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Chase extends Pay Yourself Back, adds 10x points at Peloton and more

  • Joseph Hostetler

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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.

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    You can effectively cash out your Chase points at a significantly higher rate than normal with one of these features. (Photo by Peter Dazeley/Getty Images)

    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:

    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.

    Peloton benefits

    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:

    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.

    Bottom line

    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.

    Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)