Why You Might Want To Cash In Some Points

Hopefully, you were able to get your points/miles refunded back into your account if your flights were canceled due to Covid-19. Or maybe you were about to book a trip and are now sitting on a pile of points/miles.

Most points/miles are only worth something if you use them to book a hotel room or flight with that particular company, but some points can be traded in for cashback.

Chase Ultimate Rewards points are one of my favorites due to the flexibility to transfer them to a variety of hotels and airlines plus using them as currency in the travel portal.
But another benefit is that you can trade them in for cashback.
Right now, that could be more valuable than travel.

If you already have a Chase Sapphire Reserve or Preferred, FREEDOM, FREEDOM Unlimited or Ink Business Preferred, you are earning Ultimate Reward Points on every purchase. Depending on the card and the category, you earn at different rates.
But you can trade them in at 1:1 just by logging into your Chase.com account and clicking on Ultimate Rewards. 

You will see your rewards balance and how much those points will net you in cash back. You can choose how many points you want to cash in, which could equal a nice chunk of change. Now, you can get better than 1:1 redemption if you use them to book flights, hotels and, car rentals through the travel portal or if you transfer them to an airline.
But if you need the cash or you don't see yourself traveling anytime soon, this might be a good idea.
If you don't have any points, but you are looking for cash. You could apply for one of these cards, spend the minimum, get the bonus and cash in the points. 
The Chase FREEDOM Unlimited has a bonus $500 cash back right now for new card holders, the Preferred is offering 60,000 bonus points and the Reserve is offering 50,000 bonus points. At 1:1, these bonuses are worth $500-$600 cash back. 
If you do not have one of these cards yet, please use my referral link and help support this blog.
If cash back and travel are not your thing right now, you can use the points to shop at the Apple store and other retailers, but this is not the best value.