How to Use Chase Pay Yourself Back Benefit Like a Pro?

A new point-use strategy for the Chase Sapphire Preferred® Card and Chase Sapphire Reserve® has been introduced by Chase. However, that choice remains available even when travel recovers: We call it Pay Yourself Back at Chase.

Cardholders can apply their Chase Ultimate Rewards points toward non-traditional costs in periodically changing categories by utilizing Chase’s Pay Yourself Back perk. In the past, if you used Pay Yourself Back to book travel through the Chase Ultimate Rewards travel portal, your Chase points would have been valued the same: 1.25 cents for Chase Sapphire Preferred Cardholders and 1.5 cents for Chase Sapphire Reserve holders.

However, that all changed when 2024 got underway. Chase severely reduced the desirable redemption rates and eliminated Airbnb from the Pay Yourself Back program. We’ll go over all the details and how Chase Pay Yourself Back operates.

How Does Chase Reward Yourself?

Rather than utilizing your Chase Ultimate Rewards points via the Chase Travel Portal or transferring them to over a dozen Chase transfer partners, you can use them to purchase on a selection of quarterly rotating purchase categories.

When the Sapphire Preferred and Reserve cards were initially released, over three years ago, holders could redeem their points at hardware stores, dining establishments, and grocery stores—places where they were typically spending money when travel was not an option. Chase has switched these groups within the previous two years or so.

However, the fact that your points were worth the same amount through the Chase travel portal—you would receive 1.25 cents for each Sapphire Preferred card and 1.5 cents for each Sapphire Reserve card—was what made Pay Yourself Back so useful.

How are Points Redeemed?

Purchasing one of the qualified categories is the first thing you must do. You may simply go into your Chase Ultimate Rewards account on your PC or through the Chase mobile app after the purchase posts to your card account, then choose “Pay Yourself Back” from the drop-down menu. You can then choose to use points for the full amount of the purchase or only a portion of it by choosing from recently completed eligible transactions up to 90 days before the purchase.

My points are valued at one and a quarter each because I own a Chase Sapphire Reserve® card. My redemption value would be one penny for every point if I had the Chase Sapphire Preferred® Card. Once a transaction has been chosen, you can choose to utilize points to pay for all or part of the transaction. Simply click “Confirm & Submit” when you’ve made your choice.

Your Chase Ultimate Rewards point balance will be immediately reduced by the amount of points you have earned, and a bill credit for the amount of the charge should appear on your card account a few days later. If you own the Sapphire Reserve, you can even use points to pay for the yearly charge. For that redemption, each point will be valued at 1.25 cents.

Which Chase credit cards qualify for the Chase Pay Yourself Back system?

Pay Yourself Back was originally made accessible by Chase to Sapphire Preferred and Sapphire Reserve cardholders exclusively in May 2020. Pay Yourself Back at one of the twelve carefully chosen charities below is now an option for both the Chase Freedom Flex and Chase Freedom Unlimited as of October 2020. These are good until 02/28/24.

Pay Yourself Back now includes the Chase Ink Business Preferred Credit Card, the Ink Business Cash, and the Ink Business Unlimited, which may be used for internet, cable, phone, and a few of the above-mentioned 12 charities.

Internet, cable, and phone services will all be valued at 1.1 cents apiece with Ink Cash and Unlimited through Pay Yourself Back. The categories, qualifying Chase cards, and the current Chase Pay Yourself Back expiration dates are all broken down here.

How Points Are Earned in Chase Ultimate Rewards

You can earn Ultimate Rewards points using a variety of strategies and credit cards. Nevertheless, you must own either the Chase Sapphire Reserve® or the Chase Sapphire Preferred® Card to fully benefit from the Chase Pay Yourself Back feature.

The Chase Sapphire Preferred® Card is among our top choices to begin with. Except for Target, Walmart, and wholesale clubs, this Chase card gets three times the points for every dollar spent at restaurants, three times the points for every dollar spent on online grocery purchases, and three times the points for every dollar spent on some streaming services.

Along with earning double points for every dollar spent on travel, you can use Chase Ultimate Rewards to book hotel stays and receive up to $50 in statement credits on your anniversary year. After spending $4,000 on your card within the first three months of membership, you’ll also receive 60,000 Chase Ultimate Rewards Points.

You can also save a significant amount of money on that cost, as the card only has an annual fee of $95. You’ll receive a minimum of $750 to spend on travel. We don’t think there is a better travel credit card for novices.

How the Chase Sapphire Reserve Can Earn You Points

Then there’s the Chase Sapphire Reserve®, which costs $550 annually and is the upgraded version of the Sapphire Preferred Card. However, you get greater benefits for premium travel with that increased annual price. In addition, you will receive three times the points for every dollar you spend on travel and restaurant expenses.

In the first three months of card membership, once you open the card and spend $4,000, you can accrue 60,000 Chase Ultimate Rewards Points. However, because the points are only redeemed for 1.5 cents apiece, you can use the Pay Yourself Back advantage or use the points to get at least $1,200 toward vacation.

Is It Worth to Chase Pay Yourself Back?

The primary motivation for possessing a Chase Sapphire Preferred or Chase Sapphire Reserve card is the travel advantages, as these are credit cards intended for travel. When Pay Yourself Back first launched, nearly all travel was on hold. Chase needed to find a way to keep cardholders entertained and involved during their extended stays at home.

Your points will just be worth more when you spend them for travel as Chase will eliminate this incentive at the beginning of 2024. Of course, you can potentially receive even more value by using Chase transfer partners and using your points to book lodging and travel.

Ultimately, this perk essentially increases the amount of flexibility with which you can spend your points. We value Chase Ultimate Rewards points highly because of their flexibility, but you’ll get more mileage out of them if you use them for travel expenses.

Leave a Comment