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Chase's Pay Yourself Back Feature: Is it Worth it?

  • Chase Pay Yourself Back is a rewards redemption option introduced by Chase during the pandemic which allows consumers to redeem their Chase rewards for everyday expenses with an upgraded redemption rate.
  • It works as a statement credit program that lets cardholders get more value for their rewards points, by redeeming points for purchases in eligible categories with a better redemption rate than the standard rate of 1 cent per point.
  • The program has a limited number of eligible charities that cardholders can redeem rewards for, such as the American Red Cross, Feeding America, and UNICEF USA, among others.

While rewards cards and their programs are starting to get back to normal as pandemic-related travel restrictions come to an end, Chase Pay Yourself Back has a few categories that are still in use. While many of the bonus categories for this promotion were set to expire on September 30, 2022, some have been extended through 2024.

Cardholders with Sapphire or Ink cards from Chase can redeem rewards for charitable contributions at an upgraded rate. If you’re curious about what Chase Pay Yourself Back is, how it started, or how it can benefit you, read on to learn more.

What is Chase Pay Yourself Back?

Chase Pay Yourself Back is a rewards redemption option that was introduced by the card issuer in the midst of the pandemic. As COVID-19 reared its ugly head and dramatically reduced travel in 2020, this program made it possible for consumers to redeem their Chase rewards for everyday expenses with an upgraded redemption rate.

“Now more than ever we know our cardmembers want options to get the most value from their rewards,” said Matt Massaua, Head of Ultimate Rewards and Loyalty Solutions, in a press release in May of 2020. “We’re continuing to give our customers choices so they have the flexibility to use their points in the most meaningful ways for them.”

Since it was introduced at the height of the pandemic, it’s not surprising that the Chase Pay Yourself Back program has changed dramatically since its introduction. Where the program once let eligible cardholders get more value when redeeming rewards for everyday purchases in categories like grocery stores, home improvement stores, and dining, bonus categories have morphed over time along with eligible cards that participate in the program.

The latest on Chase Pay Yourself Back

At the moment, most Chase credit cards offer some limited-time benefits related to Pay Yourself Back, but the value varies from card to card. We’ll explain your options below.

Pay Yourself Back cards, categories, and value

Chase Credit Card Categories Redemption Value
Chase Sapphire Preferred? Card Eligible charitable contributions* (through March 31, 2024) 1.25 cents per point
Chase Sapphire Reserve? Gas stations, groceries, annual fee, and eligible charitable contributions* (through March 31, 2024) 1.25 cents per point
Ink Business Preferred? Credit Card

Ink Business Cash? Credit Card

Ink Business Unlimited? Credit Card
Eligible charitable contributions* (through December 31, 2024) 1.25 cents per point
Aeroplan? Credit Card Annual fee and travel purchases 1.25 cents per point
Southwest consumer cards Annual fee and gas 1 cent per point when used toward the annual fee, 0.8 cents per point when used toward gas (limited to $300 in spending through March 31, 2024)
United consumer cards Annual fee and eligible United airfare transactions 1.5-1.75 cents per mile, depending on the card for annual fee statement credits, 1 cent per mile for eligible United airfare transactions

As a Chase cardholder, you have the opportunity to use your points for charitable causes through Chase Pay Yourself Back. While the program currently only works with a select group of eligible charities, it offers a great value for your points, with 0.8-1.5 cents per point. This is a great way to make a positive impact and make the most out of your points.

*Eligible charities that work with Chase Pay Yourself Back include:

How does Chase Pay Yourself Back work?

Chase Pay Yourself Back is essentially a statement credit program that lets cardholders get more value for their rewards points. That said, it’s worth noting that Chase credit cards already let consumers redeem points for statement credits to their accounts at a rate of one cent per point.

With Chase Pay Yourself Back, however, Chase cardmembers have been allowed to redeem points for purchases in eligible categories with a better redemption rate.

Pros and Cons of using Chase Pay Yourself Back

Pros
  • Enhanced value for rewards points.
  • Flexibility in redeeming points.
  • Offset everyday expenses.
  • No need for extensive travel.
  • Easy and straightforward redemption.
Cons
  • Limited to certain eligible categories.
  • Availability of eligible purchases may vary.
  • Redemption rates may fluctuate.
  • Points may have varying values.
  • May not cater to frequent travelers.

How to use Chase Pay Yourself Back

Follow these steps to use Chase Pay Yourself Back:

1

Log into your Chase account.

To redeem your rewards through Chase Pay Yourself Back, you’ll log into the Chase Ultimate Rewards platform through your Chase account just like you would if you were using the Chase travel portal.

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2

Click where it says to Earn/Use rewards.

At this point, you’ll see a drop-down menu of the available redemption options.

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3

Click on Chase Pay Yourself Back.

This option is shown alongside other Chase Ultimate Rewards options, such as gift cards, travel, or transfers to airline and hotel partners.

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4

Check which redemptions are available based on the card you have.

If you have the Chase Sapphire Preferred, for example, you’ll only have Airbnb purchases and charitable contributions to pick from.

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5

Choose an eligible purchase on your card and redeem your points.

Chase also lists your eligible purchases for Chase Pay Yourself Back. Note that you can only redeem your points for extra value through this program within 90 days of making a purchase.

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How to request a statement credit

Once you choose an eligible purchase on your Chase card, you are essentially requesting a statement credit on your account. When you use Chase Pay Yourself Back, Chase will post a credit to your online account within three business days of your request. Using Chase Pay Yourself Back may offer you a higher redemption value for non-travel options than you would get otherwise.

Statement credit options on other purchases

With Chase, you have the flexibility to redeem your points for statement credits on any purchase or for more value when booking travel through Chase Travel?. The standard redemption rate is one cent per point, but cardholders with the Sapphire Reserve can enjoy 50% more value for travel redemptions, while the Sapphire Preferred and Ink Business Preferred? Credit Card cardholders can get 25% more value. Make the most of your points with Chase.

Are Chase Pay Yourself Back and Chase Ultimate Rewards? the same thing?

Chase Ultimate Rewards? and Chase Pay Yourself Back are different. Chase introduced Pay Yourself Back as an ongoing redemption option within Chase Ultimate Rewards?.

Chase Pay Yourself Back is a feature that allows eligible Chase cardholders to redeem their points for statement credits on select purchases, including groceries, home improvement, and dining.

Chase Ultimate Rewards? is a rewards program that allows cardholders to earn points for purchases made with a Chase credit card. These points can be redeemed for cash back, travel, gift cards, and other rewards. The value of the points can be increased when using certain cards or redeeming for certain options.

How much is each Chase point worth?

The value of Chase points depends on how you redeem them. However, most experts agree that Chase points can be worth up to 2 cents each when transferred to airlines and hotels for premium travel redemptions.

That said, point values vary depending on the redemption. For example:

Redemption Option Chase Point Value
General statement credits 1 cent per point
Pay Yourself Back statement credits 0.8 cents per point to 1.5 cents per point
Travel through the Chase portal 1 cent per point to 1.5 cents per point
Gift cards 1 cent per point
Apple purchases 1 cent per point
Amazon.com purchases 0.8 cents per point

Is Chase Pay Yourself Back worth it?

Chase Pay Yourself Back can definitely be worth it, particularly if you’re getting 25% or 50% more value for purchases or charitable donations you planned to make anyway.

However, the Chase Travel? program is geared to travel, so you will likely find that the best value redemption options come from travel purchases or transfers to airline and hotel loyalty programs.

For example, you may get more than 1.5 cents per point in value if you transfer your Chase points to partners like Air France-KLM, Marriott Bonvoy, Southwest Rapid Rewards, United MileagePlus or World of Hyatt. Also note that Sapphire Preferred, Sapphire Reserve and Ink Business Preferred? Credit Card cardmembers always get 25% or 50% more value when redeeming points for travel through the Chase portal.

FAQ: Chase Pay Yourself Back

How long is Chase Pay Yourself Back available?

While many of the bonus categories offered through Pay Yourself Back were set to expire in 2022, some eligible categories have been extended through 2024.

Will Chase Pay Yourself Back be permanent?

While this program has been extended several times since the COVID-19 pandemic began, nobody knows if the current expiration date for Chase Pay Yourself Back is final. It’s possible this program will be extended yet again, and it could even apply to brand new categories moving forward.

What can you redeem Chase points for?

The redemption options that come with Chase credit cards vary from card to card. For example, all co-branded cards from Chase let you redeem points for statement credits, gift cards, experiences, merchandise, and travel purchases through the Chase portal.

Travel credit cards from Chase (including the Chase Sapphire Preferred? Card and the Chase Sapphire Reserve?) also let cardmembers transfer their points to Chase airline and hotel partners, including Air France-KLM, Southwest Rapid Rewards, United MileagePlus or World of Hyatt.

How recent do purchases have to be for reimbursement?

The Chase Pay Yourself Back program lets you redeem points for eligible purchases made in the last 90 days.

Does Chase have a minimum point amount for redemptions?

Chase lets you redeem points for general statement credits and Pay Yourself Back redemptions in any amount.

Does redeeming Chase points have an impact on future earnings?

Redeeming Chase points does not have an impact on your future earnings with Chase credit cards. In fact, you can always keep your earnings up-to-date by using your Chase card for everyday spending and bills, whether you have a cash-back card from the issuer or one of their premium travel credit cards.

Note that you’ll earn more rewards with your Chase card overall if you strive to earn bonus points in categories your card offers. This can include travel purchases, grocery stores, gas, or dining out (including takeout) depending on the card you have.

Is Chase Pay Yourself Back worth it?

If you prefer to redeem your points for cash back, Pay Yourself Back could be worth it, as it allows you to get an extra 25%-50% worth of value for qualifying purchases. If you usually redeem points for travel, then Pay Yourself Back is probably not worth it because the travel redemption value is higher when paying with points.

About the Author

Holly D. Johnson
Holly D. Johnson Finance Expert

Holly D. Johnson is an award-winning personal finance writer who covers topics like insurance, investing, credit and family finance. As a leading voice in the travel and loyalty space, Johnson has traveled with her family to more than 50 countries over the last decade.

The author has also written extensively on the power of household budgeting, and she even co-authored a book on the topic. Zero Down Your Debt: Reclaim Your Income and Build a Life You’ll Love was originally published in 2017, and it teaches families how to use zero-sum budgeting to reach their financial goals. She is also the co-owner and founder of the family finance and travel website, ClubThrifty.com.

Johnson’s 10+ years of writing have focused on helping families make important financial decisions at each stage of their lives. The author also applies the financial principles she teaches to her own life, and she is currently on track to retire in her late 40’s with her partner. She currently lives in Central Indiana with her husband and children, and she is a regular contributor for Bankrate, CNN, Forbes, U.S. News and World Report Travel and many other notable publications.

* Opinions expressed here are those of the LA Times Compare Cards Team and have not been reviewed or approved by any advertiser or entities included within this content. See our editorial policy for more details.

All products or services are presented in this content without warranty. The information, including card details such as rates and fees, is accurate at the time of publish. Please visit each bank's website directly for the most current information.

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