The Chase Pay Yourself Back feature is a fantastic way to earn rewards on purchases made with your Chase credit card. You can earn up to 5% cash back on everyday purchases.
To take advantage of this feature, you need to apply for a Chase credit card with the Pay Yourself Back benefit, such as the Chase Sapphire Preferred Card. This benefit allows you to redeem your points for statement credits.
The Pay Yourself Back benefit has an end date, which varies depending on the credit card you have. For example, the Chase Sapphire Preferred Card's Pay Yourself Back benefit has an end date of May 14, 2024.
How It Works
Chase Pay Yourself Back is a feature that allows you to convert certain Chase credit card purchases into rewards points or cash back. You can do this by logging into your Chase account and selecting the "Pay Yourself Back" option.
To be eligible for Pay Yourself Back, your credit card must be enrolled in a rewards program, such as Chase Ultimate Rewards. You can earn up to 5% cash back on certain purchases, like groceries, dining, and gas, with some cards.
To redeem your rewards, you'll need to have a Chase credit card that earns Ultimate Rewards points.
Earning Chase Ultimate Rewards Points
You can earn Chase Ultimate Rewards points by using a Chase credit card, such as the Chase Sapphire Preferred Card or the Chase Sapphire Reserve Card.
The Chase Sapphire Preferred Card offers 2X points on travel and dining purchases, which can add up quickly if you use your card for these types of expenses.
You can also earn points by using your card for everyday purchases, like groceries and gas.
The Chase Sapphire Reserve Card offers 3X points on travel and dining purchases, making it a great option for those who frequently travel or dine out.
You can transfer your points to popular airline and hotel loyalty programs, such as United Airlines, American Airlines, and Marriott Bonvoy.
By transferring your points, you can redeem them for travel rewards, like flights and hotel stays.
The Chase Ultimate Rewards program also offers a 25% points bonus for travel redemptions when you book through the Chase Ultimate Rewards portal.
How It Works
Ultimate Rewards points are worth 1 cent each when redeemed for cash, but there are ways to get more value.
You can redeem points for travel, which can be worth up to 1.5 cents per point. This is a great option if you're planning a trip and have a lot of points to use.
Points can also be transferred to airline and hotel partners, but the value depends on how your airline or hotel points are used.
To get the best value from your points, you'll need a premium or ultra-premium card, such as the Chase Sapphire Preferred or Chase Sapphire Reserve. These cards offer better redemption options, including the ability to redeem points for gift cards.
If you have multiple Ultimate Rewards cards, you can move points to a single premium or ultra-premium card within your household to get the best value.
Here are the better-than-one-cent-per-point redemption options:
- Pay Yourself Back: up to 1.5 cents per point value
- Redeem points for travel: up to 1.5 cents per point value
- Transfer points to airline and hotel partners: value depends on how your airline or hotel points are used
- Redeem points for gift cards: some brands go on sale for 10% off each month
Pay Yourself Back Details
The Chase Pay Yourself Back feature allows you to earn 5% cash back on up to $2,000 in purchases within a 3-month period.
To qualify for 5% cash back, you must have made at least $14,000 in purchases in the past 12 months. This is a requirement to keep your Chase credit card account active.
You can earn 5% cash back on up to $2,000 in purchases within a 3-month period, which translates to $100 in cash back rewards. This can be a great way to boost your rewards earnings.
To earn 5% cash back, you must make purchases within the designated 3-month period. If you don't make any new purchases, you won't earn the 5% cash back.
The 5% cash back reward is in addition to the regular rewards you earn on your purchases. This means you can earn rewards on top of rewards.
You can earn a total of $100 in 5% cash back rewards, which is a significant amount of money. This can be used to pay off your credit card balance or put towards other expenses.
Frequently Asked Questions
Is Chase pay yourself back 25% or 50%?
Chase Pay Yourself Back offers a 25% or 50% redemption value for Ultimate Rewards points on select purchases. The exact value depends on the specific redemption category.
Is Chase extending pay Yourself back?
Yes, Chase is extending the Pay Yourself Back option deadline to March 31, 2025. This allows cardholders to redeem points for statement credits towards expenses incurred through the extended deadline.
Sources
- https://awardwallet.com/blog/chase-pay-yourself-back-southwest-rapid-rewards-cards/
- https://thepointsguy.com/news/chase-pay-yourself-back/
- https://www.cnbc.com/select/is-chase-pay-yourself-back-worth-it/
- https://frequentmiler.com/chase-ultimate-rewards/
- https://frequentmiler.com/chase-pay-yourself-back/
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