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Edit: This article was updated June 15, 2021
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Last May 2020, Chase introduced a NEW feature called “Pay Yourself Back” which was targeted at helping cardholders get maximum value during the unprecedented times since travel came to a screeching halt. This Pay Yourself Back feature works with a few different Chase branded cards and has been extended multiple times over the last year which is great news for you. We will go into detail about what it is, how it works, and which cards have which categories to pay yourself back.
What is it?
“Pay Yourself Back” is a feature by Chase Bank similar to a statement credit. However, you will get a better redemption value than you normally would. In addition, only certain categories qualify and there is a time limit of 90 days from the date of purchase. As of today, this feature runs through September 30th, 2021.
Learn more about our FAVORITE Travel credit card offer on the market.
How it Works
Pay Yourself Back includes 4 different cards, and each have different redemption categories.
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- Chase Freedom Flex
- Select charities and fund vaccine ride with Lyft
- Chase Sapphire Preferred Card
- Grocery stores, dining, home improvement stores, select charities, and fund a vaccine ride with Lyft
- Chase Sapphire Reserve Card
- Grocery stores, dining, home improvement stores, select charities, annual fee, and fund a vaccine ride with Lyft
- Chase Ink Business Preferred Credit Card
- Shipping, home improvement stores, select charities, and fund a vaccine ride with Lyft
The redemption value for all cards, except for Chase Sapphire Reserve, is 1.25 cents per point. The Chase Sapphire Reserve, however, will get you 1.5 cents per point. As of now, pay yourself back is set to expire on September 30, 2021. However, it will remain for select charities until December 31, 2021, as well as the annual fee on the CSR.
New 10% Offer (Starting July 2nd 2021)
Starting July 2nd, there will be a new option for redeeming Ultimate Rewards Points for an additional 10% Cashback on dining via Chase’s Pay Yourself Back (PYB). This promotion will run through September 30th and have a maximum of $250 in redemptions. The 10% offer will only apply to the following cards: Chase Freedom (No longer available for new customers), Chase Freedom Flex, Chase Freedom Unlimited, and Chase Freedom Student
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Earn 100,000 bonus points once you spend $4,000 on purchases within the first 3 months from account opening. The Chase Sapphire Preferred Card is one of our favorite Travel cards always in our wallet.
- Earn a $50 hotel credit annually when you book a stay through the Chase Travel Portal
- Earn 5x UR when booking travel through the Chase Portal
- 3x on dining, select streaming services and online grocery purchases (excluding Target, Walmart and Wholesale clubs). Also excludes in-store grocery purchases.
Learn more about Travel Credit Cards here.
How to Pay Yourself Back
1) Once you are logged into your Ultimate Rewards portal, you can then select the option to go into the Pay Yourself Back feature on the left.
2) After you select the pay yourself back tool for redemptions you will see a list of the eligible purchases. For this example, I am using my Chase Sapphire Reserve Card. The categories are grocery stores, dining, home improvement, and select charity purchases. These are the only options you will be able to redeem and it will show you how many points per purchase you will use to “pay yourself back”
As an extreme example, I logged in and selected all of my eligible purchases to see what kind of value I could get. You do not have to redeem the full amount if you desire. If you plan on redeeming a large number of purchases, it’s a monotonous task, as there is no “select all”. If I went through with this, I could get almost $1,500 back to my card as a statement credit for “paying myself back” with 50% more value!
Once you click next, you are able to change the value if you choose to do so. As you can see in this screenshot, I would be getting $1,438.46 for 95,877 points instead of 143,846 points at a 1 to 1 ratio. If you have any of the other cards, it will be a 25% pay yourself back boost. The process is the same for any of the cards you choose to utilize the pay yourself back perk for.
This is a generous move by Chase but as a result, will cause debate in the points and miles world. Do you think this feature might be useful to you? Are you saving your points for premium cabin redemptions? Remember, if you have the CSR, you can always transfer all of your Ultimate Rewards points to get the 50% pay yourself back boost vs the 25% on the other categories.
I’d love to hear down in the comments below or over in our 6,000+ Member Basic Travel Facebook Group!
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