One would expect Chase to round that up to 18,907 to determine how many points were required. Take, for example, the $283.60 grocery purchase at Plum Market. Chase rounded up the value of the points in my favor. I was a little concerned that it might be better to pick a round number to get full point value, but that concern was unfounded. In each case, I selected “Apply Max Value”. I selected each of the above purchases and then had the opportunity to enter how much of each purchase should be paid back with points. I had a couple of DoorDash purchases and a few grocery purchases: When I logged into my Chase account and browsed to Chase’s Pay Yourself Back page, I found a number of qualifying purchases. Grocery & dining purchases were both valid categories at that time and the redemption level was still 1.5 cents per point. Note: This example is from the time when this feature first debuted. While you can redeem Rapid Rewards points for dining, the rate will leave a bad taste in your mouth. Redeem points for 1.5-1.75 cents each to pay back the following charges: Dining ($200 maximum, in total credits): Through 12/31/23.Redeem points for 0.8 cents each to pay back the following charges: Redeem points for 1 cent each to pay back the following charges: Ink Business Cash, Ink Business Unlimited Internet, Cable, Phone Services: ended 6/30/23.Dining (includes restaurants and food delivery service): ended 9/30/21.Redeem points for 1.25 cents each to pay back the following charges: Annual membership fee: Through 12/31/23.Select Charities: Through 12/31/23 (still at 1.5 cents per point)Īmerican Red Cross, Equal Justice Initiative, Feeding America, Habitat for Humanity, International Medical Corps (also aiding efforts in Ukraine), Leadership Conference Education Fund, NAACP Legal Defense and Education Fund, National Urban League, Thurgood Marshall College Fund, United Negro College Fund, United Way, World Central Kitchen (also aiding efforts in Ukraine). Redeem points for 1.25 cents each to pay back the following charges: Pay Yourself Back categories for eligible Chase credit cards Sapphire Reserve You’ll still have the ability to transfer points to travel partners, but you can also cash out points for certain charges instead. Using these Pay Yourself Back categories, Chase’s Ultimate Rewards cards can become more like super-charged cash back cards. For example, if you’re a Sapphire Reserve cardholder, you can use your card at grocery stores and later exchange your points to pay off those charges at 1.25 cents per point value. The Pay Yourself Back feature does provide some value for everyday purchases, although it’s somewhat diminished with the new, lower redemption rates. Sapphire Preferred and Ink Business Preferred cardholders get 1.25 cents per point value. Sapphire Reserve cardholders get 1.5 cents per point value this way. The best use for Ultimate Rewards points (besides transferring points to high value travel partners) is to book travel through the Chase travel portal. Here’s the link to use this feature yourself. The basic idea is that you can exchange your Chase Ultimate Rewards points for statement credits against certain categories of purchases. This post has been updated with new expiration dates for Pay Yourself Back categories and also to reflect that Aeroplan cardholders can now use points at to pay for the annual fee at 1.25 cents each.Ĭhase has a useful benefit for select cardholders called “Pay Yourself Back”.
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