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What is Chase’s “Pay Yourself Back” Program?

What is Chase’s “Pay Yourself Back” Program?

The Chase Ultimate Rewards® Program has been long known for allowing people to redeem points for free flights and hotels. With travel not on people’s minds as much given the current Pandemic situation, Chase® came out with a great new alternative for those points you can be racking up on your Chase® card. It’s called the Pay Yourself Back Program.

What this program is, is essentially allowing eligible card members the opportunity to now redeem points on the Chase Ultimate Rewards® site to pay for everyday purchases such as groceries, dining and home improvement. You would then select which purchases you’d like to get paid back for and receive the reimbursement for these purchases with a statement credit. This program launched May 31st, starting with Chase Sapphire Reserve® and Preferred® card members allowing points on these types of purchases to be worth between 25-50% more.


One thing to keep in mind, however, is that if you are planning on traveling in the next year, you typically will still get the most out of your points by using them for travel rather than this statement credit option for select everyday purchase categories. For example, if you were to use the Pay Yourself Back option with a Chase Sapphire Reserve® card; Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Travel℠. That’s amazing! However, using those same 60,000 bonus points could cover the flights for 2 people that may have cost roughly $1,200 total. How you use your points all depends on what your goals and travel plans look like in the upcoming year.

The program is very easy to use. Simply choose from a list of qualified transactions, choose the amount of cash value you want to receive as a statement credit and the credit value will appear on your next card statement.


If you are already a Chase Sapphire Reserve® or Preferred® card holder you can learn more by logging into your Chase Ultimate Rewards® account. If you are not already a card member, you can apply here. New Chase Sapphire Preferred® Card members are also eligible to earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Travel℠

Chase Sapphire Preferred® Card

Credit Recommended (660-850):
Learn More
Chase Sapphire Preferred® Card
Editor’s Rating: 4.8
Credit Recommended (660-850):
Intro Rewards Bonus
60,000 bonus points
Rewards Rate 1
5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases
Foreign Trans Fee
Learn More on the Chase secure website.
Annual Fee
Regular APR
21.49%-28.49% Variable
Credit Recommended


  • 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 Travel℠.
  • Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Travel℠. For example, 60,000 points are worth $750 toward travel.
  • 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.
  • Member FDIC
See additional details for Chase Sapphire Preferred® Card

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