The Chase Freedom and Chase Freedom Unlimited cards are marketed as a cash back cards, as are the Chase Ink Business Cash and the Chase Ink Business Unlimited.
If you have one of these cards, your Cash Back Rewards are tracked as points in the Chase Ultimate Rewards program. Each penny in Cash Back Rewards earned is equal to 1 point.
However, instead of cash back, your points can be redeemed for the other redemption opportunities provided through Chase Ultimate Rewards if you also have the Chase Ink Business Preferred, Chase Sapphire Preferred or the Chase Sapphire Reserve.
If you have one of these “higher” cards, you can move your points from the “lower” card bucket to the higher card bucket and redeem them thru the Ultimate Rewards site (instead of being limited to just cash back). You can then either transfer these points to a Chase travel partner or redeem them when you book travel on Chase. If you have a Chase Ink Business Preferred or Chase Sapphire Preferred you can redeem them at 1.25 cents per point. If you have a Chase Sapphire Reserve, you can redeem them at 1.5 cents per point. Compare this with the 1 cent per point that you get when you redeem the points for cash back.
Learn about the Chase Ultimate Rewards Program here.