank-issued CD. Brokers are able to negotiate higher CD rates since they can guarantee a large pool of buyers to CD issuers. In the era of online banking, however, even brokered CDs do not always garner the absolute highest rates.
  • Longer-term options: Brokered CDs often have longer-term options than are available with traditional bank-issued CDs, which are generally short-term investments only.

CD rates from Edward Jones

Edward Jones offers a fairly comprehensive range of CD maturities, ranging from three months to 10 years, although the firm doesn’t offer 6-year CDs, 8-year CDs or 9-year CDs. Rates and availability change frequently, oftentimes daily. The longer-duration CDs offered by the firm aren’t traditionally available at banks.
Edward Jones CD Rates
TermMinimum deposit to earn APYAPY
3 months$1,0001.95%
6 months$1,0002.00%
9 months$1,0002.00%
1 year$1,0001.95%
18 months$1,0001.90%
2 years$1,0002.05%
3 years$1,0002.15%
5 years$1,0002.20%
7 years$1,0002.45%
10 years$1,0002.60%

For all maturities, Edward Jones requires a $1,000 opening deposit, which is the same minimum required to earn the stated APY. As these are brokered CDs, there is no early withdrawal penalty. However, investors are subject to current market prices if they need to get out of a CD prematurely. If interest rates have risen since the date of purchase, you’re likely to get less money back than you originally invested in the CD.

One important difference between Edward Jones CDs and standard bank-issued CDs is that interest does not compound with Edward Jones CDs. All interest is paid directly into a money market or insured bank deposit at Edward Jones, unless you request it to be distributed. Either way, you can’t reinvest your distributions into your existing CD.

Unlike some banks, Edward Jones doesn’t offer any type of hybrid or alternative CD, such as a step-up CD or an adjustable-rate CD. There are also no bonus APR CDs available at the current time, just standard rates. Edward Jones also does not offer special rates for jumbo CDs, which traditionally require a $100,000 deposit. However, you can use the firm’s wide range of CD maturities for certain CD strategies, such as building a CD ladder. You can also buy their brokered CDs in an IRA.

Unlike bank-issued CDs, the brokered CDs offered by Edwards Jones do not automatically roll over into new CDs. At maturity, the banks that issued the CDs pay the proceeds to Edward Jones, which then forwards the money to your account. At that point, you can either select a new brokered CD to purchase, or keep the funds in your Edward Jones money market or insured bank deposit account.

How to get CDs from Edward Jones

You’ll need to open a brokerage account at Edward Jones to buy any CDs. The account minimum to open is $0, but as Edward Jones is a full-service brokerage, you’ll need to go into a branch and visit a financial advisor to open an account. There is no facility to open an account online.

You can open your Edward Jones account as rapidly as you can fill out the paperwork and fund the account. As soon as your deposit clears, you are free to buy a CD through your Edward Jones broker. If you change your mind, you can generally withdraw your funds within 4-6 business days after deposit, although this hold period may extend to 11 business days for new clients. Once you buy a CD, you can sell it at any time on the open market. As noted above, the amount you receive may be less than the amount you originally paid.

LEARN MORE Secured

on Edward Jones’s secure website

Member FDIC

magnifying glass

How do CD rates from Edward Jones compare?

Edward Jones CD rates are well above the national average, but they still fall considerably short when compared with the best available rates nationwide.

Unlike with many firms, Edward Jones doesn’t currently have any special-rate CDs, where certain maturities pay dramatically higher rates. Instead, rates at Edward Jones land along a traditional curve, gradually increasing in yield as maturities lengthen.

For example, as of July 3, 2019, the Edward Jones 2-year CD rate of 2.05% is far below the best available 2-year CD rates. Three-year CD rates top out nationally at 3.00%, but Edward Jones pays 2.15%. The pattern continues throughout the maturity curve, with the top 5-year CD rates nationally hitting 3.00% or more, while the 5-year at Edward Jones pays 2.20%.

As such, all rates at Edward Jones fall in the general area of being well-above national averages but still notably short of the best available rates.

Overall review of CDs from Edward Jones

You won’t be wasting your time investing in CDs from Edward Jones, as you’ll be earning rates far above the national averages. You’ll also benefit from the ability to construct a CD or overall investment strategy with the assistance of a full-service advisor. However, if you’re looking for the absolute best CD rates for your money, there are plenty of online banks that can pay you a higher rate.

CD investors who like a wide range of products may be disappointed at Edward Jones, as popular options such as step-up or no-penalty CDs are not currently available. However, Edward Jones CDs do benefit from offering brokered CDs. This provides a range of flexibility that standard bank-issued CDs cannot offer, as you can liquidate your CD position at any time without paying an early withdrawal penalty.

The bottom line is that yield-hungry investors that enjoy managing their own portfolios may be better suited at any number of online competitors. Those looking to incorporate decent-yielding CDs into their overall investment portfolio with the help of a full-service broker might prefer working with Edward Jones.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here