Chase to Honor Sapphire Reserve PYB 50% Bonus for Annual Fee (Ends 12/31)

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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.

4 thoughts on “Chase to Honor Sapphire Reserve PYB 50% Bonus for Annual Fee (Ends 12/31)

  1. Thanks. Hoping I wont have to fight them over this. But with bonus going down, there’s no reason not to use points for AF.

  2. Just FYI…I called chase, spoke to a rep, then to the rep’s manager and then to the manager of the manager…all three were adamant that the rate for PYB for membership fees is 25 percent and that there is no provision whatsoever that the additional 25 percent will be returned in the first quarter of the new year.

    • Thanks for info. I’ll update once i get a chance. It’s probably best to have confirmation first before redeeming.

      • Regardless what they say, and even without confirmation at all, they have to honor 50% bonus until 12/31 because they advertised it as a benefit until 12/31. And people probably signed up for the card assuming they will be able to use this benefit until 12/31. I will complain to CFPB if they don’t give me back the points.

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