Exploring Q4 Categories for Chase Pay Yourself Back — Are Your Rewards Being Utilized Well?
If Chase's Pay Yourself Back feature has slipped your mind, it might be time to revisit this valuable redemption option.
The redemption options have broadened for more Chase cards, with some rates being quite favorable, especially considering recent devaluations of airline miles. Chase's option is available on cobranded credit cards, such as Southwest Airlines cards and the Aeroplan® Credit Card.
For instance, if you hold a United credit card, you might be able to use your miles to cover the annual fee at a rate of up to 1.75 cents per mile, which surpasses TPG's October 2024 valuations for United miles. With the $525-per-year United Club℠ Infinite Card, you can offset your annual fee (and gain a year of United Club access) for just 30,000 United miles.
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Additionally, many redemption options that were set to expire at the end of September are now valid through the end of 2024.
Here’s everything you should know about utilizing Chase Pay Yourself Back.
What exactly is Chase Pay Yourself Back?
In 2020, during a time when global travel was largely halted, Chase launched Pay Yourself Back as a new redemption method within its Ultimate Rewards offerings, providing cardholders with an alternative way to use their points. Over time, the categories have changed, dropping options like grocery and home improvement stores while adding new ones.
In essence, the Pay Yourself Back feature allows many Chase cardholders to redeem points at a value comparable to travel bookings. While this may not yield the highest value for your Ultimate Rewards points that can be achieved through strategic transfers to partners, it can be an appealing option for those seeking a straightforward return or who have accumulated points without immediate plans for them.
With certain airline cards now qualifying for Pay Yourself Back, you can redeem points at rates that exceed the typical returns you’d get from using miles for travel bookings.
Which purchases qualify for Pay Yourself Back?
Here are the currently eligible categories for Pay Yourself Back:
| Card | Redemption value | Current end date |
|---|---|---|
| Chase Sapphire Reserve® | Select charities: 1.5 cents per point
Utilities, insurance, gas stations, fitness clubs and gym memberships, and cardholder annual fees: 1.25 cents per point | Dec. 31 |
| Chase Sapphire Preferred® Card | Select charities: 1.25 cents per point | Dec. 31 |
| Chase Freedom Flex®, Chase Freedom Unlimited® and Chase Freedom | Select charities: 1.25 cents per point | Dec. 31 |
| Ink Business Preferred® Credit Card, Ink Business Premier® Credit Card, Ink Business Cash® Credit Card and Ink Business Unlimited® Credit Card | Select charities: 1.25 cents per point | Dec. 31 |
| Chase United credit cards (except no annual fee cards) | Cardholder annual fees and airfare tickets purchased through United: 1.5-1.75 cents per mile for annual fee redemptions, depending on the card
| Ongoing; no specific end date |
| Aeroplan Credit Card | Travel purchases in the past 90 days and cardholder annual fee: 1.25 cents per point
Grocery store and dining purchases: 0.8 cents per point | Dec. 31 |
| Southwest Airlines personal and business credit cards | Cardholder annual fees: 1 cent per point | Dec. 31 |
| Disney credit cards | Purchases made at select U.S. Disney locations in Disney Parks and Resorts, Disney store and outlet locations in the U.S., shopDisney.com, DisneyPlus.com, Hulu.com, and ESPNPlus.com in the past 90 days: 1 cent per point | Ongoing; no specific end date |
The information regarding the Chase Freedom card has been independently gathered by Dinogo. The details on this page have not been verified or endorsed by the card issuer.
The list of charities participating in Pay Yourself Back includes:
- American Red Cross
- Equal Justice Initiative
- Feeding America
- GLSEN
- Habitat for Humanity
- International Medical Corps
- International Rescue Committee, Inc.
- Leadership Conference Education Fund
- Make-A-Wish America
- NAACP Legal Defense and Education Fund
- National Urban League
- Out & Equal Workplace Advocates
- SAGE
- Thurgood Marshall College Fund
- United Negro College Fund
- UNICEF USA
- United Way
- World Central Kitchen
Imagine you have a qualifying donation through the Chase Sapphire Reserve. Normally, for most purchases, redeeming 10,000 points grants you a $100 statement credit. However, when donating to an eligible charity with those same points, you can receive a credit of $150. While transferring your points to travel partners may yield greater value, this redemption aligns with the rates provided on Chase Travel℠ for that card.
Initiating a credit request
The process to request a credit via Chase's Pay Yourself Back program is quite simple. Just log in to your eligible Chase account on the mobile app or desktop and select the "Pay Yourself Back" option from the redemption menu.
After that, you will see a list of eligible transactions for which you can use your points. You can redeem points for purchases made up to 90 days ago.
CHASE.COMYou can cover the entire purchase cost, provided you have sufficient points to do so.
From that point, you can verify the redemption value and the number of points needed, then proceed to finalize the transaction. Your statement credit should appear within three business days.
Options for statement credits on other transactions
Chase has consistently allowed point redemption for statement credits, which is not a new feature. To utilize this, log into your Ultimate Rewards account, navigate the drop-down menu, and select "Cash Back."
You will have the option to specify the amount you wish to redeem and select the destination for your rewards. All cash-back redemptions are set at 1 cent per point, which is slightly less than half of TPG's October 2024 valuation for Ultimate Rewards and lower than the Pay Yourself Back options mentioned earlier.
CHASE.COMNevertheless, Chase's standard cash-back option is more favorable compared to offerings from many other issuers. Here’s a comparison with some of the most popular programs and cards:
| Program | Redemption value | Cards |
|---|---|---|
| American Express Membership Rewards | 0.6 cents per point | American Express® Gold Card and The Platinum Card® from American Express |
| Chase Ultimate Rewards | 1 cent per point | Chase Sapphire Reserve and Chase Sapphire Preferred Card |
| Citi ThankYou Rewards | 1 cent per point | Citi Strata Premier℠ Card (see rates and fees), Citi Rewards+® Card (see rates and fees), Citi Double Cash® Card (see rates and fees) and Citi Prestige® Card (no longer available to new applicants) |
| Capital One | 0.5 cents per mile | Capital One Venture Rewards Credit Card and Capital One Venture X Rewards Credit Card |
The information regarding the Citi Prestige card has been gathered independently by Dinogo. The details presented on this page have not been reviewed or endorsed by the card issuer.
In conclusion
Chase's Pay Yourself Back feature offers valuable flexibility for numerous cardholders. Ultimately, deciding whether to redeem your balance this way hinges on your plans for the points, the quantity you currently possess, and whether the statement credits would provide significant benefits.
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