When attempting to transfer points between two Chase Ultimate Rewards accounts, the following T&C comes up:

"Account-to-Account Point/Cash Back Rewards Transfers: Cash Back Rewards is a form of rebates subject to these Program Redemption Rules. You may transfer points/rebates to any other eligible credit card or debit card with Ultimate Rewards. You may only transfer points to accounts earning in points and rebates to accounts earning in rebates. Transfers may only be used to combine points/rebates belonging to the same individual or business in the Program; or for the purpose of enabling spouses or domestic partners to combine points/rebates earned in their respective names. If the transferee's or your credit card account(s) or checking account(s), as applicable, are in default at the time of the transfer, Chase will not make the transfer. Once points/rebates are transferred, they cannot be credited back."

What exactly does "You may only transfer points to accounts earning in points and rebates to accounts earning in rebates" mean? Am I not able to transfer points from my wife's Sapphire Preferred account to my SP account? As a test I transferred 1000 points from my wife's SP to mine, and then transferred the points from my SP to my United OP account - everything appears to have gone through fine. But this seems to go against Chase's above restriction. ???

Thatis fine. You can transfer from Shappire to Freedom and back in addition to Shappire to Shappire. Maybe it means you can't do Shappire to Freedom, but you can definetly do what you said.