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Editor’s Note: The Chase Pay Yourself Back feature has been expanded and extended to more cards. You can find the latest information in our Chase Pay Yourself Back update.
Frequent travelers — especially those who play the points and miles game — are familiar with Chase Ultimate Rewards. The points can be acquired via an array of Chase credit cards and then redeemed at a high value for all kinds of travel-related things, from flights to hotel stays. However, with travel down and cardholder expectations and spending habits shifting due to the coronavirus pandemic, Chase has decided to extend the value of Chase Ultimate Rewards points, with a Pay Yourself Back feature.
What is the Pay Yourself Back Feature?
The Pay Yourself Back feature, according to a release issued by Chase, allows cardholders to use their Chase Ultimate Rewards points to pay for their existing purchases across a few categories and receive a statement credit.
The feature is currently available for Chase Sapphire Reserve® and Chase Sapphire Preferred® Card cardholders, while other Chase cards have been added over the last few months.
Chase claims the feature boosts Chase Ultimate Rewards points’ value by 25 or 50 percent when cardholders use the feature to pay for these purchases.
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How Does the Pay Yourself Back Feature Work?
If you’re a Chase Sapphire Reserve or Chase Sapphire Preferred cardholder, you should be able to go into your Ultimate Rewards account online and see the Pay Yourself Back feature now. After making a purchase in one of the eligible categories, select your chosen transactions (up to 90 days ago) and then redeem your points for all or part of that purchase. You’ll receive a statement credit for the desired amount within three business days.
According to Chase, “Sapphire Reserve cardmembers can apply 10,000 points to pay themselves back on a $150 purchase — a 5,000 point savings compared to a typical cash back redemption.”
“Now more than ever we know our cardmembers want options to get the most value from their rewards,” said Chase’s Matt Massaua, head, Chase Ultimate Rewards and loyalty solutions. “We’re continuing to give our customers choices so they have the flexibility to use their points in the most meaningful ways for them.”
Is the Pay Yourself Back Feature Worth Using?
At first glance, the Pay Yourself Back Feature looks to be a great deal. Previously, if you had redeemed your Chase Ultimate Rewards points for statement credits, you’d get only $0.01 for every one point you redeemed. Now, Preferred cardholders will receive $0.0125 for each point, while Reserve cardholders will receive $0.015 for each point.
Before, you would have only received this point valuation if you redeemed your Chase Ultimate Rewards points for travel purchases. This is part of the reason why the Chase Ultimate Rewards program is so appealing to points and miles travelers.
Like with many credit card features and perks, how you use Chase’s Pay Yourself Back feature and whether or not it’s worth it to you will all come down to your individual spending habits and travel goals.
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.