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 cardmembers 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 to use 60,000 bonus points for groceries and home improvement expenses, that would be roughly $750. That’s amazing! However, using those same 60,000 bonus points could cover the flights for 2 people that may have cost roughly $1,000 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 for a 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
- Credit Recommended (660-850):
- Intro Rewards Bonus
- 80,000 bonus points
- Rewards Rate 1
- 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel
- Foreign Trans Fee
- Annual Fee
- Regular APR
- 15.99% - 22.99% Variable
- Credit Recommended
- Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
- Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 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
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
Editorial Disclaimer: Information in these articles is brought to you by CreditSoup. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles. The information is accurate to the best of our knowledge when posted; however, all credit card information is presented without warranty. Please check the issuer’s website for the most current information.