If you log in to Ultimate Rewards now, you can see that redeeming UR points for Apple products comes with an extra discount, worth up to 20% off. For example, a $399 iPhone SE requires only 33,249 points, which works out to a redemption value of 1.2 cpp. Keep in mind that UR points can already be redeemed for cash at 1 cpp. So if you can buy Apple products elsewhere for more than 20% off retail, you can just pass on this offer. But if you would otherwise cash out your points and also need Apple products, then this deal may be worth considering.
The discount varies depending on which UR card you have and its annual fee:
- Sapphire Reserve: 20% bonus
- Sapphire Preferred: 10% bonus
- Freedom: 5% bonus
That said, this is still a relatively low-value use of points for people who have travel redemption needs.
https://www.uscreditcards101.com/how-to-use-chase-ultimate-rewards/