Chase Extends “Pay Yourself Back” Feature

Filed Under: Chase, Credit Cards
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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

The Chase Sapphire Reserve® Card (review) and Chase Sapphire Preferred® Card (review) will continue to offer the “Pay Yourself Back” feature through at least September 30, 2021:

  • 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:

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.

Bottom line

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?

The comments on this page have not been provided, reviewed, approved or otherwise endorsed by any advertiser, and it is not an advertiser's responsibility to ensure posts and/or questions are answered.
  1. I know a lot of people demand that the Chase Sapphire Reserve get a “refresh” or earn higher multipliers, but if they made PYB at 1.5 cents permanent, that would frankly be enough. UR are extremely flexible right now.

  2. Hopefully people would extinguish all Chase signup bonuses and WoH cc spend offers (there have been a lot lately) before choosing to buy points at 1.8cpp.

  3. This is essentially 1.57 back per point because you got points (presuming from a 3 point category). While you can find Hyatt redemptions (or a unicorn J/F ticket) offering a slightly better transfer value, it is nice to have such a consistent return when those options as an every day entity. Lets hope they make this permanent!

  4. I don’t plan to renew the Sapphire Reserve. The annual fee just isn’t justified if I am not using the travel benefits, and this seems increasingly unlikely for most of 2021. I’ll probably switch to the Citi ecosystem.

  5. @Leon, why not shift some grocery spend to the CSR and trade it out? Or use the portal to get 1.5 toward travel purchases? Or buy travel gift cards at a grocery store?

  6. @Ian PYB is actually only 1.5cpp. It’s just other redemptions are often lower than stated. For example buying a flight on the UR portal with UR points yields FF airline miles but not 3x UR, so the redemption is actually a bit lower than 1.5cpp. Hotels are even worse as one earns neither hotel points nor 3x UR. Gotta use cash redemptions/purchases as the standard since those allow maximum stacking.

  7. @zzz: “PYB is actually only 1.5cpp. It’s just other redemptions are often lower than stated.”

    Ian was actually correct – because the purchases you use the PYB feature on earn points as well, the effective redemption value increases by the .07 cents per point.

  8. @Mike, let me put it this way, if I buy stuff on my double cash and take my rewards as a cash deposit, is that cash back worth more than its notional value because I also earned more of it on my purchases? PYB is no different.

  9. When I go to my Chase Reserve account and look up my Ultimate Rewards points, it still shows April 30, 2021 as expiration date. Has it just not been updated on their website? I have not found an official announcement from Chase.

  10. The current cut off remains Apr 30. My eligible transactions all have 26 days remaining to redeem.

    I would not count on the news unless Chase OFFICIALLY updated its site! There is NO announcement on Chase sites either btw.

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