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There’s some excellent news and a few unhealthy information relating to Chase’s standard Pay Yourself Back characteristic.
The excellent news: Chase has prolonged this profit in 2023. The unhealthy information: The worth this program affords for most individuals can be much less this 12 months than it was final 12 months.
The Pay Yourself Back characteristic permits cardmembers to redeem factors for bills outdoors of journey at a good fee.
Here’s all the things that it’s good to find out about utilizing Pay Yourself Back.
What is Pay Yourself Back?
In 2020, Chase launched Pay Yourself Back as an ongoing redemption choice inside Ultimate Rewards to offer cardmembers one other selection in redeeming factors. The classes have developed over time, with the removing of choices similar to grocery and residential enchancment shops.
In brief, the Pay Yourself Back choice permits cardholders of many Chase playing cards to make use of factors at a redemption worth much like reserving journey. This received’t provide you with most worth to your Ultimate Rewards factors, however in the event you’re on the lookout for a easy return (or are sitting on a pile of factors with no instant use for them), it could possibly be a good selection.
Related: The finest Chase bank cards of 2023
What purchases are eligible for Pay Yourself Back?
These are the present classes eligible for Pay Yourself Back as of Jan. 1, 2023:
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| Card | Redemption worth | Current finish date |
|---|---|---|
| Chase Sapphire Reserve | Charities: 1.5 cents per level.
Gas stations, groceries and cardholder annual charges: 1.25 cents per level. |
Charities: Dec. 31, 2023.
Other classes: March 31, 2023. |
| Chase Sapphire Preferred Card | Charities: 1.25 cents per level.
Gas stations and groceries: 1 cent per level. |
Charities: Dec. 31, 2023.
Other classes: March 31, 2023. |
| Chase Freedom Flex, Chase Freedom Unlimited and Chase Freedom | Charities: 1.25 cents per level. | June 30, 2023. |
| Ink Business Preferred Credit Card, Ink Plus (now not accessible) | Internet, cable, cellphone providers and transport: 1.25 cents per level. | March 31, 2023. |
| Ink Business Cash Credit Card and Ink Business Unlimited Credit Card | Internet, cable, cellphone providers and transport: 1.1 cents per level. | March 31, 2023. |
The info for the Chase Freedom and Chase Ink Plus has been collected independently by The Points Guy. The card particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
The capability to make use of Pay Yourself Back with charitable donations has been prolonged by means of one other 12 months on the Sapphire and Freedom playing cards. If you’re focused on utilizing your factors to make a distinction in Ukraine, the next 4 choices instantly help humanitarian efforts there:
- International Medical Corps.
- International Rescue Committee, Inc.
- UNICEF USA.
- World Central Kitchen.
The further record of charities for Pay Yourself Back contains:
- American Red Cross.
- Equal Justice Initiative.
- Feeding America.
- GLSEN.
- Habitat for Humanity.
- Leadership Conference Education Fund.
- NAACP Legal Defense and Education Fund.
- National Urban League.
- Out & Equal Workplace Advocates.
- SAGE.
- Thurgood Marshall College Fund.
- United Way.
Let’s say you had an eligible donation on the Chase Sapphire Reserve. Instead of receiving a $100 assertion credit score when redeeming 10,000 factors, a Sapphire Reserve buyer would obtain a credit score of $150 for a similar variety of factors when used for an eligible Pay Yourself Back cost. This matches the speed provided on Ultimate Rewards Travel redemptions for that card.
Chase Sapphire Reserve cardmembers can even use Pay Yourself Back for his or her annual price, which we additionally noticed in 2022. However, there are important adjustments value highlighting.
Redemption values for non-charity redemptions on the Sapphire Reserve and Sapphire Preferred classes have decreased. Last 12 months, you would obtain a 1.5 cents-per-point worth on all Pay Yourself Back classes, however now that worth solely applies to the charities classes. Other redemptions return solely a 1.25 cents-per-point worth. Similarly, redemption values on the Sapphire Preferred decreased in each class besides charities, dropping from 1.25 cents to 1 cent when utilizing Pay Yourself Back.
In brief, for these redeeming factors by means of Pay Yourself Back, the worth to be obtained is much less in 2023 than it was in 2022.
Requesting a credit score
The means of requesting a credit score by means of Chase’s Pay Yourself Back program is comparatively easy. Log in to your Ultimate Rewards account by way of the cell app or desktop and choose the “Pay Yourself Back” choice within the sidebar.
Next, you’ll see an inventory of eligible purchases for which you’ll be able to redeem factors. Points may be redeemed for purchases way back to 90 days.
Here’s an instance of a redemption I made final 12 months. At the time, I had 9 eligible web, cable and cellphone purchases (three proven) on my Ink Plus card. To redeem factors, test the field subsequent to the purchases for which you wish to redeem factors and proceed to the subsequent web page.
You can select to offset the total buy quantity, assuming you may have sufficient factors to cowl it, or you possibly can redeem a smaller quantity in the event you want.
From there, you possibly can verify the redemption worth and quantity of factors required after which select to finish the transaction. Your assertion credit score ought to put up inside three enterprise days.
Statement credit score choices on different purchases
Chase has lengthy provided the choice to redeem factors for a press release credit score — that’s not new. To do that, log into your Ultimate Rewards account, hit the drop-down menu and choose “Cash Back.”
You’ll be offered with an choice to enter the quantity you’d prefer to redeem and the place you’d like your rewards deposited. All cash-back redemptions are fastened at 1 cent per level, solely half of TPG’s valuation for Ultimate Rewards and decrease than any of the above Pay Yourself Back choices.
Related: Points of View: Can I money out my factors, and is it value it?
Even so, Chase’s conventional cash-back choice is extra beneficiant than what you possibly can count on from another issuers. Here’s the way it breaks down for among the hottest packages and playing cards:
The info for the Citi Prestige card has been collected independently by The Points Guy. The card particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
Bottom line
Chase’s Pay Yourself Back characteristic offers beneficial flexibility for a lot of cardholders, however the worth it affords is much less this 12 months than in previous years.
Even if the redemption classes present worth for you, it is value contemplating whether or not it is smart to redeem Chase Ultimate Rewards factors this manner. Are you happy with utilizing some extent valued as much as 1.5 cents apiece towards non-travel fees when that’s shy of TPG’s 2-cent valuation?
Ultimately, that call comes all the way down to how you intend to make use of your factors, what number of you at present have with airline and lodge packages and whether or not or not you’d profit considerably from the assertion credit.
Additional reporting by Chris Dong, Stella Shon, Summer Hull, Zach Honig and Ryan Smith.