Combine cereals in a large microwave safe bowl; set aside.

In a small glass bowl, combine caramels, butter, and milk. Microwave on high for about 3 minutes, stirring every minute till mixture is smooth and creamy. Pour over cereals and toss gently to coat.

Microwave on high for 3-4 minutes, stirring every 60 seconds. Chex mix will be done when it barely starts to brown.

Remove and spread on waxed paper or parchment paper to cool.

Melt chocolate chips at half power in the microwave till smooth, stirring every 30 seconds or so. Drizzle over cereal mixture. Allow chocolate to set before serving. (You can speed up the process by placing the mixture in the fridge.)