They’ve added a great new way to use points for everyday purchases like grocery shopping, home improvement stores, and restaurants called Pay Yourself Back. And after adding some bonus earning categories earlier this year, Chase had added an even better bonus multiplier to these cards.
Through April 30, 2021, you can earn even more on your grocery shopping on both the Preferred and Reserve cards starting next month, as first reported by Doctor of Credit. And Chase Sapphire Reserve cardmembers with unused travel credits will have more time to use them.
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Read on to learn more.
New Chase Sapphire Preferred Benefits
The new bonus categories for the Chase Sapphire Preferred Card are identical – you’ll just earn a bit less than with the Reserve card.
Starting Nov. 1 through April 30, 2021 cardholders will earn 2x points for every dollar spent on grocery store purchases up to $1,000 per month. This is up from the standard 1x point per dollar spent this card earns on groceries normally. And this multiplier does not include stores like Target, Costco, and Walmart.
The Chase Sapphire Preferred also has the Pay Yourself Back feature through April 2021. And since groceries are one of the redeemable categories to use your Chase Ultimate Rewards points for, you can essentially earn 2x bonus points on groceries, and then use points to remove your purchase at a rate of 1 point = 1.25 cents. This is the same value they will have through the Chase Ultimate Rewards travel portal.
And considering Chase is offering a 60,000 point bonus on the Chase Sapphire Preferred Card after you spend $4,000 in the first the months of card membership, there has never been a better time to open the card.
In addition to the 2x points you’ll earn at the grocery store through April, you’ll also earn 2x points per dollar spent on all travel and dining purchases as normal.
Click Here to learn more about the Chase Sapphire Preferred Card.
New Chase Sapphire Reserve Benefits
Starting Nov. 1 through April 30, 2021, cardholders will earn 3x points for every dollar spent on grocery store purchases up to $1,000 per month. This is up from the standard 1x point per dollar spent this card earns on groceries normally. Once again, this multiplier will not include stores like Target, Costco, and Walmart.
And like the Sapphire Preferred Card, the Chase Sapphire Reserve also has the Pay Yourself Back feature through April 2021. And since groceries are one of the redeemable categories to use your Chase Ultimate Rewards points for, you can essentially earn 3x bonus points on groceries, and then use points to remove your purchase at a rate of 1 point = 1.5 cents – the same value they have through the Chase Ultimate Rewards travel portal.
In addition to the new grocery multiplier, Chase has made updates to the $300 travel credit the card provides each year. Historically, this $300 was to be used for any purchase coding as travel and Chase would automatically reimburse you up to $300 each year.
Earlier this year, Chase announced that the $300 could now be used towards gas and grocery purchases through Dec. 31, 2020. They have now extended this benefit through June of 2021, which should give you plenty of time to use up this credit in this manner if you choose to do so.
Click Here to learn more about the Chase Sapphire Reserve
Banks continue to get creative in giving cardholders more value at a time when travel is not top of mind for many cardholders. While you may not be able to travel much now, you can earn points for future travel on the spending you’re doing now.
Travel has been slow to restart – that resumption is underway already. And since Chase Ultimate Rewards points never expire, there is never a bad time to earn more of them for your next trip.
If you don’t already have it in your wallet, now is a fantastic time to grab the Chase Sapphire Preferred Card and take advantage of the 60,000 point offer after spending $4,000 in the first 3 months of card membership.
Even if you’re eyeing the Chase Sapphire Reserve, we think it makes more sense to start with the Chase Sapphire Preferred – now more than ever.
At a time when travel is on hold, these new bonus categories are smart – though they still fall short of the 4x points per dollar spent on groceries (up to $25,000 spent each year) on the American Express Gold Card.
Chase and other banks continue to find new ways to make their cards more flexible and valuable. And that’s a win for consumers. These new benefits will be available through April 2021.