Chase Extends Pay Yourself Back, Announces New Sapphire Card Benefits
chase extends pay yourself back

Chase Extends Pay Yourself Back, Announces New Sapphire Card Benefits

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With travel mostly on pause in 2020, Chase went to work adding new benefits for their top travel cards like the Chase Sapphire Preferred Card and Chase Sapphire Reserve. And the biggest addition was Chase Pay Yourself Back,  allowing cardholders 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.

After two extensions and additions of new categories and cards that qualify for Pay Yourself Back, this lucrative (and flexible) new benefit was currently set to expire on April 30, 2021. Chase eventually confirmed it planned to make Pay Yourself Back a permanent benefit, though it was unclear what would happen to those current eligible categories.

On Tuesday, Chase confirmed to Thrifty Traveler they’re extending the existing categories of Pay Yourself Back through Sept. 30, 2021. That means you’ve got another five months to use Chase points at grocery stores, home improvement stores, and more. Plus, Chase is adding a few more new benefits to these cards, too.

Chase Ultimate Rewards Points will continue to be worth 25% or 50% more when redeemed on these categories, depending on which card you’ve got.
 


 

Other Chase Sapphire Benefit Updates

As a part of this announcement, Chase has announced a few other new benefits as well as updates to existing benefits.

 

Chase Sapphire Reserve Travel Credit Extended through Dec. 31

In 2020, Chase updated the $300 travel credit on the Sapphire Reserve so that cardholders were able to use the $300 at both gas stations and grocery stores (in addition to any travel purchases). This was currently scheduled to end in June.

On Tuesday, Chase extended this through the end of the year, making it easier to eat up more than half of the card’s $550 annual fee in 2021.

Related: Use Your Chase Sapphire Reserve Travel Credit to Get Thrifty Traveler Premium for Free!
 

chase extends pay yourself back

 

Chase Enhances Its Partnership with Peloton

Last October, Chase announced a new partnership with Peloton in which Sapphire cardholders can receive up to $120 in statement credits to the Preferred and Reserve cards. The credits are available for use on Peloton Digital or Peloton All-Access memberships all the way through Dec. 31, 2021. Simply charge the bill to your Sapphire Card, and you’ll automatically receive a statement credit. Here’s how they break down:

  • Chase Sapphire Reserve: Get $120 total in statement credits toward Peloton memberships through Dec. 31, 2021.
  • Chase Sapphire Preferred Card: Get $60 total in statement credits toward Peloton memberships through Dec. 31, 2021.

 

chase extends pay yourself back 

Starting today (March 30), Sapphire Reserve cardholders will be able to earn 10x total points on each Peloton Bike, Tread, and accessory purchase over $1,800 with a maximum earn of 50,000 Chase Ultimate Rewards points through March 2022.

And Sapphire Preferred cardholders will earn 5x total points on each Peloton Bike, Tread, and accessory purchase over $1,800 with a maximum earn of 25,000 Chase Ultimate Rewards points through March of 2022.

It’s important to note that Peloton does offer up to three years 0% financing on all of their fitness equipment through their partner Affirm. Because of this, it might not make sense to buy Peloton equipment outright. But if you have plans to do so, this option is certainly worth considering. With a 5x or 10x points multiplier, points can add up fast on your purchase of $1,800 or more.

 

Chase Dining Redemptions Extended Through Sept. 30

Chase Dining redemptions have also been extended through September 30, 2021.

Points are worth 25% or 50% more when Sapphire cardmembers redeem for purchases with Chase Dining, including takeout, pre-paid reservations, and more.  And as a reminder, Sapphire cardmembers can also earn 10x total points on purchases through Chase Dining in Ultimate Rewards up to $500 (through June 30, 2021).

 

Our Analysis

The most exciting part of this announcement from Chase is the extension of the Pay Yourself Back categories through September of 2021. Chase had previously indicated that they had no plans to get rid of the new benefit added last year, but it was unclear what would be happening with the current categories.

The expanded partnership with Peloton is OK at best, as it doesn’t do much for cardmembers who already have a Peloton. And even if a cardmember is in the marketplace to buy one of their state-of-the-art fitness machines, Peloton offers 0% financing for up to three years.

Even if you are earning a ton of points, it’s a tough sell to put the entire cost of the new machine on your Sapphire card when that is the alternative. At a minimum, it would be nice to add some sort of category bonus multiplier for paying your monthly Peloton subscription with your Sapphire Card.

I love to see the extension of the $300 travel credit on the Sapphire Reserve for gas and groceries through the end of 2021. It will be interesting to see what Chase does with the benefit long term.

Chase has added and updated the benefits on the Sapphire cards so many times over the past year that it is honestly getting a bit difficult to stay on top of.

While it is great to see Chase innovating and trying to provide value on travel credit cards while people are largely not traveling, I think both cards are long overdue for a refresh of permanent benefits.

 

Bottom Line

Chase has extended their popular Pay Yourself Back benefit with the same categories through September 2021. They’ve also added a few additional benefits as a part of their partnership with Peloton and extended the ability to use the $300 travel credit from the Chase Sapphire Reserve at gas stations and grocery stores through the end of 2021.
 

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below 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.

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