What is Pay Yourself Back Chase and How It Works

Pay Yourself Back Chase is a feature that allows Chase credit card customers to earn rewards points or cash back on their purchases, and then use those rewards to pay off their balance. This feature is designed to help customers save money and pay off their debt faster.

To use Pay Yourself Back, customers must have a Chase credit card that offers this feature, such as the Chase Sapphire Preferred or the Chase Freedom Unlimited. These cards have a rotating list of categories where customers can earn 5% cash back on their purchases.

The categories for earning 5% cash back with Pay Yourself Back change quarterly, and customers can choose which category they want to earn cash back in for each quarter. For example, in one quarter, customers might earn 5% cash back on gas station purchases, while in another quarter they might earn 5% cash back on grocery store purchases.

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Pay Yourself Back is a temporary redemption option for Chase Sapphire- and Ink-branded cardholders, allowing them to redeem Ultimate Rewards points for a statement credit at an elevated rate.

You can redeem points to offset eligible purchases, such as those made at wholesale clubs, for 1.25 cents per point value as a Sapphire Reserve cardholder.

This feature is available on select Chase credit cards, and you can transfer points between Chase accounts to take advantage of different categories offered on different cards.

Eligible purchase categories vary depending on your Chase credit card, but you can use the Pay Yourself Back feature to exchange points for statement credits against certain categories of purchases.

You can get a statement credit at a rate of 1.25 cents per point value for eligible purchases, such as those made at wholesale clubs, as a Sapphire Reserve cardholder.

Chase's Ultimate Rewards cards can become more like super-charged cash back cards using these Pay Yourself Back categories, allowing you to cash out points for certain charges instead of transferring points to travel partners.

The redemption level for Pay Yourself Back is lower than the 1.5 cents per point value you get when booking travel through the Chase travel portal, but it still provides some value for everyday purchases.

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Requesting a statement credit through Chase's Pay Yourself Back program is relatively straightforward. You can log in to your eligible Chase account via the mobile app or desktop and select the "Pay Yourself Back" option in the redemption menu.

To access the Pay Yourself Back feature, you'll need to have a Chase Sapphire Reserve or Chase Sapphire Preferred Card, as these are the only eligible cards that currently offer this benefit.

You can redeem points for purchases as far back as 90 days. This means you have a good window of time to go back and apply points to purchases you made months ago.

To select the oldest transactions first, which will help you maximize your opportunities for the statement credit.

You can offset the full purchase amount, assuming you have enough points to cover it. This is a great way to use your points to cover purchases you've made in the past.

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After selecting the transactions you'd like to apply your points toward, you can either check "Apply Full Amt" so your points cover the entire transaction, or you can manually enter another dollar value into the blank box.

Your statement credit should post within three business days after you submit your request.

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Using the Pay Yourself Back feature is a straightforward process. You can log onto your account online or via the Chase mobile app to access the feature.

To get started, navigate to the Rewards and benefits page and select Pay Yourself Back. From here, you'll be able to choose one or more eligible purchases you've made in the past 90 days.

You can select purchases from various categories, depending on your Chase credit card. If you have multiple cards that earn Chase Ultimate Rewards, note that you can transfer points between Chase accounts to take advantage of the different categories offered on different cards.

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To redeem points, enter the cash value for the amount of points you want to redeem. This can be any amount up to the transaction total.

Here's a step-by-step guide to using Pay Yourself Back:

It can take a few days to see the credit statement show up on your account, and up to two billing cycles for it to be applied to the balance.

Note that access to the Pay Yourself Back tool is for a limited time, so be sure to take advantage of it while you can.

You can use Pay Yourself Back to offset gas and grocery purchases made through Sept. 30, 2023, with a redemption value of 1.5 cents per point for Sapphire cardholders.

Eligible purchases include those made at gas stations and grocery stores, as well as donations to select charities.

Sapphire cardholders can redeem points for purchases made at gas stations and grocery stores, and donations to select charities, with a redemption value of 1.5 cents per point.

Ink cardholders can redeem points for donations to select charities, with a redemption value of 1.25 cents per point.

Here are the current categories eligible for Pay Yourself Back:

With Pay Yourself Back, you can earn up to 5x points on purchases in certain categories, such as travel or dining.

You can combine points from different Chase cards to increase your earnings, like pairing a Chase Sapphire card with a Chase cash-back card like the Chase Freedom.

For example, if you earn 5% cash back on select quarterly categories with the Chase Freedom, you can transfer those points to your Sapphire card's balance and use them for the Pay Yourself Back feature.

Understanding the value of points is crucial to making the most of your rewards program. In most cases, points are worth a fixed amount of money, such as $0.01 per point.

The average value of points can vary significantly between programs, ranging from $0.005 to $0.05 per point. Some programs, like airline miles, can be worth much more, up to $0.10 per point.

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Combining points from multiple programs can be a great way to increase their value. By transferring points between accounts, you can create a single pool of points that can be redeemed for higher-value rewards.

For example, transferring 10,000 points from one program to another can earn you a $100 gift card.

Combining points can be a game-changer for maximizing your rewards. If you have a Chase Sapphire card and a Chase cash-back card like the Chase Freedom, you can combine the power of both cards to earn even more points.

The Chase Freedom offers 5% cash back on select quarterly categories, which can be transferred to your Sapphire card's balance. This means you'll have a bigger pool of points to use for the Pay Yourself Back feature.

By combining your points, you'll have more flexibility to redeem your rewards in the way that makes the most sense for you.

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