We’ve seen credit card issuers add all kinds of limited-time perks in light of the current pandemic, which has greatly changed consumer behavior.
In May 2020, Chase initially introduced the “Pay Yourself Back” feature on Sapphire cards. The perk was initially valid through September 30, 2020, then it was extended through April 30, 2021, and now it has been extended through September 30, 2021.
Chase “Pay Yourself Back” valid through September 30
- You’ll continue to be able to efficiently redeem points for non-travel purchases, including grocery stores, dining, home improvement stores, and eligible charities
- This feature is now available through September 30, 2021 (this was previously valid through April 30, 2021)
As a reminder, you’re able to redeem points at the following rates towards these purchases:
- If you have the Chase Sapphire Reserve® Card, you can redeem Ultimate Rewards points for 1.5 cents each towards eligible purchases
- If you have the Chase Sapphire Preferred® Card, you can redeem Ultimate Rewards points for 1.25 cents each towards eligible purchases
This is awesome, as it essentially allows you to redeem points towards everyday purchases at the same rate as you usually could towards travel purchases.
My take on Chase “Pay Yourself Back”
It’s great that card issuers are giving members a lot more flexibility with redeeming their points. The Chase Sapphire Reserve® Card and Chase Sapphire Preferred® Card continue to be some of the most flexible travel rewards cards out there during the pandemic, thanks to being able to efficiently redeem points towards everyday expenses.
The great thing about Ultimate Rewards is that you can combine your points, and redeem at the highest value offered by any card. In other words, if you have the Chase Sapphire Reserve® Card, then points earned on several Chase cards can be redeemed for 1.5 cents each towards grocery store and dining purchases (and more).
While I personally value Ultimate Rewards points at 1.7 cents each, being able to “cash out” at 1.5 cents each at times like these is a great opportunity.
Chase is extending its “Pay Yourself Back” feature on Sapphire cards, which is great news. The benefit was supposed to expire on April 30, 2021, but has now been extended through September 30, 2021.
If you don’t have a Chase Sapphire card, these cards are offering excellent elevated bonuses at the moment.
Have you used Chase’s “Pay Yourself Back” feature yet? Are you happy to see it extended?