[Update: Business extension] Chase 'Pay Yourself Back' now extended thru September 2021

Update 6/29/21 - Chase extended the feature on business cards to 9/30/21, and added Internet, Cable & Phone Services with the same 25% Bonus on Ink Business Preferred cards and Ink Plus cards, and a 10% bonus Internet, Cable & Phone Services for Ink Cash cards. Below are the details for each card.Updated 5/2/21: Chase updated some eligible Pay Yourself back categories, including home improvements on Ink Plus cards and Ink Preferred cards. (Home improvement was an already eligible category for Sapphire Reserve cardholders and Sapphire Preferred cardholders). Chase also removed select online advertising from the Ink cards. A Lyft ride can be funded to help someone get a COVID vaccine.Chase Sapphire Reserve cardholders will now be able to redeem Ultimate Rewards points for their annual fees. This is valid for both the primary cardholder as well as any authorized users. This option is only available for the Sapphire Reserve card. It does not apply to other Chase Ultimate Rewards cards with an annual fee.Updated 3/30/21: Chase announced today that the Pay Yourself Back feature on the Chase Sapphire Preferred or Sapphire Reserve cards will be extended to September 30, 2021. I noticed that the Pay Yourself Back option on the Chase Ink Business Preferred, Chase Freedom cards is valid until 12/31/21. It will be interesting to see if the Sapphire cards are extended later in the year.~Chase has extended the Pay Yourself Back feature to April September 2021. They previously added this feature to Ink Business Preferred, but only for certain charities and business spends. It was also available to Freedom cards, but only for charitable donations. The options were extended to 12/31/21. My favorite news is that Sapphire Reserve and Sapphire Prreferred cardholders can still use their points at full value to offset purchases for groceries, dining and home improvements. The Freedom cardholders have the option to redeem points at 1.25 cents per, but this is only for charitable donations. Hat tip: CNN UnderscoredChase added a new benefit in May 2020: Pay Yourself Back. You can use your Chase Ultimate Rewards points to exchange for statement credits towards certain types of purchases. You can currently redeem points at the full value of your travel to offset certain types of spending. This link will take you to the official site.More details by cardSapphire Reserve: Use your points to redeem 1.5 cents per point for the following charges: food delivery, takeout, grocery, and home improvement store purchases. You can also use them to pay annual membership fees and fund a Lyft vaccine ride.Sapphire Preferred: Use your points to redeem 1.25 cents per point for the following charges: food delivery, takeout, grocery, and home improvement store purchases, and select charitable contributions (American Red Cross and Equal Justice Initiative, Feeding America and Habitat for Humanity), annual membership fees, funding a Lyft vaccine ride, and funding a Thurgood Marshall College Fund and United Negro College Fund.The following options will be available starting October 1, 2020:Freedom Unlimited, Freedom Flex and Freedom Visa: You can redeem points for 1.25c each to repay the following charges: charitable donations (American Red Cross), Equal Justice Initiatives, Feeding Americas, Habitat for Humanity and International Medical Corporation), Leadership Education Fund, NAACP Legal Defense and Education Fund. Lyft funding a vaccine ride.Ink Business Preferred, Ink PLUS: Use your points to pay shipping costs, charity contributions (American Red Cross, Equal Justice Initiative, Feeding America, Habitat for Humanity, International Medical Corporation6, Leadership Education Fund, NAACP Legal Defense and Education Fund, NAACP Legal Defense and Education Fund, NAACP Legal Defense and Education Fund, NAACP Legal Defense and Education Fund, NAACP Legal Defense and Education Fund, NAACP Legal Defense and Education Fund, NAACP Legal Defense and Education Fund, NAA ride with Lyft, and now Internet, Cable and Phone Services, Cable, Cable, Cable, Cable, Cable, Cable, and Phone Services, Cable, Cable, Cable, Cable, Cable, Cable, Cable, Cable, Cable, Cable, Cable, Cable and Phone ServicesInk Business Cash, Ink Business Unlimited: Use points to redeem points for 1.1c each and pay the following charges: Internet and Cable.Update 3/31/21 - Note that charitable donations can now be redeemed for 1.25c per card using Chase Freedom or Ink cards. This is apparently an extension of the current offer through 12/31/21.Permanent new featurePay Yourself Back was originally offered through September 30, 2020. It was then extended to April 30, 2021. The offer has now been extended to September 30th, 2021. I believe they will keep this feature for the long-term and continue to extend it as soon as possible. Each extension will likely bring about changes in the types of expenses that can be used.This is why it's excitingThe best way to use Ultimate Rewards points, other than transferring them to high-value travel partners, was to book travel through Chase's travel portal. This way, Sapphire Reserve cardholders receive 1.5 cents per points value. Sapphire Preferred and Sapphire Business Preferred cardholders receive 1.25 cents per points value.Pay Yourself Back is a great feature that allows you to get the same value for every day purchases. If you are a Sapphire Reserve cardholder, your card can be used at restaurants, and your points can then be exchanged to pay for those restaurant charges. Sapphire Reserve cardholders receive 1.5 cents per Point Value, while Sapphire Preferred cardholders earn 1.25 cents.Chase Ultimate Rewards cards are more like high-end cash back cards for those who spend enough in the Pay Yourself Back category. While you will still be able transfer points to travel partners and cash out points at full value, you can now easily cash out points instead.To get more value, points earned on Chase cards can be transferred to your Sapphire Reserve account. This feature allows you to cash out Sapphire Reserve points for 1.5 cents each. We can then calculate the equivalent cash back earnings from each Ultimate Rewards card by multiplying its earnings rate by 1.5. The Sapphire Reserve card, for example, earns 3X on travel and dining. This means that it earns 4.5% cash back for dining and travel. The Freedom Unlimited card also earns 1.5X everywhere, in addition to its 3X & 5X categories. It now earns at least 1.5x = 2.25% cashback everywhere. Let's take a look at the equivalent cash back earnings for each Ultimate Rewards card currently available (assuming someone in the household owns a Sapphire Reserve card to cash out at 1.5c per point).Pay yourself back exampleWhen I logged in to Chase, I was able to browse the Chases Pay Yourself Back website and found several qualifying purchases. I made a few DoorDash purchases as well as a few grocery shopping purchases.Each of the above purchases was selected and I had the option to enter the points amount. In each case I chose Apply Max Value. Although I was concerned that it might be easier to choose a round number to get the full point value, that was not the case. Chase added up the points value in my favor. Consider, for instance, the $283.60 Plum Market grocery purchase. 28,360c divided by 1.5 = 18,906.67 Chase would have expected to round it up to 18,907 in order to determine the number of points required. They instead rounded it down to 18,906. It was cool.Q&A: Pay It BackWhat types of purchases are acceptable?Eligible purchases include those made using your Chase Sapphire Preferred (or Sapphire Reserve) card at restaurants and grocery stores (including takeout and eligible delivery services), home improvements stores and select charities. For more information, see the Details by Card section at the top of the post.What are the eligibility dates?This promotion is valid from May 31, 2020 to September 30, 2021. The feature is available for Freedom, Ink Business Preferred and Ink Plus cardholders. The bonus redemption for charitable donations now extends to 12/31/21.This feature can be used for purchases made prior to the applicable dates.Chases Pay Yourself back allows transactions to be made from within the last 90 days.What happens after September 30, 2021?I believe that the feature will be extended as it approaches its expiry date. According to Chase's website, payback categories could change over time. We are hopeful that this feature will be maintained, though with potentially different payback categories.Are we eligible to earn points for purchasing this feature?Yes. Chase does not have to return points earned from erasing purchases.Where can I find Chases FAQ about this feature?The FAQ for Chases Pay Yourself back can be found here. This FAQ covers the following topics.What is Pay Yourself back?What is Pay Yourself Back?How can I pay my self back?What purchases are eligible for Pay Yourself BackHow do I find out if a purchase qualifies?Which are some examples of eligible purchases that I can get my money back for?Is there an upper limit on the number of eligible purchases that I can pay back?What is the maximum length of time a purchase can be eligible for Pay Yourself back?Are there multiple ways to apply points for a purchase eligible?Are there minimum points requirements for Pay Yourself Back redemptions?Is there an upper limit on the number of points that you can redeem for Pay Yourself Back?What is the time it will take to receive my statement credit?If I redeem for a credit on my statement, will I have to pay the minimum monthly payment?Which Chase cards are eligible to Pay Yourself BackWhat happens if Pay Yourself Back is not listed on the Ultimate Rewards website?What happens if there are no eligible purchases on Pay Yourself Back