Pay Yourself Back will allow Ink cardholders to redeem points and get statement credits for internet, cable and phone services, as well as shipping and home improvement 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 began to offer Peloton statement credits.
Response to these new promotions and features has been positive, and Chase has extended and expanded 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.
Most recently, Chase extended Pay Yourself Back for Ink cardholders through Sept. 30, 2021. The issuer has also added new spending categories to some of the Ink cards.
On top of that, starting July 2, 2021, Freedom cardholders will have the option to apply points to pay for their dining purchases (up to $250 in dining purchases in total) and get statement credits using the tool. Ultimate Rewards points will be worth 10% more when redeemed for dining through Sept. 30, 2021.
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 to 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.
Through Sept. 30, 2021, small business owners with the Chase Ink Business Preferred® or Chase Ink Business Plus® can use Pay Yourself Back to redeem points on shipping and home improvement purchases. Chase has also added new Pay Yourself Back categories to these cards, including internet, cable and phone services. With any of these redemption options, points will be worth 25% more.
Those with the Chase Ink Cash®, Chase Ink Business Cash® Credit Card and Ink Business Unlimited® Credit Card can also redeem points worth 10% more for internet, cable and phone services through Sept. 30, 2021.
Additionally, Freedom cardmembers will be able to redeem their points for statement credits toward dining purchases at a 10% higher value starting July 2 through Sept. 30, 2021.
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, when travel is limited (like during the pandemic), having an alternative can prove very useful. Small business owners with Ink cards can also find a lot of value in the current Pay Yourself Back categories.
See related: How to earn and use Ultimate Rewards points
The opportunity to redeem for charitable contributions is also an excellent addition, especially during the pandemic. Many loyalty programs and credit cards allow you 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.