Chase Devalues Pay Yourself Back (For Most) With New, Lesser Categories

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Chase Devalues Pay Yourself Back With New Lesser Categories

It is a good news, bad news situation.  The good news is that Chase has extended Pay Yourself Back.  My guess is it is likely around to stay at this point but with just rotating options every 3-6 months.

The bad news is that the new categories are not as easy for most to cash out large quantities.  While some will like the new options, especially frequent Airbnb users, I think many people had an easier time racking up grocery spend.

New Pay Yourself Back Categories

Chase Sapphire Reserve:

Get 50% more value with Pay Yourself Back® New categories! Get more value when you redeem your points for statement credits toward Airbnb, Away and dining purchases by Mar. 31, 2022.

Chase Sapphire Preferred:

Get 25% more value with Pay Yourself Back® New categories! Get more value when you redeem points for statement credits toward Airbnb and Away purchases by Mar. 31, 2022.

using the new chase offers system

The Current Pay Yourself Back Categories

These will be ending today so make some charges if you want to use it. You should be able to claim it after the fact once the charges post:

  • Grocery stores
  • Dining (including restaurants, takeout, and eligible delivery services)
  • Home improvement stores such as Home Depot® and Lowes®

Quick Take

I find grocery the easiest category to rack up massive spend in. Anyone doing a home renovation etc. could say the same for home improvement stores.  While Airbnb will be a welcomed addition for many, it just isn’t my bag. And there is no way to hit it up unless you are traveling, so more limited.

It is interesting to see Dining only included on the Chase Sapphire Reserve.  It is currently a redemption option for both. That can be an area of big spend for some so if you have the CSR you are probably happy that stays around.

Chase Devalues Pay Yourself Back – Final Thoughts

While it is good to see Chase continue the Pay Yourself Back program, as I had assumed they would, the new categories will be harder to maximize for the majority of people.  I am sure quite a few will love having a travel option added in Airbnb and Away though.  Limiting dining as an option for just the CSR stings a bit too for anyone that just grabbed the Chase Sapphire Preferred for the 100K welcome offer.

What do you think of the changes? Let me know below.

Hat Tip: Doctor of Credit

Mark Ostermann
Mark Ostermann is a father, husband and miles/points fanatic. He left the corporate world after starting a family in order to be a stay at home dad. Mark is constantly looking at ways to save money and stay within budget while also taking awesome vacations with his family. When he isn't caring for his family or taking a weekend trip, Mark is working towards his goal of visiting every Major League Baseball ballpark.

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15 COMMENTS

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15 COMMENTS

  1. What I think is funny is that the reason they started PYB was to add value to this travel card while people weren’t traveling. Many people STILL aren’t traveling (I, myself, am stuck quarantining until my chemo wears off in 6 months), and they’ve kept the PYB, but then made it applicable for… travel. I mean, thank goodness they kept restaurants for the CSR, but dang.

  2. I bought a $500 Visa GC at Stop & Shop and it posted on Sep 30. I’m not seeing that I can redeem my points via Pay Yourself Back. Do you think I should contact Chase? The categories have changed.

    • Yeah I would send them a secure message and say you made the purchase before the end and see if they can push it through.

  3. Interesting…. unlike most folks in the points world, we typically stay at an Airbnb rather hotel. With a 3x postponed trip to Rotterdam and Bern in April 2022 coming up, the Airbnb category could be a welcomed bonus for us.

  4. So, what are the NEW categories exactly? I don’t think you spell them out in the article, just the old categories

    • It says right under the

      New Pay Yourself Back Categories

      Airbnb and Away for CSP. It includes those plus dining for CSR.

  5. I’ve been a loyal CSR guy for years, pushed a lot of spend though, earned a bunch of Hyatt points and more recently cashed out a good amount with PYB. But my renewal is approaching and I’m letting the card go. Not even interested in retention offers. Chase has neglected the CSR and I didn’t want it for cash out anyway. Got an AMEX gold. Looking forward to trying something new.

  6. Mark, I’ve used the PYB on the Sapphire Reserve for a while, but have gone back to the Amex Gold 4x on dining. I’m trying to replenish my UR’s because I have way more MR’s. Do you have any thoughts on this?
    Thanks.

    • I will say the CSR codes properly way more often. And if you look at it from a cashback perspective it is 4.5 for CSR vs 4.4 with the Amex Gold.

  7. I remain committed to my viewpoint – rest assured, I’ve read and considered all of the PYB and cash-out endorsements and counter points. I cannot fathom bothering with PYB/cash-outs when transferring into air and hotel programs is not only so much more valuable on a point-per-dollar conversion, but the joy factor is so much higher. Does getting a few hundred dollars really give you the joy that sitting in a multi-thousand dollar business class seat to Europe that cost you nearly zero gives you? No way. Again, I’ve read all of those who support, and play the PYB angle; I’m clueless why when if you want cash there are so many cash-back cards to go for vs. URs. But, a win is a win, so if that’s your game, all the better.

    • I think if you play the system right the pay out via Chase is substantially better than a traditional cash back card. I think a lot depends on your earn and burn rates too. If you have excess points that you will probably never get to then cashing out makes sense. Some people like the freedom and ease of cash bookings too. I can see it both ways I guess and have been on both sides too lol

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