The news: Chase Freedom, Ink, and Sapphire cardholders can now redeem their Ultimate Rewards for cash to invest in eligible JPMorgan Wealth Management accounts, per a press release.

• Points can be redeemed for whole or fractional shares, per a Chase spokesperson.
• Cardholders can put their rewards in either self-directed or advised investment accounts. 

How we got here: Chase is following fintechs that already offer investment opportunities for rewards.

• The Robinhood Gold Card lets cardholders redeem their rewards as cash that can be deposited into a Robinhood brokerage account.
• SoFi’s Unlimited 2% card points can be redeemed at one cent each when deposited into SoFi Active Invest accounts. 

Why this matters: Thirty-eight percent of consumers who changed their primary card cited better rewards  as the key reason for switching, per a PYMNTS Intelligence report—the largest share of any reason.

It’s not just about higher cash-back multiples. Offering rewards investing programs could attract valuable demographics:

• 44% of Gen Zers find investable credit card rewards an “extremely or very valuable” feature, per our US Cash Back Emerging Features Benchmark 2025.
• And 41% of households earning more than $150,000 said the same.

Despite the demand, only Bank of America and Chase offer the perk on a general-purpose card. (The U.S. Bank-issued Edward Jones and Amex-issued Schwab cards also have reward investment programs.)

Implication for issuers: As the battle for premium cardholder loyalty heats up, unique rewards propositions can determine where these individuals spend. 

Courting younger cardholders’ rewards wishlists, like investable points, can help lock in loyalty early in their careers, so issuers can develop deeper, more integrated relationships—investment accounts, personal loans, mortgages—as their income grows.

Our benchmark identifies a few other key opportunities: 

• 31% of Gen Zers and 33% of millennials find earning rewards for paying off their credit card purchases “extremely valuable.”
• And 35% and 36%, respectively, said the same for bonus rewards earned at the end of the year.

Go deeper: Read our US Cash-Back Credit Card Emerging Features Benchmark 2025.

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