Chase Announces the Extension of Pay Yourself Back Tool

Chase Announces the Extension of Pay Yourself Back Tool

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Chase Ultimate Rewards has been a fan favorite for its endless travel redemption possibilities. However, with many travel plans put on pause, Chase has had to pivot from its traditional rewards redemption methods.

In May 2020, Chase introduced the new Pay Yourself Back tool for Chase Sapphire Reserve® and Chase Sapphire Preferred® Card holders, providing customers the ability to redeem their points for purchases in several spending categories. This feature is especially handy as you can redeem your Ultimate Rewards points to pay for all or just a portion of these purchases.

While this benefit was set to expire on Sept. 30, 2020, Chase announced the extension of this benefit. Plus, the Pay Yourself Back tool is not only for just Sapphire cardholders, but for Chase Ink Business and Preferred and Freedom cardholders as well.

The program will differ slightly based on the card. Nonetheless, here’s a guide on how you can leverage the Pay Yourself Back tool throughout the pandemic.

Chase Sapphire Reserve® and Chase Sapphire Preferred® Card holders

From now until April 30, 2021, Chase Sapphire Reserve® and Chase Sapphire Preferred® Card holders can continue to enjoy the Pay Yourself Back tool. Cardholders can offset purchases from the following categories:

  • Grocery and dining, including delivery and takeout purchases
  • Home improvement stores (such as Home Depot and Lowe’s)
  • Contributions to eligible charities

Since each Ultimate Rewards point is worth 1 cent each, you’ll gain an even better value thanks to the elevated redemption rates. As a reminder, Ultimate Rewards points are worth 50% and 25% more for the Chase Sapphire Reserve® and Chase Sapphire Preferred® Card, respectively. For example, to offset a $75 restaurant purchase, you’ll need to redeem 5,000 points on the Chase Sapphire Reserve® card and 6,000 points on the Chase Sapphire Preferred® Card.

Currently, the Chase Sapphire Preferred® Card boosted its sign-up bonus: 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 Ultimate Rewards®. With the extension of the Pay Yourself Back tool, you’ll have the option to redeem your points for many purchases beyond travel.

Chase Ink Business Preferred℠ Credit Card and Ink Plus® Business Credit Card holders

If you’re a Chase business cardholder, you can use the Pay Yourself Back tool on select online advertising and shipping expenses, as well as eligible charities from Oct. 1 to Dec. 31, 2020. Your points will be worth 25% more when redeeming points through this tool.

Chase Freedom®, Chase Freedom Unlimited® and Chase Freedom Flex℠ cardholders

Last but not least, the whole lineup of Chase cashback cards can use the Pay Yourself Back tool to donate Ultimate Rewards points to eligible charities. Starting on Oct. 1, 2020, with no clear end date, Chase Freedom®, Chase Freedom Unlimited® and Chase Freedom Flex℠ cardholders will enjoy a 25% boost in Ultimate Rewards points when donating.

Donate Ultimate Rewards points to charity

Chase also makes it easy to donate Ultimate Rewards points to charity. While points never expire and can be used for other redemptions besides travel, you could contribute to the following charities with the Pay Yourself Back tool:

  • American Red Cross
  • Equal Justice Initiative
  • Feeding America
  • Habitat for Humanity
  • International Medical Corporation
  • 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

ValuePenguin’s verdict

Adding flexibility to rewards programs is crucial in a time when travel is so limited. Thankfully, Chase has made many positive changes in response to the pandemic. The Pay Yourself Back tool allows you to redeem your hard-earned points for more applicable purchases beyond travel. With an elevated points value, the Pay Yourself Back tool presents excellent value and can help alleviate financial stress.

The information related to Ink Plus® Business Credit Card has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.

Stella Shon

Stella Shon is a travel credit cards writer with ValuePenguin. After studying abroad in Paris three years ago, she became determined to keep traveling. That’s when she discovered the world of points and miles, which enabled her to travel on a student budget. Since then, she’s flown over 150,000 miles and earned more than 500,000 points and miles with eight different credit cards. While in college, she even co-founded her own travel agency, helping her peers plan and book trips on a budget. As a recent journalism graduate from UNC-Chapel Hill, her goal is to write about travel to make it simpler and achievable for everyone. Her work has also appeared on JetBlue, The Points Guy, Travel + Leisure and CNBC.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).