Chase extends Pay Yourself Back, adds 10x points at Peloton and more
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Travel credit cards aren’t just used for travel anymore. Their specialty has expanded to accommodate the extended coronavirus travel pause.
Chase is one of the banks really getting it done. They’ve announced multiple fantastic additions to the best Chase credit cards that make them worth keeping even if travel is the furthest thing from your mind. Some of these benefits were scheduled to disappear in the next month or two — but their expiration date has been extended. Here’s what you need to know.
Chase Pay Yourself Back extended
Chase Pay Yourself Back is a feature on the Chase Travel Portal that lets you redeem points for a statement credit to offset various everyday purchases. Here’s what you’ll get:
- Chase Sapphire Preferred® Card – Points worth 1.25 cents each when you redeem for purchases made at grocery stores, restaurants (including take out and delivery), home improvement stores, and eligible charities
- Chase Sapphire Reserve® – Points worth 1.5 cents each when redeemed for purchases made at grocery stores, restaurants (including take out and delivery), home improvement stores and eligible charities
This feature was originally set to expire at the end of April 2021, but Chase continues to extend its expiration date. The feature is now scheduled to disappear at the end of Sept. 30, 2021. You can read our full guide to Chase Pay Yourself Back for step-by-step instruction.
Right now the Chase Sapphire Preferred® Card has a welcome bonus of 60,000 points after spending $4,000 on purchases in the first three months of account opening. .
More flexible Chase Sapphire Reserve statement credit
Another coronavirus-related change to Chase cards is a more flexible Chase Sapphire Reserve® travel credit.
The card comes with $300 after each cardmember anniversary, to be used toward anything travel-related. However, Chase expanded the usefulness of this credit, as very few customers have been traveling. You can now use your credit at gas stations and grocery stores. While this extra flexibility was meant to disappear on June 30, 2021, you can now enjoy it through Dec. 31, 2021.
So if you open a Chase Sapphire Reserve, you’ll immediately receive $300 in groceries or gas to help you offset the card’s annual fee. You can read our Chase Sapphire Reserve review to see all the other reasons this card is worthwhile.
Remember last fall when Chase announced that Sapphire cards would receive up to $120 in statement credits to cover Peloton membership? That was a welcome surprise. And here’s another — Both the Chase Sapphire Reserve and Chase Sapphire Preferred will get massive bonuses for select Peloton purchases:
- Chase Sapphire Reserve: 10 Chase points per dollar when purchasing a Peloton Bike, Tread, or accessory over $1,800, (capped at 50,000 points)
- Chase Sapphire Preferred: 5 Chase points per dollar when purchasing a Peloton Bike, Tread, or accessory over $1,800, (capped at 25,000 points)
In other words, if a Chase Sapphire Reserve cardholder were to spend $1,800 with Peloton, they’d earn enough points to receive $270 in free groceries via Chase Pay Yourself Back.
These improved earning rates are valid through March 2022.
Not only has chase extended the deadline of Chase Pay Yourself Back and the Chase Sapphire Reserve travel credit, but they’ve added a new Peloton bonus category. This makes your Chase travel cards valuable even if you’re not traveling.
Let us know what you think of these changes! And subscribe to our newsletter for more credit card news and deals you can use delivered to your inbox once per day.
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