Chase has dealt a huge blow to the program. The original 1.5 cents per redemption has been reduced to 1.25 cents. Chase will no longer give a 25% bonus and all redemptions will be at a measly 1%.
Select charities and travel booked via the Chase Travel portal are the only categories that are holding onto the old, higher redemption rates. The categories have been changed by Chase, adding grocery stores and gas stations for both the preferred and reserve categories. There is no change in redemption values for any of the categories.
The ability to redeem Ultimate rewards points at 1.5 cents each was one of the main reasons that I have held onto the reserve for years. Transferring to travel partners is more attractive at 1.25 cents per point. Now that I have access to the same Priority Pass via my recently-acquired Ritz Carlton card, it may be the straw that breaks the camel's back.
What is Chase Pay Yourself Back?
Pay yourself back is a Chase feature that allows you to exchange your Chase Ultimate rewards points for statement credits.
The Chase travel portal is the best place to book travel for Ultimate rewards points.
The Pay Yourself Back feature does provide some value for everyday purchases, but it is less valuable now that the redemption rates are lower.
Chase's Ultimate rewards cards can become more like cash back cards if you use the Pay yourself back categories.
Pay Yourself Back categories for eligible Chase credit cards
Sapphire Reserve
Points can be redeemed for 1.25 cents each.
- Grocery Stores: Through 3/31/23
- Gas Stations: Through 3/31/23
- Select Charities: Through 3/31/23 (still at 1.5 cents per point) American Red Cross, Equal Justice Initiative, Feeding America, Habitat for Humanity, International Medical Corps (also aiding efforts in Ukraine), Leadership Conference Education Fund, NAACP Legal Defense and Education Fund, National Urban League, Thurgood Marshall College Fund, United Negro College Fund, United Way, World Central Kitchen (also aiding efforts in Ukraine).
- Annual membership fee: Through 3/31/23
- Expired Options:
- Restaurants and dining (12/31/22)
- AirBnB (12/31/22)
Sapphire Preferred
You can redeem points for 1 cent.
- Grocery Stores: Through 3/31/23
- Gas Stations: Through 3/31/23
- Select Charities: Through 3/31/23 (Still at 1.25 cents per point)American Red Cross, Equal Justice Initiative, Feeding America, Habitat for Humanity, International Medical Corps (also aiding efforts in Ukraine), Leadership Conference Education Fund, NAACP Legal Defense and Education Fund, National Urban League, Thurgood Marshall College Fund, United Negro College Fund, United Way, World Central Kitchen (also aiding efforts in Ukraine).
- Expired Options:
- AirBnb (12/31/22)
- Dining (includes restaurants and food delivery service): Through 9/30/21
- Grocery: Through 9/30/21
- Home improvement stores: Through 9/30/21
- Fund a vaccine ride with Lyft: Through 9/30/21
Freedom Cards (Unlimited, Flex, Visa)
Points can be redeemed for 1.25 cents each.
- Select Charities: Through 3/31/23American Red Cross, Equal Justice Initiative, Feeding America, Habitat for Humanity, International Medical Corps (also aiding efforts in Ukraine), Leadership Conference Education Fund, NAACP Legal Defense and Education Fund, National Urban League, Thurgood Marshall College Fund, United Negro College Fund, United Way, World Central Kitchen (also aiding efforts in Ukraine).
- Expired Options:
- Dining (includes restaurants and food delivery service): 7/2/21 to 9/30/21 [Up to $250 in dining purchases]. Redeem for 1.1 cents per point.
- Fund a vaccine ride with Lyft: Through 9/30/21. Redeem for 1.25 cents per point.
Ink Business Preferred, Ink Plus
Points can be redeemed for 1.25 cents each.
- Internet, Cable, Phone Services: Through 3/31/23
- Shipping: Through 3/31/23
- Select Charities: Through 3/31/23 American Red Cross, Equal Justice Initiative, Feeding America, Habitat for Humanity, International Medical Corps (also aiding efforts in Ukraine), Leadership Conference Education Fund, NAACP Legal Defense and Education Fund, National Urban League, Thurgood Marshall College Fund, United Negro College Fund, United Way, World Central Kitchen (also aiding efforts in Ukraine).
- Expired Options:
- Select Advertising: Through 3/31/22
- Shipping Services: Through 3/31/22
- Home Improvement Stores: Through 6/30/21
- Fund a vaccine ride with Lyft: Through 9/30/21
Ink Business Cash, Ink Business Unlimited
Points can be redeemed for 1.1 cents each.
- Internet, Cable, & Phone Services: Through 3/31/23
- -Shipping: Through 3/31/23
Points can be redeemed for 1.25 cents each.
- Select Charities: Through 3/31/23American Red Cross, Equal Justice Initiative, Feeding America, Habitat for Humanity, International Medical Corps (also aiding efforts in Ukraine), Leadership Conference Education Fund, NAACP Legal Defense and Education Fund, National Urban League, Thurgood Marshall College Fund, United Negro College Fund, United Way, World Central Kitchen (also aiding efforts in Ukraine).
There are expired options.
- Home Improvement Stores: Through 6/30/21
- Fund a vaccine ride with Lyft: Through 9/30/21
How to use Chase Pay Yourself Back
The redemption level was 1.5 cents per point at that time, and this example is from that time.
When I logged into my Chase account and browsed to Chase’s Pay Yourself Back page, I found a number of qualifying purchases. I had a couple of DoorDash purchases and a few grocery purchases:
I had the chance to enter how much of each purchase should be paid back with points after I selected each purchase.
Chase Pay Yourself Back FAQ
How often does Chase change the eligible categories?
Pay Yourself Back was only available for a short period of time. The extension was done through April 30, 2021. The program is extended by Chase every quarter and with each extension there are changes to which expenses can be used.
Can I transfer points between Chase cards to get better redemption value?
I agree. If you consider that this feature makes it easy to cash out points at 1.25 cents per point, then we can calculate the cash back equivalent earnings of each Ultimate.
Can I use Pay Yourself Back for purchases made on previous statements?
Pay yourself back can be used for transactions in the past 90 days.
Do I earn points for purchases that are paid back using Ultimate Rewards?
Chase doesn't pull back points on purchases that have been Erased.
Where can I find more information about Pay Yourself Back?
Chase's pay yourself back FAQ can be found here
