The Chase Ultimate Rewards is a highly flexible rewards program that offers travel, merchandise, cash back, gift cards and VIP experiences to card owners. By using your ultimate rewards, you can travel without blackout dates and get more for your points, with every 100 points being equivalent to one dollar. Some examples of travel packages include several nights in Mexico; examples of fun events include VIP passes to concerts, movie premieres or wine tastings; and top merchandise rewards include the latest in electronics. If you opt for cash back, you can either get a credit with "pay yourself back", receive a check or go for direct deposit. More about Ultimate Rewards here.