Extended and improved: Chase Pay Yourself Back is better than ever

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When the Chase Pay Yourself Back benefit was announced a few months ago, it quickly became one of the best panedemic-related credit card perks. Fortunately for consumers, Chase is extending and expanding this valuable perk.

The benefit was meant to disappear on September 30, 2020, but you’ll now have several more months to use it — great news if you have one of the seven best Chase cards, including the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, and even the Chase Freedom Flex℠!

More people than ever can use Chase Pay Yourself Back. I’ll explain what’s new with this dazzler of a benefit.

Woman buying vegtables at grocery store
You’ve got seven more months to use your Chase points to offset grocery store purchases at an improved rate if you’ve got the Chase Sapphire Preferred or Chase Sapphire Reserve. (Photo courtesy of 06photo/ Shutterstock.com)

New and improved Chase Pay Yourself Back features

The Chase Pay Yourself Back feature allows you to redeem Chase Ultimate Rewards points for a statement credit to offset spending on certain categories. You’ll get a value of at least 1.25 cents per point when you use your Chase points in this way.

This was meant to be a fleeting benefit, presumably to give your Chase points more value during this extended period of reduced travel spurred by the coronavirus. Chase has now extended this benefit for seven more months. But Chase has added another exciting aspect to the Pay Yourself Back perk: While only Chase Sapphire cards previously qualified for this benefit, all Ink and Freedom cardholders can now use it, too! Below are the details for each card.

Chase Sapphire Preferred® Card:

  • Points worth 1.25 cents each when redeemed for purchases made at grocery stores, restaurants (including take out and delivery), home improvement stores and eligible charities
  • Feature now ends April 30, 2021
  • For example, you could redeem 10,000 Chase Points with the Sapphire Preferred to cover a $125 grocery bill

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
  • Feature now ends April 30, 2021
  • For example, you could redeem 10,000 Chase Points with the Sapphire Reserve to cover a $150 grocery bill

Chase Freedom Flex℠

  • Points worth 1.25 cents each, currently only when redeemed for donations to eligible charities
  • Other categories and perhaps redemption values will be released later
  • No end date announced
  • For example, you could redeem 10,000 Chase Points with the Freedom Flex to cover a $125 charitable donation

Chase Freedom Unlimited®

  • Points worth 1.25 cents each, currently only when redeemed for donations to eligible charities
  • Other categories and perhaps redemption values will be released later
  • No end date announced

Ink Business Preferred® Credit Card:

  • Points worth 1.25 cents each
  • Can redeem points for select online advertising, shipping expenses, and eligible charities
  • Feature will end on December 31, 2020

Ink Business Cash℠ Credit Card:

  • Points worth 1.25 cents each
  • Can redeem points for select online advertising, shipping expenses, and eligible charities
  • Feature now ends on December 31, 2020

Ink Business Unlimited℠ Credit Card:

  • Points worth 1.25 cents each
  • Can redeem points for select online advertising, shipping expenses, and eligible charities
  • Feature now ends on December 31, 2020

The charities you can use with the Pay Yourself Back feature are:

  • American Red Cross
  • Equal Justice Initiative
  • Feeding America
  • Habitat for Humanity
  • International Medical Corporation
  • Leadership Education Fund
  • NAACP Legal Defense and Education Fund
  • National Urban League
  • Thurgood Marshall College Fund
  • United Negro College Fund
  • United Way
  • World Central Kitchen

For a more thorough walkthrough on how to redeem your points in this new way, read our guide to Chase Pay Yourself Back.

Is this a good deal?

If you own a Chase Ultimate Rewards earning card, this is good news for you. Depending on the bonus categories that materialize for the Chase Freedom family, this could be a killer deal. Even so, if you want to donate points to charity with either of the Freedom cards, this is an amazing opportunity as points are usually are only worth 1 cent each when redeemed this way.

Just remember, while this is a good option for using your points while grounded due to coronavirus, the absolute best way to use Chase points is not with this feature. You can instead redeem with valuable Chase transfer partners, which can net you a value of 1.7 cents or more per point toward travel.

That being said, if you normally redeem Chase points through the Chase Travel Portal, using the Pay Yourself Back is an easy way to get the same value from your points for purchases you are making right now.

Read our post on how to transfer Chase Ultimate Rewards points for more details! You’ll be a pro in no time. And subscribe to our newsletter for more posts like this delivered to your inbox once per day.

Joseph Hostetler is a full-time writer for Million Mile Secrets, covering miles and points tips and tricks, as well as helpful travel-related news and deals.

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! :)

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