Overview of Pay Yourself Back

Overview of Pay Yourself Back

Chase Pay Yourself Back might not be a phrase you hear often, but if you have a Chase card, it’s definitely worth your attention. This program applies to a variety of Chase cards and offers an appealing rewards redemption rate. You can use Pay Yourself Back with certain co-branded credit cards like those from Southwest Airlines, United Airlines, Aeroplan®, and Marriott Bonvoy Bold®. Notably, many of the current offers are valid until June 30th.

What is Pay Yourself Back?

Pay Yourself Back is a unique feature in Chase's Ultimate Rewards program that provides cardholders with an alternative way to redeem points beyond just travel bookings. The eligible categories for redemption have evolved over time, so it's wise to check them quarterly to see how you can make the most of your rewards.

In short, the Pay Yourself Back option allows many Chase cardholders to redeem their rewards at a value comparable to booking travel. While this value may not always reach the maximum potential you’d get from strategic partners, it’s still quite close. This could be a great option if you need a straightforward way to redeem points or if you have a balance of points you can’t use right away.

Eligible Categories for Pay Yourself Back

Here are the current eligible categories for using Pay Yourself Back:

• Chase Sapphire Reserve® - Redemption value: 1.5 cents per point for eligible charities; supermarkets, pet stores, veterinary services: 1.25 cents per point. Deadline: June 30.
• J.P. Morgan Reserve Card - Redemption value: 1.5 cents per point for eligible charities; supermarkets, pet stores, veterinary services: 1.25 cents per point. Deadline: June 30.

Other Notable Cards

• Chase Sapphire Preferred® Card - Redemption value for eligible charities: 1.25 cents per point. Deadline: June 30.
• Chase Freedom Flex® - Similar redemption value.
• Chase Freedom Unlimited® - Similar redemption value.
• Chase Freedom - Similar redemption value.
• Chase Sapphire Reserve for Business℠ - Similar redemption value.
• Ink Business Cash® Credit Card - Similar redemption value.

Other Important Details

Chase also offers several other credit cards that qualify for the Pay Yourself Back option. With the Aeroplan Credit Card, you can redeem for travel transactions up to 200,000 points or $2,500 annually. The redemption value for these transactions is 1.25 cents per point. Only transactions made within 90 days prior to your redemption request are eligible.

United Airlines and Southwest Airlines credit cards also allow point redemption, but at different rates. So, before deciding to use your rewards, be sure to check these requirements to maximize their value.

Conclusion

Using Pay Yourself Back is a smart way to make the most of the rewards points you’ve accumulated. By understanding the eligible categories and redemption values, you’ll be better equipped to make informed decisions about your points. Don’t forget to review the quarterly offers to ensure you don’t miss out on any opportunities!