Chase Extending “Pandemic Benefits” on the Sapphire Preferred and Sapphire Reserve Credit Cards
It was the end of May 2020 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.
The “Pay Yourself Back” program was continued last fall, through April of this year, and now it’s being extended one more time, through September 30, 2021.
Pay Yourself Back
As we wrote in the linked post above, 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.
This change was to help Chase Sapphire Reserve and Sapphire Preferred cardholders obtain value for the Ultimate Rewards points balances they may have, and, also, as an incentive to not cancel these travel rewards cards.
Now, with this latest extension through September 30, 2021, both Sapphire Reserve and Sapphire Preferred cardholders can continue to 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.
So, if you don’t have upcoming travel plans, or your financial situation is such that offsetting food/dining charges is a more valuable use of Ultimate Rewards points, then the option remains through September 2021.
Sapphire Reserve $300 Credit
During normal times, the Chase Sapphire Reserve credit card provided a $300 statement credit as an offset to travel charges.
It was one way to obtain value from this $550 annual fee card.
But when few were traveling, offsetting $300 of that $550 annual fee via travel credits was hard to do.
So Chase began allowing $300 of grocery and gasoline purchases to be offset in addition to travel charges.
This $300 of credits for gas and grocery purchases will continue through June 30, 2021, for Chase Sapphire Reserve cardholders.
Peloton Membership Credits
Both the Chase Sapphire Preferred and Sapphire Reserve received credits toward Peloton memberships in 2020.
Either the All-Access Membership ($39 per month) or the Digital Access Membership ($12.99 per month) charges will qualify for the credits.
Chase Sapphire Preferred
The Sapphire Preferred will provide cardmembers $60 in statement credits for the Peloton Digital or All-Access memberships through December 2021.
Chase Sapphire Reserve
The Sapphire Reserve will provide cardmembers $120 in statement credit for the Peloton Digital or All-Access memberships through December 2021.
If you’re a Sapphire cardmember and have a membership activated by Peloton, you will receive statement credits until you reach the full value offered by your card.
And, Chase announced that the Sapphire Preferred will earn 5x points per dollar spent and the Reserve will earn 10x points per dollar spent on Peloton purchases…not sure if that includes equipment or just memberships. There is a cap of 25,000 and 50,000 points respectively, so I’m guessing that includes bikes, treads, etc. This increased earnings opportunity will be in place through March 2022.
Wrap Up
Extending these benefits is a nice move by Chase.
Especially the option for using Ultimate Rewards points for offsetting grocery and dining charges.
Hopefully by fall of 2021, both the economy and the pandemic will have improved enough that these options will no longer be needed, and a more normal existence will return.
Until then, be sure to use these extended benefits to your advantage.
If you know someone who might benefit from this post, please pass it along.