Disclosure: Basic Travel Couple, LLC has partnered with CardRatings for our coverage of credit card products. Basic Travel Couple, LLC and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
COVID-19 has brought *some* positive vibes to the credit card world. Since the onset, card issuers have helped customer with features like extra points at the grocery store. Recently, at the end of May, Chase introduced a new feature called “Pay Yourself Back” which is aimed at helping cardholders get maximum value on categories that are the most popular, with travel on the backburner, in restaurant and grocery store purchases.
Join Our Basic Travel Facebook Group to Stay in the Loop on the Latest Travel & Finance News!
What is it?
“Pay Yourself Back” is a temporary feature by Chase Bank similar to a statement credit except, you get better value than you ordinarily would. Only certain categories qualify, and there is a time limit of 90 days from the date of purchase. As of today, this feature only runs through September 30th. It includes purchases made at grocery stores, restaurants, and home improvement stores. On top of the 5x points already offered at grocery stores, cardholders can really stand to take a big advantage here.
For Chase Sapphire Reserve cardholders, purchases can be redeemed for 1.5 cents each and 1.25 cents if you have the Chase Sapphire Preferred. Chase has offered the ability to redeem statement credits for some time at 1 cent in value per point for statement credits. Even at that rate, Chase still offers some of the best cashback rates on the market in comparison to some other card issuers, such as Citi and American Express.
How it Works
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.
After you select the pay yourself back tool for redemptions you will see a list of the eligible grocery stores, restaurants. and home improvement purchases. These are the only options you will be able to redeem.
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 $1500 back to my card as a statement credit! Once I complete that activity, at that point I would confirm and see my statement credit post in a few days.
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 holding out for redeeming a great airline premium cabin product when travel returns to normal? I’d love to hear from you down in the comments or over in the 4,000 + Member Basic Travel Facebook Group!
More Basic Reading
- How to Save Money on Groceries with 5 Basic Hacks
- Basic Guide to Reconsideration Phone Calls
- Why I Paid $95 to Upgrade my Credit Card (Hint – It’s to sleep somewhere special)
- How I Turned a Rotting Tree into 17 Free Hotel Nights
- 7 Reasons to Plan a Summer Road Trip
- Top Credit Card Offers of the Month
Disclosure: Basic Travel Couple, LLC has partnered with CardRatings for our coverage of credit card products. Basic Travel Couple, LLC and CardRatings may receive a commission from card issuers.Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.