Yes, Chase Sapphire Reserve is one of 8 cards in Chase's Ultimate Rewards program. That means Chase Sapphire Reserve cardholders earn points (at least 1 point / $1 spent) that can be used for travel, statement credits and gift cards through the Ultimate Rewards redemption portal, or to pay for Amazon.com purchases. Cardholders can also transfer Chase Sapphire Reserve rewards points at a 1:1 ratio to more than a dozen Ultimate Rewards partners, including Marriott Bonvoy, British Airways, and Southwest Airlines.
To start redeeming Chase Sapphire Reserve points through Ultimate Rewards, just log in to the Ultimate Rewards portal or enroll for an online account with your Social Security Number, Chase account number, and phone number or e-mail address. Redemption is final, so double check that you've selected the option you want.
For Chase Sapphire Reserve cardholders, redeeming points for travel is definitely the best option. Points earned with the Chase Sapphire Reserve are worth 50% more when you redeem them for travel purchases through the Ultimate Rewards portal, rather than redeeming for cash.
But not everything available on the Ultimate Rewards site will give you equal value for your points. If you redeem for statement credits or gift cards, they're worth 1 cent each. Amazon purchases are only worth 0.8 cents per point.
Other cards that participate in Chase Ultimate Rewards include Chase Sapphire Preferred and the Chase Ink Preferred, but while their reward structure is the same, actual earning rates and points worth might differ. The same goes for Chase Freedom Flex, Chase Freedom Unlimited, Freedom Student, Chase Ink Business Unlimited and Ink Cash; however, these only have partial Ultimate Rewards rights, which means their points cannot be transferred to any of Chase's travel partners.
Aside from all it offers with Ultimate Rewards, the Chase Sapphire Reserve gives up to 10 points / $1 spent on purchases, plus a 50,000 initial bonus points (for spending $4,000 in 3 months) and an annual travel credit. But it has a $550 fee to match these rewards. So you'd better make sure to get your money's worth from those Ultimate Rewards it gives.