Redeem Chase Ultimate Rewards for Select Statement Credits, Up to 1.5¢ Value

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Redeem Chase Ultimate Rewards for Select Statement Credits, Up to 1.5¢ Value

Chase Ultimate Rewards is giving cardmembers more choices to use their points. The new Pay Yourself Back feature within Ultimate Rewards will provide the option to apply points to pay for all or a portion of existing purchases in select categories, and get paid back with a statement credit.

Launching first for Sapphire Reserve and Sapphire Preferred cardmembers on May 31st, points will be worth 50% or 25% more, respectively, when redeemed for every day purchases in the initial categories of: grocery stores, home improvement stores and dining, including restaurants, takeout and eligible delivery services.

Pay Yourself Back

Starting May 31, 2020, Chase Sapphire Preferred® and Reserve cardmembers will have access to the new Pay Yourself Back feature within Ultimate Rewards. After making a purchase in an eligible category, cardmembers can simply log into Ultimate Rewards on desktop or through the Chase mobile app, select from recent transactions up to 90 days prior, and choose to redeem points for all or a portion of the purchase.

  1. Select an eligible transaction.
  2. Set the amount.
  3. Confirm and redeem.
  4. That’s it! Check out Pay Yourself Back today.

At launch and through September 30, 2020, Sapphire Reserve cardmembers’ points will be worth 50% more, and 25% more for Sapphire Preferred cardmembers, when redeemed in eligible categories.

This means, Sapphire Reserve cardmembers can apply 10,000 points to pay themselves back on a $150 purchase – a 5,000 point savings compared to a typical cash back redemption. After applying points to an eligible purchase, cardmembers will automatically receive a statement credit for the amount paid in points within three business days.

Chase will introduce other cards that earn Ultimate Rewards points to the Pay Yourself Back feature over time.

Guru’s Wrap-up

A very generous limited time offer. Especially with increased earning for CSR in some categories right now. And you also have cards like Chase Freedom that earns 5x Ultimate Rewards points this quarter on groceries and home improvement stores. Will be interesting to see how everything is implemented.

DannyDealGuru has partnered with CardRatings for our coverage of credit card products. DannyDealGuru and CardRatings may receive a commission from card issuers. Responses 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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