Chase extends Pay Yourself Back feature on Sapphire, Freedom cards

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Since Chase announced the Pay Yourself Back feature in early 2020, the issuer has extended the tool to various cards within its suite, as well as the length of time the tool is available.

Chase has done so once again, lengthening the Pay Yourself Back feature’s availability for Sapphire cardmembers through Sept. 30, 2021.

This means that, as a Chase Sapphire Reserve® or Chase Sapphire Preferred® Card member, you can continue to get 25 percent to 50 percent more value for your points when you redeem them for statement credits after using your card for the following: Grocery store purchases and dining at restaurants (including takeout and eligible delivery services), home improvement store purchases and donations to select charitable organizations.

Sapphire cardholders will also receive the following new or extended perks:

  • New: In addition to the up to $120 in statement credits Reserve cardholders can earn through December 2021 when they pay for a Peloton membership with their card (and up to $60 in credit for Preferred cardmembers), both cards now offer 5X to 10X points on Peloton Bikes and Treads beginning March 30, 2021.
  • Extension: Gas station and grocery store purchases will count toward earning the Sapphire Reserve $300 travel credit through Dec. 31, 2021.
  • Extension: The boosted points value perk for Chase Dining redemptions is now extended through Sept. 30, 2021, meaning points are worth 25 percent (Preferred cardmembers) or 50 percent (Reserve cardmembers) more when redeemed for purchases with Chase Dining.

What is Pay Yourself Back?

With Chase’s Pay Yourself Back tool, you can redeem your rewards toward past purchases with a percentage boost (typically 25 percent to 50 percent) to the value of your points. The tool was originally announced in May 2020 and was set to expire Sept. 30, 2020, but the offer has since lengthened for Sapphire cardmembers and expanded to additional Chase cards.

To use the Pay Yourself Back tool, select a qualifying transaction made up to 90 days in the past. Then, redeem your points toward all or a portion of your purchase transaction and receive a statement credit.

Chase credit cards that offer the Pay Yourself Back tool:

Further details on Pay Yourself Back

Starting July 2, 2021, Chase Freedom, Freedom Flex, Freedom Unlimited and Freedom Student cardmembers will have the option to apply Ultimate Rewards points to pay for all or a portion of their dining purchases up to a total of $250. Cardmembers will get paid back with a statement credit through the Pay Yourself Back tool in the Chase Mobile App and online. Specifically, Ultimate Reward points will be worth 10 percent more when redeemed for up to $250 in dining purchases through Sept. 30, 2021.

Note that if you own the Sapphire Preferred or Reserve in addition to a Freedom credit card, you can transfer your points to those cards and use the Pay Yourself Back tool for a heightened rewards value on grocery store purchases, dining at restaurants, home improvement store purchases and donations to select charities.

As a reminder, Chase Freedom, Freedom Flex and Freedom Unlimited cardmembers can also use the Pay Yourself Back tool to redeem donations made to eligible charities for a 25 percent boost to their points. While the tool expires for Sapphire cardmembers at the end of September 2021, there’s no expiration date as of yet for the Freedom card family.

Eligible charities with Pay Yourself Back include:

  • American Red Cross
  • Equal Justice Initiative
  • Feeding America
  • Habitat for Humanity
  • International Medical Corporation
  • Leadership Education Fund
  • NAACP Legal Defense and Education Fund
  • National Urban League
  • Thurgood Marshall College Fund
  • United Negro College Fund
  • United WayWorld Central Kitchen

Another charitable giving option recently added is the ability to donate Lyft rides to those in need. All eligible Chase cardholders can also now use Pay Yourself Back to apply points and receive a statement credit for all, or a portion, of a ride purchased through Lyft’s “Fund a Ride” program through Sept. 30, 2021.

Should you redeem your points with Pay Yourself Back?

Given that using Pay Yourself Back gets you 25 percent to 50 percent more value for your points, you’d be hard-pressed to find a downside to doing so—especially seeing as travel is limited and redeeming toward travel purchases is typically the most lucrative use for Ultimate Rewards points.

For more information on Ultimate Rewards points, including which Chase credit cards earn them, how much they’re worth, tips for maximizing and how to transfer your points to travel partners, consider reading Bankrate’s Chase Ultimate Rewards guide.

Written by
Claire Dickey
Claire Dickey is a former products editor for Bankrate, and To Her Credit. Before joining Bankrate, Claire worked as a copywriter for brands within the telecommunications industry, as well as a hybrid marketing and content writer within the education and oil and gas industries.
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