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.
The major banks and credit lenders have been responding to the new normal which has impacted consumer spending. I’ve been happy to see increased bonus opportunities for grocery spending, annual fee credits, and even $100 off of the Chase Sapphire Reserve Credit Card. Today Chase Bank announced that they are offering it’s Sapphire customers some new limited-time benefits!
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New Options for Redeeming Chase Ultimate Rewards Points
The new promotion is being labeled as the Pay Yourself Back Tool. Basically, you can now redeem Ultimate Rewards Points as a statement credit on purchases in the following categories:
- Grocery stores
- Dining (including restaurants, takeout, and eligible delivery services)
- Home improvement stores such as Home Depot® and Lowes®
This promotion is retroactive for the last 90 days and will run through September 30th, 2020!
50% Bonus when using the Chase Sapphire Reserve
Chase Sapphire Reserve holders will be able to use their Ultimate Rewards Points for those categories with an additional 50% bonus. For example, if you spend $750 on groceries, you could use 50,000 Ultimate Rewards points to erase those purchases with the additional 50% bonus. Typically, if you were going to cash out Ulitmate Rewards points, you would only receive 1 cent per point. This is how 50,000 points ($500) turn into 75,000 points ($750) with the bonus.
25% Bonus when using Chase Sapphire Preferred
Chase Sapphire Preferred holders will be able to use their Ultimate Rewards Points for those categories with an additional 25% bonus. For example, if you spend $750 on groceries, you could use 60,000 Ultimate Rewards points to erase those purchases with the additional 25% bonus (15,000 UR Point Bonus).
Bonus Points on Grocery Purchases
This is not new but Chase is once again promoting that Sapphire holders can earn additional points on groceries through June 30th, 2020. This promotion is capped at $1,500 spent per month.
- Sapphire Reserve holders can earn 5X points up to $1,500 per month.
- Sapphire Preferred holders can earn 3X points up to $1,500 per month.
Sapphire Reserve $300 Travel Credit
Chase Sapphire Reserve holders can now use their $300 annual travel credit on both gas station and grocery purchases. Given that people are not traveling right now, this is a huge move by Chase to allow Reserve holders the opportunity to get their credit back via these purchases. Reserve cardholders will only be able to take advantage of this promotion from June 1st through December 31st, 2020.
I love seeing Chase Bank jump in and offer its customers opportunities to earn and redeem points right now. Given that people are not traveling, these promotions will hopefully go a long way with customer retention. What do you think of the new promotion? I’d love to hear your thoughts down in the comments below or over in the 4,000+ Member Basic Travel Facebook Group!
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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.