Since Chase announced the Pay Yourself Back feature in early 2020, the publisher has expanded the tool to the different types of cards in its suite, as well as the length of time the tool is available.
Chase has done so again, enhancing the usability of the Pay Yourself Back feature for Sapphires cards and some Ink Business cards. Previous offers were scheduled to expire on March 31, 2022, which will now last until June 30, 2022.
As a Chase Sapphire Preferred® card or Chase Sapphire Reserve® member, you can go on to receive an additional 25% to 50% of the corresponding value for your score when you exchange them for statement credit after using the card to eat and make purchases with Airbnb, Just like away through awaytravel.com. Both Sapphire cards will continue to redeem points at 25 percent and add 50 percent to donate to some charities. However, Peloton Bikes and Treads offers the 5X return (with Sapphire Preferred) to 10X back (with Sapphire Reserve) which expires on March 31, 2022.
What is Chase Pay Yourself Back?
With Chase’s Pay Yourself Back tool, you can redeem your rewards for previous purchases with a percentage increase (usually 25 percent to 50 percent) for the value of your points. The tool was originally announced in May 2020 and is expected to expire on September 30, 2020, but this offer has been renewed for Sapphire card members and extended to additional Chase cards.
To use the Pay Yourself Back tool, select a qualifying transaction made within the previous 90 days. Then, change your points to all or part of your purchase and get a statement credit.
Chasing credit cards that offer the Pay Yourself Back tool:
Chase Freedom Flex℠
Chase Freedom Unlimited®
Chase Freedom® (not open for applications)
Chase Freedom® Student
Chase Sapphire is a priority.
Chase Sapphire Reserve
Ink Business Preferred® Credit Card
Ink Business Plus® (not open for applications)
Ink Business Cash® Credit Card
Ink Business Unlimited® Credit Card
More details about Pay Yourself Back
Through December 31, 2022, Chase Freedom, Freedom Flex, Freedom Unlimited and Freedom Student scores were worth 25% more in exchange for donations to dozens of selected charities.
Note that if you own Sapphire Preferred or Reserve in addition to a Freedom card, you can transfer your points to those cards and use the Pay Yourself Back tool to get a 25% or 50% increase on purchases with Airbnb as well as Away via xatravel.com.
With a Chase Ink Business Plus or Ink Business Preferred card, your score is worth 25% more when redeemed for shipping, internet, cable and phone services as well as ad purchases made on social media sites and search engines. These categories are valid until June 30, 2022. Points are worth more than 25 percent when redeemed for eligible charitable donations through December 31, 2022.
If you have Chase Ink Business Cash or Ink Business Unlimited, your score is worth 10% more when redeemed for internet, cable, and phone services. Points are worth more than 25 percent when redeemed for eligible charitable donations through June 30, 2022.
Eligible charities with Pay Yourself Back include:
The American Red Cross.
Habitat for humanity
International Medical Corporation
Leadership Education Foundation
NAACP Legal Defense and Education Fund
National Urban League
Thurgood Marshall College Foundation
United Negro College Foundation
United WayWorld Central Kitchen
Should you redeem points with Pay Yourself Back?
Given that using Pay Yourself Back gives you an extra 25% to 50% of the value for your score, you’ll find it hard to figure out the downsides of doing so — especially limited travel and in exchange for points of purchase is often the most lucrative way to use the Ultimate Reward points.
For more information about Final Reward Points, including what Bonus Points Chase credit cards earn, their value, tips for maximizing, and how to transfer your points to a travel partner, see Bankrate’s guide to Final Reward Points.