With most travel on hold, Chase got creative by rolling out a new benefit for Chase Sapphire Preferred Card and Chase Sapphire Reserve cardholders called “Pay Yourself Back.” It allows you to use Chase Ultimate Rewards points to cover everyday purchases at restaurants, grocery stores, home improvement stores, and even food delivery platforms like Uber Eats and DoorDash.
This benefit was initially set to end Sept. 30. After weeks of speculation, Chase confirmed Monday that this lucrative (and flexible) new benefit will be extended all the way through April 30, 2021. That gives you another seven months to continue using Chase points to cover some core everyday expenses. And if you’re in the giving mood, Chase is adding a dozen charities like the American Red Cross, United Way, NAACP Legal Defense and Education Fund, and more to eligible Pay Yourself Back expenses.
Meanwhile, Chase will also add more cards to the Pay Yourself Back pool – though they won’t be eligible to use points for the same categories. Come Oct. 1, all Chase Freedom cards like the Chase Freedom, Chase Freedom Flex, and Chase Freedom Unlimited can use cashback or points earnings to cover certain charitable donations. From Oct. 1 through the end of 2020, the Chase Ink Business Preferred Credit Card and Chase Ink Business Plus can use Pay Yourself Back on select business expenses.
“The initial response to Pay Yourself Back on Sapphire has been overwhelmingly positive,” Matt Massaua, Chase’s head of Ultimate Rewards and Loyalty Solutions, said in a statement. “We’re expanding Pay Yourself Back to other cards and giving our cardmembers more flexibility to choose how and when they use their points.”
More Time, More Options for Chase Sapphire Cards
This creative new feature to use Chase points to cover everyday expenses had been set to lapse at the end of September.
While Chase was expected to sub in new Pay Yourself Back categories, things are staying largely the same. You can continue redeeming Chase points to cover purchases at restaurants, grocery stores, food delivery services, and home improvement stores all the way through April 30, 2021. Even purchases at Target and Walmart are eligible!
But Chase is also adding a dozen charitable organizations to the Pay Yourself Back Fold, including:
- 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
That means you could donate to one of these organizations, then go back to cover your donation with points.
If you hold the Chase Sapphire Preferred Card, your Ultimate Rewards points will be worth 1.25 cents each when redeemed via Pay Yourself Back – the same rate you get when booking travel through the Chase Travel Portal. That means the brand new 80,000-point bonus would be worth $1,000.
Click Here to get more information about the Chase Sapphire Preferred Card.
And if you hold the Chase Sapphire Reserve, the points will be worth 1.5 cents each – also the same rate as they can be redeemed through the Chase Travel Portal. This means you would only need 50,000 points to redeem for $750 worth of value.
Click Here to learn more about the Chase Sapphire Reserve.
Extending this benefit should be welcome news for cardholders as it provides more flexibility when it comes time to redeem them. And Chase is hinting that it will continue beyond April 2021 – perhaps with new categories down the line.
“Categories and redemption values will evolve over time to continue to provide the most relevant and practical value for cardmembers,” Chase said in a statement.
Chase Freedom Cards Join the Fold
Initially, only the top Chase Sapphire cards were eligible to use Pay Yourself Back. That’s changing.
Starting. Oct. 1, all three Chase Freedom cards can use cashback (or points) toward Pay Yourself Back – but only for charitable donations to the 12 eligible charities. It’s unclear if that may change as time goes on.
But there’s no time limit on this addition. Chase says there’s no end date on when this new Pay Yourself Back option will lapse – at least not yet.
Read more: Why the new Chase Freedom Flex Card might be the best no annual fee card yet
Chase Ink Cards Join Pay Yourself Back
Chase’s popular small business cards are also joining the Pay Yourself Back roster. But you’ll find some drastically different categories for which you can use points.
From Oct. 1 through Dec. 31, 2020, the Chase Ink Business Preferred Credit Card and Chase Ink Business Plus can use Ultimate Rewards points on shipping expenses and online advertising, as well as charitable donations to the 12 eligible organizations. Just as with the Chase Sapphire Preferred Card, each point is worth 1.25 cents toward these expenses.
Click Here to learn more about the Chase Ink Business Preferred Card.
It was only a matter of time. This new way to use Chase points for everyday expenses has proven popular – especially with no end in sight to the freeze on travel during the pandemic.
Still, it’s an exciting development. Chase Sapphire cardholders have seven more months to keep using Ultimate Rewards points at restaurants, for groceries, and other common expenses. And more Chase cards are joining the Pay Yourself Back fold.