Use Chase’s “Pay Yourself Back” Option to Offset Select Charges in Our Inflationary Environment

The Chase “Pay Yourself Back” program was implemented during the early part of the pandemic as a way for Chase Ultimate Rewards earning credit card holders to use their Ultimate Rewards points during a time when travel was not an option.

Ultimate Rewards points could be used to offset everyday spend in popular categories such as grocery stores, restaurants and home improvement stores at the increased redemption rate their card offered for travel redemptions.

The ability to use Chase Ultimate Rewards points for non-travel redemptions has been continued a few times since it was introduced, and now, once again in 2022, the option has been extended for select categories and cards.

Chase Pay Yourself Back Extended

To help select Chase cardholders obtain value for the Ultimate Rewards points balances they may have, and as an incentive to not cancel cards, Chase is continuing the “Pay Yourself Back” option on the following cards with the listed categories and end-dates.

Chase Personal Cards

Sapphire Reserve

Offset charges in the following categories at 1.5 cents per point used.

• Charitable Contributions (select charities) through 12/31/22
• Airbnb through 6/30/22
• Restaurants/Dining (including takeout and delivery services) through 6/30/22
• Annual Membership Fee through 6/30/22

Sapphire Preferred

Offset charges in the following categories at 1.25 cents per point used.

• Charitable Contributions (select charities) through 12/31/22
• Airbnb through 6/30/22

Here’re two examples of how the offset would work in dollars – 10,000 Ultimate Rewards points would offset $125 of an Airbnb stay on a Sapphire Preferred card and $150 of dining charges on a Sapphire Reserve card.

Chase Freedom Cards (Freedom, Freedom Unlimited and Freedom Flex)

• Charitable Contributions (select charities) through 12/31/22

The redemption value on the Freedom cards is 1.25 cents (10,000 points offset a $125 contribution, for example).

Chase Business Credit Cards

Chase Ink Business Preferred and Ink Plus Cards

• Internet, cable and phone services through 6/30/22
• Charitable Contributions (select charities) through 12/31/22

The redemption value for the Ink Business Preferred and Ink Plus cards is 1.25 cents per point (10,000 Ultimate Rewards points would offset $125 of spend in the above categories.

Chase Ink Cash, Business Cash and Unlimited Cards

• Internet, cable and phone services – 1.10 cents per point through 6/30/22

• Charitable Contributions (select charities) – 1.25 cents per point through 12/31/22

Wrap Up

Extending the redemption options and time periods, once again, Chase is showing it cares about its cardholders and wants to keep its Ultimate Rewards program relevant as we continue to see Covid-19 impact some areas in our society.

And now, with increased inflation rates taking a large bite out of budgets, some of these categories might be areas in which using Ultimate Rewards points to offset charges can really help your bottom line.

A while back I published a piece on how to use Ultimate Rewards points to offset your everyday costs…the Pay Yourself Back option is another, bit more valuable, opportunity to do just that.

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