While supplies last, you may get as much as 1.5 cents per point when using your Chase Ultimate Rewards points on restaurants, groceries, or home improvement items using your credit card. Travelers love the flexibility of Chase Ultimate Rewards points, which is why it’s so popular. Use them to book travel through the Chase Travel Portal or transfer them to one of Chase’s many transfer partners for extra value. As a result, redeeming points for travel during the coronavirus epidemic is less enticing.
To encourage cardholders to keep using their cards, Chase came up with the concept of “Chase Pay Yourself Back”, a limited-time promotion. What is Chase Pay Yourself Back, and should you use it? All of these questions and more will be addressed in this post.
What is the Chase Pay Yourself Back program?
Some of the greatest travel credit cards, business cards, and reward cards now include Chase Pay Yourself Back as a bonus offer for a limited time. Chase Pay Yourself Back is only available on a select number of Chase Ultimate Rewards earning credit cards.
- Chase Sapphire Preferred
- Chase Sapphire Reserve
- Chase Ink Business Preferred
- Chase Ink Plus Business
- Chase Freedom
- Chase Freedom Unlimited
- Chase Freedom Flex
The coronavirus epidemic prompted the addition of this function by the credit card company. To better reflect current spending habits, Chase Pay Yourself Back was created to encourage people to stay at home and spend less on unnecessary items. With this function, you can get a greater return on your points than a standard statement credit, but how it all works depends on the card you’re using.
Normally, Chase Ultimate Rewards can be redeemed for cash back or gift cards at a rate of one cent per point. Pay Yourself Back allows you to immediately erase these kinds of purchases by redeeming your points for 1.25 or 1.5 cents per point, which is a 25% to 50% boost in the standard redemption rate.
In order to reverse any purchases made with Chase Ultimate Rewards points, you must do so within 90 days of the date on which they were made. In order to erase more of your purchase, you will have more time to accrue points.
Pay Yourself Back redemptions are unique in that you’ll also earn Chase Ultimate Rewards on the purchases you make. Chase Ultimate Rewards points are not earned when you use them to book travel, transfer to a travel partner, or redeem for cash back or gift cards.
In order to get the most out of your Chase credit card, let’s take a closer look at the individual cards.
Chase cards in the Pay Yourself Back program
Chase Sapphire cards
For the first time, Chase Sapphire Preferred and Reserve cardholders will be able to use points to erase qualified purchases at a higher redemption value than was previously available for booking trips. You may now redeem your Chase Sapphire Preferred points for 1.25 cents per point and your Chase Sapphire Reserve points for a value of 1.5 cents per point on certain redemptions.
If you hold one of the two Sapphire cards, you may use your Chase Ultimate Rewards points to make the following purchases using the new Pay Yourself Back feature:
- Away luggage
- Dining purchases
Until March 31, 2022, Sapphire cardholders can take advantage of the Chase Pay Yourself Back program.
Chase Ink cards
If you use your Chase Ink Business Preferred or Ink Plus Business points to erase purchases in the following categories, you can now obtain a value of 1.25 cents per point.
- Online advertising
- Shipping expenses
- Select charitable contributions
The Chase Pay Yourself Back offer is only available to Ink cardholders from October 1, 2020, to December 31, 2020.
Chase Freedom cards
For some charity contributions, you may redeem your points for 1.25 cents each if you use your Freedom, Freedom Unlimited, or Freedom Flex credit cards from Chase. This redemption option is available to Freedom cards until December 31, 2020, however, the deadline may be extended.
What is the process by which Chase pays Yourself Back?
Using the Chase Pay Yourself Back tool, you may redeem your Chase Ultimate Rewards points.
- After logging into your Chase account, go to the Chase Pay Yourself home page and enter your usual username and password.
- The last 90 days’ worth of eligible purchases will be displayed on the screen. Click “Continue” after selecting one or more.
- Enter the amount of money you want to return with Chase Yourself Back. There is no limit to how much you can donate. If you have a card that offers a 25 percent or 50 percent bonus when you redeem points, you’ll see it on the screen.
- Following the confirmation and submission button, your redemption will begin and you’ll receive a confirmation email.
After that, your Chase Ultimate Rewards account will be charged for the points.
As part of Chase Pay Yourself Back, customers may redeem points for up to 1.5 cents each when they make qualified purchases at participating restaurants, supermarkets, or home improvement stores. To use your Chase Ultimate Rewards points, you have 90 days from the date of purchase.
There is a limited window in which you may redeem your points in order to take advantage of this deal. The Chase Pay Yourself Back program is an excellent way to save money when you’re unable to plan a trip to your favorite vacation destination.