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More Chase credit cards are now eligible for the Chase Pay Yourself Back feature. This feature lets you get a point redemption bonus for select purchase statement credits. As you will see, Chase Ultimate Rewards continue to be some of the easiest and most valuable credit card points to redeem.

The Chase Pay Yourself Back feature lets you maximize your Ulitmate Rewards. The United Club And Global First Lounge London LHR Tea Room. Credit: United

How Chase Pay Yourself Back Works

Chase Pay Yourself Back first launched in May 2020 for the Chase Sapphire Preferred® Card and Chase Sapphire Reserve®. The program was originally scheduled to end on September 30, 2020, but is continuing through Sept. 30, 2021, as we don’t travel as often as before.

Sapphire members can redeem their Ultimate Rewards as a statement credit for statement credits against existing purchases in select, rotating categories. The point redemption value is the same as booking award travel on Chase Ultimate Rewards. For the Sapphire Preferred, each point is worth 1.25 cents each (25% more) and 1.5 cents for the Sapphire Reserve (50% more).

You can redeem points on purchases made within the most recent 90 days. There are no maximum point redemption limits while the Pay Yourself Back feature is active.

Pay Yourself Back is a good way to redeem points as you stay at home. Normally, Chase values Ultimate Rewards at 1 cent each for cash statement credits.

Chase Pay Yourself Back Benefits by Card

Starting October 1, 2020, credit cards in the Chase Freedom family and the Ink Business Preferred® Credit Card can start using the Pay Yourself Back feature for certain card purchases.

Below are the Chase Pay Yourself Back benefits your card might offer as a redemption bonus.

Chase Sapphire Preferred Card

The Chase Sapphire family continues to have the most statement credit redemption options. The Chase Sapphire Preferred® can get a 25% redemption bonus on purchases in select, rotating categories through Sept. 30, 2021.

Each point is worth 1.25 cents as a qualifying purchase credit. Award travel continues to have the 25% redemption bonus when you book travel through Chase.

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.

New Chase Sapphire Preferred® Card cardholders can earn 100,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening, worth $1250 when redeemed through Chase Ultimate Rewards®. This is the highest bonus offer ever for the Chase Sapphire Preferred!

Additional Chase Sapphire Preferred benefits include unlimited deliveries with no delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with a DoorDash DashPass subscription. Activate your card by December 31, 2021.

Cardholders also earn 5x points on Lyft rides, through March 2022. 

Additionally, cardholders can earn up to $60 in statement credits on Peloton Digital and All-Access Memberships through December 31, 2021. Points are also worth 25% more when redeemed through the Chase Dining hub in Ultimate Rewards, now through Sept. 30, 2021.

Chase Sapphire Reserve

The Chase Sapphire Reserve® has the same redemption categories as the Sapphire Preferred. One difference is that each point is worth 1.5 cents each on purchases in select, rotating categories through Sept. 30, 2021.

Chase also automatically redeems the $300 annual Sapphire Reserve travel credit on gas station and grocery purchases through Dec. 31, 2021. You also earn Ultimate Rewards on all purchases.

Cardholders can also earn up to $120 in statement credits on Peloton Digital and All-Access Memberships through December 31, 2021.

This is in addition to the complimentary DoorDash DashPass subscription that lets cardholders get unlimited deliveries with a $0 delivery fee and reduced service fees. They also earn up to $120 in statement credits on DoorDash purchases ($60 in statement credits through 2020 and another $60 in statement credits through 2021).

Sapphire Reserve cardholders earn 10x points on Lyft rides, including bikes and scooters. Complimentary Lyft Pink Membership is also available when activated by March 21, 2022. Points are also worth 50% more when redeemed through the Chase Dining hub in Ultimate Rewards, now through Sept. 30, 2021.

Members with a card renewal date through December 2020 get a $100 annual fee reimbursement. This perk reduces the Sapphire Reserve annual fee to $450. You might recall that Chase upped the fee to $550 shortly before the pandemic.

These various benefits continue to help make the Chase Sapphire Reserve worth keeping.

Plus, earn 5x total points on air travel and 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases.

New Chase Sapphire Reserve® cardmembers can earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening, worth $900 toward travel when redeemed through Chase Ultimate Rewards®. 

Chase Freedom Cards

Starting July 2, 2021, and ending September 30, 2021, cardholders can redeem Ultimate Rewards for dining purchases as a statement credit with a 10% bonus (up to $250 back). This promotion values each point at 1.10 cents.

Eligible dining purchases include dine-in, takeout, and eligible delivery services like DoorDash.

Participating cards include:

This redemption bonus can be a win-win proposition for Chase Freedom Flex cardholders. You can earn 3% back on dining purchases and then use 10% fewer points with the statement credit on qualifying expenses. For example, you only need 900 Ultimate Rewards to cover a $10 dining purchase instead of 1,000 points.

Your points are worth 1 cent each when redeemed for cash, award travel, and gift cards. While the Pay Yourself Back feature doesn’t apply to daily purchases, the Freedom Flex and Freedom Unlimited have more ways to earn bonus Chase Ultimate Rewards. Travel that you book on Chase Ultimate Rewards earns 5x points. Dining and drugstore purchases earn 3x points.

Also, both cards are offering the same signup bonus. New cardholders can earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening. Plus, they can earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.

Will More Pay Yourself Back Features Come?

We don’t know whether or not the Chase Ultimate Rewards credit cards will get more Pay Yourself Back redemption options. It’s a possibility once the current redemption deadlines lapse.

Chase has already extended the Chase Sapphire redemption options into 2021. The other cards that earn Chase Ultimate Rewards may add additional categories as well. If so, the Chase credit cards with an annual fee are likely to have more robust options to provide more value to the cardholder.

It’s unlikely that the co-brand credit cards will offer the Pay Yourself Back feature as you either earn airline miles or hotel points. However, the travel brand may offer award travel discounts to entice you to travel more often.

Related: Best Chase Credit Cards

Summary

The Chase Pay Yourself Back feature is one credit card perk that many of us didn’t expect at the start of the year. This feature is a great way to make your Chase Ultimate Rewards more valuable if you use your personal or business card for the eligible purchase types.

FAQs

What are the Chase Pay Yourself Back categories?

The Chase Pay Yourself Back redemption bonus categories vary by credit card family.

When is the Chase Pay Yourself Back feature end date?

The current end date for the Chase Pay Yourself Back feature is different for each credit card family:

  • Sapphire: Sept. 30, 2021
  • Freedom: Sept. 30, 2021
  • Ink Business: December 31, 2020

Is Chase Pay Yourself Back worth it?

The Chase Pay Yourself Back feature is worth it for the Chase Sapphire credit cards and Chase Ink Business Preferred when you typically redeem your Ultimate Rewards for award travel in the Chase travel portal. But, you might be able to find more value from the 1:1 travel transfer partners if you’re still traveling regularly.

As most frequent flyers are “infrequent flyers” in 2020, the Pay Yourself Back tool lets you capture the redemption bonus for daily spending while staying home or taking road trips.

You can also donate your Ultimate Rewards to one dozen charity partners. If you normally donate to these causes, your donation can be worth 25% or 50% more, depending on which Chase card you have.

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