Chase Extends “Pay Yourself Back”, Plus More Valuable Benefits for Cardholders

chase cards benefits

Chase Extends “Pay Yourself Back”, Plus More Valuable Benefits for Cardholders

Chase has been providing cardholders with more value for everyday purchases since the start of the Covid-19 pandemic. Chase’s “Pay Yourself Back” tool launched on May 31 last year, as a way to let cardholders maximize the value of Ultimate Rewards points while the pandemic made travel almost impossible. With “Pay Yourself Back”, points are 25% to 50% more valuable when redeemed for eligible purchases. The program was rumored to expire on April 30, 2021, but it looks like it will be extended once again until September 30, 2021. What’s even more important, the redemption categories will not change.

But there’s even more good news for Chase cardholders. The $300 annual travel credit can be used for grocery and gas purchases through the end of the year, elevated Chase Dining points redemptions are also extended based on the information provided by TPG, and you can earn up to 10X on Peloton purchases.

Pay Yourself Back

With Chase’s Pay Yourself Back program, eligible cardholders with Ultimate Rewards earning cards can receive more value on eligible point redemptions. Depending on the card you have, you can get an additional 25% or 50% in value for your points. Here are the eligible cards:

  • Chase Sapphire Reserve® Card
    • Through September 30, 2021, cardmembers’ points will be worth 50% more when applied to:
      • grocery and home improvement stores
      • dining at restaurants, including takeout and delivery services
      • contributions to eligible charitable organizations.
  • Chase Sapphire Preferred® Card
    • Through September 30, 2021, cardmembers’ points will be worth 25% more when applied to:
      • grocery and home improvement stores
      • dining at restaurants, including takeout and delivery services
      • contributions to eligible charitable organizations.
  • Chase Freedom Flex℠
    • Through September 30, 2021, cardmembers’ points will be worth 25% more when applied to:
      • donations made to eligible charitable organizations.
  • Chase Freedom Unlimited®
    • Through September 30, 2021, cardmembers’ points will be worth 25% more when applied to:
      • donations made to eligible charitable organizations.
  • Chase Freedom® (no longer available for applications)
    • Through September 30, 2021, cardmembers’ points will be worth 25% more when applied to:
      • donations made to eligible charitable organizations.
  • Ink Business Preferred® Credit Card
    • Through June 30, 2021, cardmembers’ points will be worth 25% more when applied to:
      • shipping
      • home improvement
      • select charities.
  • Ink Plus® Business Card (no longer available for applications)
    • Through June 30, 2021, cardmembers’ points will be worth 25% more when applied to:
      • shipping
      • home improvement
      • select charities.

In order to receive enhanced value, you need to redeem Ultimate Rewards points for statement credits on eligible purchases. After making a purchase in an eligible category or making a donation to an eligible charity, cardmembers can select from recent transactions made up to 90 days prior, choose to redeem points for all or a portion of the purchase, and get paid back with a statement credit. To access the Pay Yourself Back feature, cardmembers can simply log into Ultimate Rewards on their desktop at www.chase.com/ultimaterewards or through the Chase mobile app.

Remember that currently you can also earn 3X on grocery purchases if you have a Chase Sapphire cards.

Chase Sapphire Reserve Travel Credit

The Chase Sapphire Reserve credit card comes with a $550 annual fee. One of the best ways to offset that fee is by taking full advantage of the $300 in annual credits. This credit normally applied to travel purchases only, but back in May it was expanded to be used for grocery and gas station purchases as well. To ensure that cardholders can use their travel credit, even if they haven’t yet returned to travel, Chase has made it simpler by allowing the two additional categories to count towards the credit through Dec. 31, 2021.

Chase Dining

Chase partnered with Tock last year to let you place food orders and make reservations for restaurants online. You can currently redeem Ultimate Rewards points for Chase Dining purchases at a higher rate than most expenses through April 30, 2021. Now that option has been extended through September 30, 2021. Chase Sapphire Reserve cardholders can redeem Ultimate Rewards at 1.5 cents apiece, while Chase Sapphire Preferred cardholders can redeem points at 1.25 cents each.

Chase is also offering another opportunity for Chase Sapphire Preferred and Sapphire Reserve cardholders through the new Chase Dining option. Eligible cardholders can earn 10X Ultimate Rewards points for every dollar, up to a total of $500 in Chase Dining purchases.

Up to 10X on Peloton Purchases

Chase has added a new increased earning option for Chase Sapphire cardholders. They can earn up to 10X on Peloton purchases. Here’s how it works:

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  • Chase Sapphire Reserve
    • Earn 10x total points on Peloton Bike and Tread purchases, plus up to $120 back on an All-Access Membership. Get an immersive cardio experience that will keep you coming back for more. Through March 2022, earn 10x total points on each Peloton Bike, Tread and accessory purchase over $1,800, with a max earn of 50,000 total points.
    • After ordering, get started right away with a complimentary Digital Membership from Peloton. When your equipment arrives, you can also earn up to $120 back from Chase on a Peloton All-Access Membership through December 2021.
  • Chase Sapphire Preferred
    • Earn 5x total points on Peloton Bike and Tread purchases, plus up to $60 back on an All-Access Membership. Get an immersive cardio experience that will keep you coming back for more. Through March 2022, earn 5x total points on each Peloton Bike, Tread and accessory purchase over $1,800, with a max earn of 25,000 total points.
    • After ordering, get started right away with a complimentary Digital Membership from Peloton. When your equipment arrives, you can also earn up to $60 back from Chase on a Peloton All-Access Membership through December 2021

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