Chase is giving away 10 million points. Here’s how far – and where – the points could take you

Written by

Ana Staples,

Edited by

Published on December 19, 2024 | 4 min read

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What if thousands of dollars’ worth of travel rewards just wound up in your account, ready for you to spend? Well, now they might.

Chase is giving away 1 million Ultimate Rewards points to 10 lucky winners. If you have an eligible Chase credit card, you can enter once a day through Jan. 31, 2025.

And that’s precisely what I’m doing: entering every day while pondering how I might spend those points if I win. If this is where your mind goes too, read on — we’re going to talk about the giveaway and some of the exciting things you could do with the prize.

How to enter the 10 Million Points Giveaway

Before you enter the giveaway, make sure you have one of the eligible Chase cards, including:

You must have had your card as of Oct. 2, 2024, to be eligible. Sadly, newer cardholders can’t participate.

To enter the giveaway, head over to the giveaway’s web page and enter your details. You’ll need to select your eligible card, last four digits of the card number, your first and last name, phone and email.

You can only enter once a day. That means if you have more than one card, you’re still limited to one entry per day. The entry period closes on Jan. 31, 2025, at 5 p.m. EST. Chase will notify the winner on or around March 20, 2025.

Bankrate insight

Note that a million points, should it become yours, might be taxable. Typically, the IRS considers card rewards to be a form of rebate rather than taxable income. But Chase will report the prize earnings “as required by law for winnings of $600 or more.”

What you can do with 1 million points

One million points is a lot, and the possibilities are almost endless. I will try to show you exactly how far this number of points can take you using the minimum baseline value you can get with your Ultimate Rewards points (1 cent per point, according to Bankrate’s valuations) and the optimal value you can get by transferring to certain partners (2 cents per point). Plus, with a transfer, you can sometimes score a truly sweet deal.

I’ll make calculations based on a price per one traveler, so the points would go a bit less far if you’re looking to cash in with other members of your family.

Up to 18 budget-friendly vacations in U.S.

If your idea of maximizing your card rewards is taking as many trips as possible, you’re working with a slim budget per trip. Let’s see how many affordable week-long vacations you can take with a million points.

According to data gathered by Bankrate, round-trip “good deal” airfare costs $286 on average when you fly domestically. Let’s say you’re staying in a one-bedroom Airbnb, which costs $114 per night on average. For seven nights, you’ll pay $798. That means your total for the flight and Airbnb is $1,084.

With that, a million miles can pay for nine trips at 1 cent per point or 18 trips at 2 cents per point if you transfer your rewards to one of the top travel partners.

Up to 11 affordable vacations in Europe

Perhaps a million points will inspire you to see more of the world. If you’d like to explore as much of Europe as you can, again, you’ll have to hunt for good deals and have a strict budget.

An average “good deal airfare” costs $882 on average in this case. Again, you’ll probably need to stay in an Airbnb to save money ($114 per night). That means booking a week-long vacation will set you back $1,680.

At 1 cent per point, you can take five such vacations, and 11 vacations at 2 cents per point.

Up to 20 nights in a luxury hotel

Let’s get away from a budget-minded traveler’s mindset for a moment or two. If you have a million points, you can splurge.

It’s becoming increasingly common to pay $1,000 or more per night at a high-end hotel. Of course, you can find luxury properties charging less — or a lot more — so we’ll use the $1,000 for our calculations.

At that rate, you could feel fancy in a lavish hotel for 10 nights at 1 cent per point or 20 nights at 2 cents per point. Not too bad for feeling like the crème de la crème on Chase’s dime.

Up to 16 first-class flights

As with luxury hotels, prices for first-class seats vary widely, from a few hundred dollars on domestic flights and five-figure fares on international flights. The average price for a round-trip ticket is currently $1,211, according to Kayak, a search engine for travel services.

If we’re using this figure for our calculations, you can fly first-class eight times at 1 cent per point or 16 times at 2 cents per point. Of course, if you want a more exclusive experience — say, a first-class suite — you might not be able to stretch your points quite so far. On the other hand, it may be very well worth it. Just to know you’ve done it. As a habitual economy flyer, I admit this is something I only dream about.

The bottom line

Used strategically, one million Ultimate Rewards points can take you far — and quite a few times. Remember, you can enter once a day to improve your chances. It takes less than a minute. I’d say it’s a worthy investment of time in the power of your luck.

*The information about the Chase Freedom Flex®, Chase Freedom® Student and Chase Freedom Rise℠ has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.