Pay Yourself Back will be extended on Ultimate Rewards credit cards, and Chase Sapphire Reserve cardholders will be able to continue using their $300 travel credit on grocery store and gas station purchases.
Last year was busy for Chase. The issuer launched the new Chase Freedom Flex℠, retired the old Freedom card, added new earning categories to the Chase Freedom Unlimited® and offered limited-time benefits on the Chase Sapphire Preferred® Card* and the Chase Sapphire Reserve®, among other updates. The Sapphire cards also received Peloton statement credits.
Response to these new promotions and features has been positive, and Chase has been working to extend and expand them. Previously, the issuer announced it was expanding its Pay Yourself Back program to include Ink and Freedom cards and keeping the previously announced categories for Sapphire, including grocery stores, restaurants (including takeout and eligible delivery services) and home improvement stores. Chase also allowed all eligible Ultimate Rewards cardholders to use the tool to redeem points toward donations made to eligible charities.
And as of March 30, 2021, Chase has once again extended Pay Yourself Back grocery, restaurant and home improvement categories – now through Sept. 30, 2021 – continuing to allow cardmembers more flexibility to choose how and when they use their points.
Additionally, Chase Sapphire Reserve cardholders can continue using the card’s $300 travel credit toward gas station and grocery purchases through the end of the year.
How Pay Yourself Back is changingInitially, Chase offered Pay Yourself Back on the Sapphire cards, allowing cardholders to redeem their points for statement credits toward purchases at grocery stores, home improvement stores and restaurants. This redemption option provided a great point value – Sapphire Reserve cardmembers’ points have been worth 50% more, and Sapphire Preferred points have been worth 25% more.
Later, the offer was extended, and Chase added other eligible Chase Ultimate Rewards cards to the program, including Freedom, Freedom Unlimited and the new Freedom Flex. These cardmembers have been able get a 25% higher value out of their points when donating to select charities.
Here are some of the charities included on Pay Yourself Back:
- American Red Cross
- Equal Justice Initiative
- Feeding America
- Habitat for Humanity
- International Medical Corp.
- Leadership Education Fund
- NAACP Legal Defense and Education Fund
- National Urban League
- Thurgood Marshall College Fund
- United Negro College Fund
- United Way
- World Central Kitchen
See related: How to donate unused rewards miles and points
Now, Chase is extending both offers through Sept. 30, 2021, allowing cardmembers to continue getting an increased value out of their cards.
Should you use Pay Yourself Back?
Pay Yourself Back adds flexibility to your Ultimate Rewards points redemption. While redeeming for travel has always been the best option in terms of value, during times when travel is limited (like the pandemic), having an alternative can prove very useful.
See related: How to earn and use Ultimate Rewards points
For example, if you have a Sapphire Reserve card, you can apply 10,000 points toward a $150 grocery bill, saving 5,000 points compared to the typical cash back statement credit, which comes at a value of 1 cent per point.
The opportunity to redeem for charitable contributions is also an excellent addition, especially during this challenging period. Many loyalty programs and credit cards allow to donate unused points and miles, but at a lower redemption rate. The added 25% value Pay Yourself Back provides can help you contribute more – making your Ultimate Rewards work for a good cause.
Overall, this is an exciting extension of a useful feature, and we look forward to seeing how it will continue to evolve in the future.
*The information for the Chase Sapphire Preferred card has been collected independently by CreditCards.com. The card details on this page have not been reviewed or provided by the card issuer.