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The Chase’s Pay Yourself Back feature allows cardmembers to redeem Chase Ultimate points for statement credits in select categories of purchases. The cool thing about this feature is that you can use your points to pay for purchases, and earn points for that purchase as if you paid it with money.
The Pay Yourself Back feature was first introduced in May 2020 with the two Chase Sapphire cards. But as of October 2020, the two Freedom cards and the Ink business cards can also use this feature, although in limited categories of purchases and donations.
To use the Pay Yourself Back feature, you must first log in to your online Chase account. After that:
Expect to get your statement credit within three business days.
All three types of Ultimate Rewards credit cards let you use the Pay Yourself Back feature. But each card type offers a different value for point redemption differently. Here’s how it looks:
Both the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve® have the highest value on point redemptions in select new categories. However, these categories may not last forever.
The two Freedom cards only get a one redemption option within the Pay Yourself Back program.
The Ink business credit cards have gotten a boost to points redemption value on select business categories for a limited time.
This means that you can redeem 10,000 points with your Chase Sapphire Reserve® card for a $150 purchase. If you redeem 10,000 points for cash, you get $100. Redeeming points with the Pay Yourself Back feature is a way better deal.
The 25% higher redemption means that 10,000 points are worth $125 in eligible Pay Yourself Back redemption.
You can donate your points to:
Using the Pay Yourself Back feature is useful with an Ultimate Rewards credit card. But if this type of card doesn’t align with your needs, other Chase credit cards could be a better option.
The Chase Pay Yourself Back is a useful feature to spend your points when you can’t use them on travel purchases. The only downside is that the Freedom cards can only use this feature for charitable donations and not on groceries and dining like the Chase Sapphire cards. If the Chase cards aren’t right for you, compare other rewards credit cards.
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