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Chase ‘Pay Yourself Back” Is As Good As We Thought
Chase recently introduced a great new option for redeeming Ultimate Rewards points, called Pay Yourself Back. It launched on 5/31 for Chase Sapphire Reserve and Sapphire Preferred cardholders, who can now redeem points at 1.5¢ and 1.25¢ respectively for statement credits on the following purchases:
- grocery stores
- home improvement stores
- dining, including restaurants, takeout and eligible delivery services
This means, Sapphire Reserve cardmembers can apply 10,000 points to pay themselves back on a $150 purchase in these eligible categories.
One question that we all had was whether redeeming points for these purchases would cancel out the points earned for the purchase. This is important since Chase has increased earning on groceries, from May 1 through June 30, 2020, for Chase Sapphire Reserve and Sapphire Preferred cardholders. You earn 5x and 3x respectively.
Doctor of Credit has received confirmation from Chase that you get to keep the points earned on purchases, even if you redeem Ultimate Rewards for those same purchases. This is in line with what I saw in my account when redeeming points through the Pay Yourself Back option, but it’s good to know that Chase has confirmed it. I thought it was still a possibility that Chase could take back these points later, or when the statement closed.
The new Pay Yourself Back option for Chase Sapphire cardholders and increased earning on groceries, are a great combo. Chase Sapphire Reserve cardholders will earn 5x on grocery purchases for example and then redeem those points for the same purchase at 1.5¢, effectively giving you 7.5% cashback.
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