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Whether you need a last-minute stocking stuffer or want to save some cash yourself, Chase Sapphire members can buy discounted gift cards for a limited time. For all of December, you can get 10% off gift cards when you redeem your Ultimate Rewards points.

Should you use your Ultimate Rewards points for discounted gift cards?

Who Qualifies for the Ultimate Rewards Gift Card Sale?

You must own either the Chase Sapphire Preferred or Sapphire Reserve to receive the 10% savings.

Owners of the no-fee Chase Sapphire or any other Chase credit card that earns Ultimate Rewards points will stay pay full price for all gift cards purchased in through the Chase Ultimate Rewards Mall.

How Do You Pay for the Gift Cards?

You will have to redeem your Ultimate Rewards points through your Chase Sapphire Preferred® or Sapphire Reserve login. If you participate in the Chase Trifecta, you can transfer your points from the Ink Business or Freedom card to net the 10% savings too!

Which Gift Cards Are 10% Off?

All gift cards for the following retailers are 10% off:

  • REI
  • Nike
  • Saks
  • Whole Foods

While the sale lasts all December, the discounted gift cards are only available in limited quantities. If you wait too long, you will have to pay the normal price.

Instead of paying the usual 2,500 points for a $25 gift card, you will only pay 2,250 points instead. On a $100 gift card, you will only pay 9,000 points instead of 10,000 points.

By taking advantage of the sale, your Ultimate Rewards points are worth 1.10 cents each for these four retailers. Once the sale ends, your Ultimate Rewards points will only be worth 1.00 cents again for these four retailers.

Since these retailers offer some of the leading products for outdoor essentials, athletic clothing, fashion, and healthy foods, you can’t go wrong with giving a gift card to any of these four retailers.

And, it’s cheaper and more convenient than having to buy a gift card in-store where you will pay the actual cash value (i.e. You pay $25 for a $25 gift card instead of $22.50 through Chase).

Are Discounted Gift Cards The Best Use of Ultimate Rewards Points?

Anytime you can redeem your Ultimate Rewards points for more than one cent each, you are getting an ok deal. However, this isn’t the best deal for Chase Sapphire points.

Your Ultimate Rewards points are still worth more when you redeem them for award travel, where they are worth at least 1.25 cents each on the Chase travel portal. These points can be worth even more, at least 2 cents each in some cases) when you transfer to a Chase travel partner.

If you’re planning on buying a gift card from one of these four retailers, using your points instead of paying cash can be the better option when you want to spend as little money as possible during the holidays because the cards are trading at a discount.

Summary: Discounted Gift Cards with Your Sapphire Card

For all of December, Chase is letting Sapphire Preferred and Sapphire Reserve members 10% off select gift cards. The only catch is that you need to redeem your Ultimate Rewards points to capture the savings. If you plan on buying these cards anyways, this can be a good deal when you’re not banking those points for award travel. But I prefer to use all my Ultimate Rewards points for hotels or flights, since that’s where they are most valuable. 

Johnny Jet Editorial
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.

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