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The Chase Sapphire credit cards are awesome options for travel rewards. But if you have turned into an infrequent traveler this past year, the Chase Pay Yourself Back feature has been an easy way to get the Ultimate Rewards redemption bonus on daily purchases. This perk is now extended. Here are the Chase Sapphire benefit extensions to watch out for.

The Chase Sapphire benefit extensions can help cardholders maximize their cards. Credit: Peloton

Chase Pay Yourself Back Extended

Chase Ultimate Rewards points are already some of the most valuable credit card points. Typically, they are most valuable when redeemed for award travel:

Early in the pandemic, Chase introduced the Pay Yourself Back feature to give additional redemption options that qualify for the 25% or 50% redemption bonus as a purchase statement credit. Points are worth more when redeemed for statement credits against existing purchases in select, rotating categories with the Chase Pay Yourself Back feature.

Standard cash redemptions and statement credits don’t qualify for the redemption bonus. Each point is only worth 1 cent each.

Chase Sapphire Reserve Travel Credit

Chase Sapphire Reserve cardholders will automatically redeem their annual $300 travel credit for gas station and grocery store purchases through December 31, 2021. These purchases continue to earn Ultimate Rewards.

Peloton Benefit Bonus (Up to 10x Points and $120 Credit)

One final partner benefit enhancement is the Peloton benefit.

Starting March 30, 2021, Sapphire cardmembers can earn up to 10x bonus Ultimate Rewards on Peloton Bike, Tread, and accessory purchases above $1,800. This perk ends in March 2022.

  • Chase Sapphire Reserve: Earn up to 10x points (up to 50,000 points total)
  • Chase Sapphire Preferred: Earn up to 5x points (up to 25,000 points total)

Additionally, Sapphire cardmembers can already earn a Peloton statement credit of either $120 (Reserve) or $60 (Preferred) through December 31, 2021.

Highest-Ever Sapphire Preferred Signup Bonus

As a reminder for aspiring Sapphire members, the Chase Sapphire Preferred is offering its highest-ever signup bonus.

The Chase Sapphire Preferred® Card currently has an offer of 60,000 Ultimate Rewards points after spending $4,000 in 3 months from account opening. That’s $750 when you redeem through Chase Ultimate Rewards®.

Also, enjoy new Chase Sapphire benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x points on travel purchased through Chase Ultimate Rewards®, 3x points on dining, and 2x points on all other travel purchases, plus more.

Sapphire Reserve Bonus

The Chase Sapphire Reserve® also has an enhanced signup bonus.

New Chase Sapphire Reserve® cardmembers can earn 50,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening, worth $750 towards travel when redeemed through Chase Ultimate Rewards®. 

Related: Chase Sapphire Reserve Review

Summary

These exciting Chase Sapphire benefit extensions continue to add more value to either Chase Sapphire card. Make sure you redeem your Ultimate Rewards as a purchase statement credit instead of a standard cash reward to capture the redemption bonus. Peloton loyalists can enjoy the new earning bonus too.

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