If you have a Chase Sapphire credit card, you probably already know that you can increase the value of your Chase Ultimate Rewards points by redeeming your points on trips booked through Ultimate Rewards – but many Chase cardholders don’t know they either the value of their ultimate rewards through Chase’s Pay Yourself Back program.
With the coronavirus pandemic curtailing many Americans’ travel plans, Chase decided to give Sapphire, Freedom, and Ink card holders an additional way to take advantage of their hard-earned Ultimate Rewards.
Chase’s Pay Yourself Back feature enables cardholders to increase the value of their Ultimate Rewards by redeeming points or redeeming for bank statement credits for popular spending categories, including grocery purchases and charitable donations.
In addition, Chase has just added food purchases to its Pay-Yourself-Back program – so you have even more options to increase the value of your Ultimate Rewards and save money.
Do you want to learn more about Chase’s Pay Yourself Back? We’ve put together a guide to help you navigate Chase’s bonus categories and maximize your savings.
What is Chase’s Pay Yourself Back feature?
Chase’s Pay Yourself Back program enables Sapphire, Freedom and Ink business card holders to add value to their Chase Ultimate Rewards by redeeming points or cashing out for credit in selected expense categories. Purchases must have been made within the last 90 days to qualify for Pay Yourself Back, and bonus categories may change – giving cardholders an incentive to maximize their Ultimate Rewards through frequent redemptions.
Chase recently extended Pay Yourself Back to September 30, 2021 by adding rewards for restaurants and allowing cardholders to increase the value of their Chase rewards every time they use Lyft’s Fund a Ride program to offer free rides to people in need.
Which cards allow Pay Yourself Back?
Would you like to know which Chase Pay Yourself Back credit cards offer? If you have a Sapphire, Freedom, or Ink Business credit card, you can use Pay Yourself Back to add value to your rewards.
Here is the list of chase cards that include Pay Yourself Back:
Which purchases can I repay myself?
Chase’s Pay Yourself Back categories differ depending on the type of Chase credit card you have in your wallet. Here’s a breakdown of how Chase Sapphire, Chase Freedom, and Chase Ink business cards reward Pay-Yourself-Back purchases. Note that these Pay-Yourself-Back spending categories are only valid through September 30, 2021.
Chase Sapphire tickets
If you have a Chase Sapphire Preferred or Chase Sapphire Reserve credit card, your points will increase in value when redeemed for credits in the following shopping categories: grocery stores, restaurants (including take-away and eligible delivery services), hardware stores, select charities and Lyft Fund a ride purchases.
Chase Sapphire Preferred Points increase by 25 percent and Chase Sapphire Reserve Points increase by 50 percent. This is the same as the point bonuses you receive when you redeem your Chase Sapphire Awards for trips booked through Chase.
Chase Freedom cards
If you have a Chase Freedom, Chase Freedom Flex, Chase Freedom Unlimited, or Chase Freedom Student credit card, your Pay Yourself Back categories include grocery stores (excluding Walmart and Target), select streaming services, and Lyft Fund a Ride purchases . Also, you can use Chase’s newly added Meal Bonus to add 10 percent to the value of your Ultimate Rewards when you redeem them in food purchases for up to $ 250.
Chase Ink Business Cards
If you’re a freelancer or small business owner with a Chase Ink Business Plus or Chase Ink Business Preferred credit card, your points are worth 25 percent more when used on shipping, internet, cable and phone services, home improvement, and Lyft Fund a. redeemed buy rides.
If you have a Chase Ink Business Cash or Ink Business Unlimited card, your points are worth 10 percent more when you redeem them for internet, cable, and phone services. Points are worth 25 percent more when redeemed for Lyft Fund a Ride purchases.
How does Pay Yourself Back work?
If you want to increase the value of your Ultimate Rewards points through Pay Yourself Back, first log into your Chase online account or open the Chase Mobile® app. From there, access Chase Ultimate Rewards and select the Pay Yourself Back redemption option.
If you’ve made purchases in the past 90 days that you can repay yourself for, Chase will give you the option to redeem your Ultimate Rewards points for credits for those purchases.
Remember, your points will increase in value when you redeem them through Pay Yourself Back. So if you have a Chase Sapphire Preferred card with 1,000 Ultimate Rewards points, the 25 percent increase in value means you can redeem those points for $ 125 in qualifying billing credits.
The bottom line
Chase’s Pay Yourself Back program enables select Chase cardholders to increase the value of their Ultimate Rewards points when they redeem them for purchases in popular shopping categories. This makes Pay Yourself Back a great way to maximize your Ultimate Rewards points while lowering your credit card bill.
Now that Chase has added restaurants to its list of Pay-Yourself-Back categories, the Ultimate Rewards points of many cardholders have become even more valuable. If you have a Sapphire, Freedom or Ink business card in your wallet, make sure to take advantage of Pay Yourself Back – and try to get as many Pay Yourself rewards as possible by the end of September.
source https://collegeeducationnewsllc.com/guide-to-chases-pay-yourself-back/
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