Chase is giving away 10 million points

What if thousands of dollars worth of travel rewards landed in your account, ready to be spent? Well, now they could.

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

And that’s exactly what I do: I participate every day and think about how I could spend those points if I win. If you’re thinking about it too, read on – we’ll talk about the giveaway and some of the exciting things you can do with the prize.

How to take part in the 10 million point competition

Before entering the drawing, make sure you have one of the eligible Chase cards, including:

To be eligible, you must have had your card since October 2, 2024. Unfortunately, newer cardholders cannot participate.

To enter the prize draw, go to the prize draw website and enter your details. You must select your eligible card, the last four digits of the card number, your first and last name, your phone number and your email address.

You can only participate once a day. This means that if you have more than one card, your entry is still limited to one entry per day. Entry deadline is January 31, 2025 at 5:00 p.m. EST. Chase will notify the winner on or about March 20, 2025.

What you can do with 1 million points

A million points is a lot and the possibilities are almost endless. I’ll try to show you exactly how far you can take this number of points by using the minimum base value you can reach with your Ultimate Rewards points (1 cent per point, according to Bankrate ratings) and the optimal value that you can receive by transferring certain partners (2 cents per point). Plus, sometimes you can get a really good deal on a transfer.

I will be doing the calculations based on a price per traveler, so the points would go a little less far if you want to make money from other family members.

Up to 18 affordable vacations in the USA

If your idea for maximizing your card rewards is to take as many trips as possible, work with a low per-trip budget. Let’s see how many affordable week-long vacations you can take with a million points.

According to data collected by Bankrate, a “bargain” round-trip domestic flight costs an average of $286. Let’s say you stay in a one-bedroom Airbnb that costs an average of $114 per night. For seven nights you pay $798. This means your total for the flight and Airbnb is $1,084.

This allows you to use one million miles to pay for nine trips at 1 cent per point, or 18 trips at 2 cents per point when you transfer your rewards to one of the top travel partners.

Up to 11 affordable holidays in Europe

Maybe a million points will inspire you to see more of the world. Again, if you want to explore as much of Europe as possible, you’ll need to look for good deals and be on a strict budget.

An average “bargain flight” in this case costs an average of $882. 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.

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

Up to 20 nights in a luxury hotel

Let’s leave the budget traveler mindset behind for a moment. If you have a million points, you’re in for a treat.

It’s becoming increasingly common to pay $1,000 or more per night at a luxury hotel. Of course, there are luxury homes that charge less – or much more – so we’ll use the $1,000 figure for our calculations.

At this price, you could stay in a luxury hotel for 10 nights at 1 cent per point or 20 nights at 2 cents per point. Not 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, ranging from a few hundred dollars on domestic flights to five-figure prices on international flights. According to Kayak, a travel services search engine, the average price of a round-trip ticket is currently $1,211.

If we use this number 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 – a first-class suite, for example – your argument can’t go quite as far. On the other hand, it can definitely be worth it. Just to know that you did it. As a habitual commercial flyer, I admit that I only dream about it.

The end result

Used strategically, one million Ultimate Rewards points can take you far – multiple times. Remember that you can enter once a day to improve your chances. It takes less than a minute. I would say it’s a worthwhile time investment in the power of your happiness.

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