Chase offers a few different ways to use Ultimate Rewards points.
You can use them to make purchases at a handful of retailers like Amazon or Apple, or for gift cards, but since you usually get less than 1¢ per point of value, this isn't advisable.
If you're set on using them for purchases, a better option is to just redeem them for cash back. Each point is worth 1¢, so 1,000 points = $10.
A better option: Book travel through Chase using your points. Normally, each point is worth 1¢ towards travel booked through Chase, but Sapphire Reserve cardholders get a 50% bonus — that makes them worth 1.5¢ each. Redeeming them this way, the 50,000-point sign-up bonus is worth $750.
However, the best option — potentially — is to transfer them to airline frequent flyer partners and book flights that way. You might be able to get a dramatically higher value for points this way.
That's because booking frequent flyer "award tickets" is different than buying reservations outright — you can read more about how it works here. In most cases, the cash price and the miles price of a ticket aren't linked, so it's possible to get exponentially increased value from your points by transferring them and booking an award ticket instead.
That means potentially being able to fly long-haul in first or business class with points, among other things.
For example, my wife and I recently flew first class to Japan and back by transferring credit card points to Virgin Atlantic, then booking flights on Virgin's partner airline All Nippon Airways. You can read about exactly how we booked the flights here.
The only catch is that you may need to search for saver availability — which are lower-priced award tickets. This can be tricky, but there are a ton of helpful guides online. Once you have a flight in mind, if you're having trouble figuring out how best to use your points, just do a Google search for that specific trip.
Chase partners with a few airlines (and hotels), including: Aer Lingus, Air France/KLM, British Airways, Iberia, JetBlue, Singapore Airlines, Southwest Airlines, United Airlines, Virgin Atlantic, Hyatt, Marriott, and IHG. By taking advantage of airline partnerships, you can usually find a way to book any flight at the saver level, even if that airline isn't listed.
AmEx similarly offers a few ways to use Membership Rewards points.
Redeeming for anything aside from travel offers a poor value, usually 0.5–0.8¢ each, and is generally a poor use of points.
Like with Chase, you can get a better value by booking travel through AmEx Travel, either online or by phone. However, unlike with the Sapphire Reserve, there's no bonus. Points are only worth 1¢ each towards flights, or 0.7¢ each towards anything else.
Another option is to use points to bid for upgrades on a flight. You'll only get 1¢ per point, but it can be a decent redemption if you want to try for an upgrade but don't want to pay cash.
The best use — like with Chase, again — is to transfer them to frequent flyer partners. AmEx has a different list of partners, although thanks to some overlapping partners you can pool points from each issuer's cards into those airlines' accounts.
AmEx's partners include: Aer Lingus, AeroMexico, Air Canada, Air France/KLM, Alitalia, ANA, Cathay Pacific, Avianca, British Airways, Delta, El Al, Emirates, Etihad, Iberia, Hawaiian Airlines, JetBlue, Singapore Airlines, and Virgin Atlantic, as well as Choice Hotels, Hilton, and Marriott.
Click here to learn more about the Chase Sapphire Reserve from Business Insider's partner: The Points Guy.
Click here to learn more about the American Express Gold Card from Business Insider's partner: The Points Guy.