THE KEY: Combine Chase Freedom with Chase Sapphire (RESERVE OR PREFERRED) to earn the most points and redeem them for travel, at their highest value.

Flexible points earned with Chase rewards credit cards are great. There are so many ways you can use them. For instance, when you redeem them for travel (through Chase), you can get 25% to 50% more value for your points. Or you can transfer Chase points to airlines partners in exchange for miles, or to hotel partners in exchange for hotel points.

A good way to start, is to apply for Chase Freedom which doesn't have an annual fee and it's easier to get approved. With Chase Freedom you can earn 5 points/$1 spent (on up to $1,500 spent in combined purchases) on quarterly bonus categories. With Freedom you can also earn from 2 up to 20 points / $1 spent while doing your shopping online using Chase Shopping Portals. Use your points to book travel (is more valuable than using the cash back).

The points earned with Freedom will give you a higher outcome when you have another Chase Ultimate Rewards card: Chase Sapphire Reserve or Chase Sapphire Preferred. When you have multiple Chase Ultimate Reward cards, you can "Combine Points" earned on each individual card so you can redeem them for award travel at their highest value. If you have Sapphire Reserve you get 50% more value when you redeem your points for travel through Chase Ultimate Rewards. If you have Sapphire Preferred you get 25% more value when you redeem your points for travel through Chase Ultimate Rewards.

Also, points can be transferred from one Chase credit card account to another within the same household. The same way you can transfer points between two credit cards in the same Chase account, you can transfer between two different accounts that share the same last name. Therefore, if you apply for Chase Freedom and your spouse applies for Chase Sapphire, you can both apply in the same time, (or 3-4 months apart, after the first applicant has met the spending threshold for receiving the bonus points), and start transferring points right away for fast accumulation and travel; (just don't open joint account, because the time separation condition for credit approval will apply in that case).

THE RECIPE:

STEP 1.

If you don't have it already, apply for CHASE FREEDOM.
Easy to get (a credit card fit for a young credit history), no annual fee, great benefits (0% APR on purchases for 15 billing cycles).
While you make your regular purchases, you accumulate points. This is the credit card with a low threshold, $500 to spend in the first 3 months after account opening to get the initial bonus of 15,000 points or $150 cash back. Most people achieve that in the first month.
Watch for the bonus categories every quarter, where you can earn 5 points / $1 spent, on up to $1,500 spent in combined purchases in bonus categories each quarter you activate. And don't forget to sign up for the bonus categories before the start of each quarter so you can to take advantage of this great offer. The bonus categories calendar changes every year.

**CHASE FREEDOM BONUS CATEGORIES 2017 CALENDAR- screenshot**

As an example, when you spend $5,000 with Chase Freedom while shopping for goods in the bonus categories, (which vary from groceries, gas stations, restaurants, department stores, etc.), you earn 25,000 points. You can transfer these points to Chase Sapphire Reserve, where you can use them to book travel valued at $375 (it's like getting a 7.5% cash back on your expenses).
You can earn from 2 up to 20 points / $1 spent by doing your regular shopping online, using Chase Ultimate Rewards Shopping Portal (see link at the bottom of this page for help using the shopping portal).

STEP 2.

While your miles pile up with Chase Freedom, you can start preparing for your next miles adventure: CHASE SAPPHIRE.
Chase Sapphire (Reserve or Preferred) credit cards offer travel (airfare, hotels, rental cars) purchases straight from Chase Ultimate Rewards website, using points. This is important because of their great points redemption value.
Also, if you have Chase Sapphire you can transfer your points at a 1:1 ratio and no transfer fee to the following airline partners: United - MileagePlus, Korean Air - SKYPASS, British Airways - Executive Club, Air France KLM - Flying Blue, Singapore Airlines - KrisFlyer, Southwest Airlines - Rapid Rewards, and Virgin Atlantic - Flying Club.
With Chase Sapphire you can also transfer your points at a 1:1 ratio and no transfer fee to following hotel partners: IHG Rewards Club, Marriott Rewards, World of Hyatt and The Ritz-Carlton Rewards.
You can apply for a Chase Sapphire card every 2 years to receive the sign up bonus. Keep in mind that, at the time of application you should not have any Sapphire account open. Before you close your existing Sapphire account to sign up for a new one, remember to transfer your points to another Chase card with points (like Freedom) or to an airline loyalty program so they won't be forfeited.

At STEP 2 you have two choices:

For frequent travelers: CHASE SAPPHIRE RESERVE

Chase Sapphire Reserve offers a generous initial bonus of 50,000 points, after spending $4,000 in the first 3 months after account opening.
Chase Sapphire Reserve greatest benefit: you can use the points you earned with all your Chase Ultimate Rewards cards to book travel directly at Chase Ultimate Rewards website at the value ratio of $1.5/100 points. For example, 50,000 points are worth $750 towards travel.
You earn 3 Points/$1 spent on travel (airfare, hotels, rental car) and dining.
Chase Sapphire Reserve offers Complimentary Priority Pass Select Membership, which gives members access to over 1000 participating airport lounges around the world.
You can earn up to 20 points/$1 spent shopping online using Chase Ultimate Rewards Shopping Portal.
Chase Sapphire Reserve has a $450 annual fee, but you will receive a $300 credit, each year you spend $300 on traveling expenses (such as: airfares, hotels or rental cars), using your Reserve card.
When you need to, you can transfer your points at a 1:1 ratio and no transfer fee to Chase Ultimate Rewards Airline Partners and Hotel Partners.

For moderate travelers: CHASE SAPPHIRE PREFERRED

Chase Sapphire Preferred offers the same generous initial bonus of 60,000 points, after spending $4,000 in the first 3 months from account opening.
Chase Sapphire Preferred redemption value for award travel booked through Chase Ultimate Rewards is $1.25 per 100 points. For example, 50,000 points are worth $625 towards travel.
You earn 2 Points /$1 spent on travel (airfare, hotels, rental car) and dining.
You can earn up to 20 points/$1 spent by shopping online using Chase Ultimate Rewards Shopping Portal.
Chase Sapphire Preferred has a $95 annual fee, waived for the first year.
When needed, you can transfer your points at a 1:1 ratio and no transfer fee to Chase Ultimate Rewards Travel Partners and Hotel Partners.

Please note that you should leave 6-12 months between credit card applications (and no more than 2 credit card applications per 12 months, even as an authorized user). Or, as I mentioned earlier, to avoid the time separation condition for credit approval, each spouse can apply to a different Chase card because points can be transferred between Chase accounts within same household at no cost, and you won't need to wait.

For guidance on: How to Combine Chase Points, How to Use Chase Shopping Portal, How to Transfer Points to Chase Travel Partners or Hotel Partners, Chase Ultimate Rewards Hotel Partners, and Priority Lounge Clubs, see Links below