Chase to Honor Sapphire Reserve PYB 50% Bonus for Annual Fee

Chase is expected to make changes to the “Pay Yourself Back” program, starting January 1st. Redemption rates will likely be decreased, so if you can use your Ultimate Rewards points now, you probably should.

But Chase has actually reduced redemption rates already for the Sapphire Reserve, before the previously announced end date of December 31, 2022. If you take a look at your Chase Sapphire Reserve account right now, you will see only a 25% bonus for Annual Membership Fee. 

Dans Deals has some good news for the next two days at least. The credit card issuer told him that “the 25% rate was updated earlier than anticipated, but Chase will be honoring all annual membership fee redemptions through 12/31/22 at the original 50% rate. This will be made whole for cardmembers in Q1 2023. The 25% rate will begin on January 1, 2023.”

So this confirms the new rate starting on January 1st, and also lets current cardholders redeem points for the annual fee at a value of 1.5 cents each.

Additionally, if you look at eligible purchases for Pay Yourself Back, groceries are also eligible. This will likely be added as a category for the next quarter. But these charges only show a 25% bonus only, instead of 50%.

Changes are also expected for redemption rates for other PYB eligible cards such as Sapphire Preferred, Ink Business Preferred, Ink Business Cash and Ink Business Unlimited. For Ink cards you probably have a better chance at getting around the 5/24 rule through the end of the year. It worked for me.