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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.
How Chase Pay Yourself Back Works
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
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.
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 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 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. That’s $750 when redeemed through Chase Ultimate Rewards®.
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.
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® cardholders can earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. That’s $900 toward travel when redeemed through Chase Ultimate Rewards®.
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.
What are the Chase Pay Yourself Back categories?
The Chase Pay Yourself Back redemption bonus categories vary by credit card family.
Is Chase Pay Yourself Back worth it?
The Chase Pay Yourself Back feature is worth it for the Chase Sapphire credit cards. But, you might be able to find more value from the 1:1 travel transfer partners if you’re still traveling regularly.
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Chase Sapphire Preferred® Card
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
- Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
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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.