Chase’s “Pay Yourself Back” Program Continues with Some Changes and Additions

It was the end of May that we wrote how high-end travel rewards cards were being tweaked by issuers – Chase being one – to make the cards more attractive to keep and use during a time when few were traveling.

The Chase “Pay Yourself Back” program was one of these tweaks.

As we wrote in that post, both the Sapphire Reserve and Sapphire Preferred were beginning to allow Ultimate Rewards points redemptions to offset spend at grocery stores, restaurants and home improvement stores at the rate each card previously offered toward travel purchases.

The ability to use Chase Ultimate Rewards points for non-travel redemptions was slated to end September 30, 2020.

Chase has decided to continue the “Pay Yourself Back” option going forward with a few changes and additions.

Chase Pay Yourself Back Continued

To help Chase Sapphire Reserve and Sapphire Preferred cardholders obtain value for the Ultimate Rewards points balances they may have, and as an incentive to not cancel cards, Chase is continuing the redemption options that have been in place.

Now through April 30, 2021, both Sapphire Reserve and Sapphire Preferred cardholders can redeem points for the following categories:

• Charitable Contributions (select charities)
• Grocery Stores
• Home Improvement Stores
• Restaurants/Dining (including takeout and delivery services)

The Sapphire Reserve’s redemption rate is 1.5 cents per point.

The Sapphire Preferred’s redemption rate is 1.25 cents per point.

Meaning, for example, 10,000 Ultimate Rewards points would offset $125 of groceries on a Sapphire Preferred card and $150 of groceries on a Sapphire Reserve card.

Additional Chase cards have been added to the “Pay Yourself Back” program, along with specific categories.

Chase Freedom cards (Freedom, Freedom Unlimited and the new Freedom Flex) are now part of the program with a single category currently being offered for points redemptions. That category is:

• Charitable Contributions (select charities)

The redemption value on the Freedom cards is 1 cent (10,000 points offset a $100 contribution, for example). There is no end date for the “Pay Yourself Back” option on Chase Freedom cards.

And, finally, the Chase Ink Business Preferred Credit Card (1.25 cents per point) is now also part of the “Pay Yourself Back” program, with points redemptions being offered October 1, 2020 – December 31, 2020, in the following categories.

• Online Advertising
• Shipping

Wrap Up

Extending the redemption options, time periods, and cards on which redemptions can be utilized, Chase is showing it cares about its cardholders and wants to keep its Ultimate Rewards program relevant during Covid-19.

With travel far down the to-do list for many, it provides one more way to productively utilize points that have been accrued.

I recently published a piece on how to use Ultimate Rewards points to offset your everyday costs…this is another, bit more valuable, opportunity to do just that.

And one certain cardholders should seriously consider.

Especially those who’ve been hardest hit by business furloughs and closures due to the pandemic and government-mandated shutdowns. These redemption options might be a good way to offset food expenses during these difficult times.

If you know someone who might benefit from this post, please pass it along.