Chase Pay Yourself Back Extended, Will Be A Long Term Feature
Great news people, man can we use some of that in 2020, it appears Chase Pay Yourself Back is going to be a long term feature of the Chase ecosystem. My buddy Doug that runs the Travel Rewards Warriors Facebook group gave me the heads up on this and broke the news. He reached out to the Chase PR team via email to confirm.
What Is Chase Pay Yourself Back?
With the Pay Yourself BackSM tool, your Ultimate Rewards® points are worth 50% more when you redeem them for statement credits against purchases in our current categories: grocery stores, dining (including restaurants, takeout, and eligible delivery services), and home improvement stores such as Home Depot® and Lowes®. Just choose an eligible purchase you made in the past 90 days, apply points for all or part of the purchase, and you’ll get a statement credit.
It essentially allows you to use your Ultimate Rewards points as statement credits for certain purchases at a higher rate. Usually cash back is only worth 1 cent per point but with this feature it is worth 1.5 cents per point. I shared my thoughts on why people should consider doing this and it is also something I may use to help my college funding plan.
Here Is What We Know
The Chase PR team confirmed via email that the program will last longer than September 30th, when the promo was scheduled to end. They said it will likely be revamped with new categories at that time. It may also roll out to other cards (currently only the Sapphire products). I wouldn’t be surprised to see it on a quarterly rotation much like the Chase Freedom 5% back categories.
Final Thoughts
This is big news and something that may make me consider holding my wife’s upgraded Sapphire Reserve card long term. This makes all of the Ultimate Rewards products more valuable since there would be other avenues to cash out the points outside of travel. I can’t thank Doug enough for tracking this story down and sharing it with me.
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[…] Miles to Memories，他的一個朋友通過email聯繫到了Chase的公關人員，Chase 確認 「Pay Yourself […]
Hi Mark, has there been ANY official confirmation of this (very welcome) news about extending the pay-yourself-back option — past Sept. 30th? Sorry if I missed any updates somewhere? Not seeing anything thus far.
I have not seen any ads or anything like that from Chase yet.
[…] to Miles to Memories, Chase also plans to extend the Pay Yourself Back feature beyond September 30, and maybe even […]
[…] Miles to Memories，他的一个朋友通过email联系到了Chase的公关人员，Chase 确认 “Pay Yourself […]
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[…] Ostermann at Miles to Memories reports that he has spoken with Chase Public Relations and they have told him this will become a permanent […]
I’m wondering about this scenario…
I’ve got a balance of ZERO but I pay myself back on a previous charge of $500. Now I’ve got a credit of $500 sitting in my account. Can I call Chase and have them send me that credit? I know when I’ve overpaid an account in the past I could call and get a check sent to me.
You can. I did.
So instead of their normal .01 per point cash back, it’ll be .015? Nice!
(Chase Sapphire Reserve)
Yeah you should be fine there – assuming you have old charges to use it on. If not you need to spend the $500 to do it anyway.
Patrick – Chase will also let you send a private message to have the credit from card 1 applied to the balance on card 2.
Thanks for that… that is how I normally do it. Especially if it involves my wife’s card. 🙂
Do you lose the bonus points earned from using the pay yourself back feature?
No – they are considered separate transactions
I only have a CSP so not sure I should burn my approx half million points or just wait until better travel days.
Have you had it for over a year? Could consider upgrading to the CSR if you did want to cash them out. If you do it before the travel credit stops working on grocery purchases you can double dip that purchase too. Get $300 travel credit and then pay for the purchase with points as well :).
Haven’t had it for a year unfortunately but I appreciate your suggestion.
Something to consider when the year is up at least. I ended upgrading my wife’s Freedom card because I was in the same boat.
Hi Mark:
I am carrying my CSP for over a year (exactly 16 months). If I upgrade to CSR, When or How I will be able to get another sign on bonus for either CSP or CSR? I know their 48months rule for the same family card, I am not sure how that works for a product change. I do also have CF & CFU.
It wouldn’t change anything there – would still be 48 months from when you got the CSP bonus.
I imagine that United is the biggest loser here. I wonder how this will impact their long term relationship.
With them nerfing their award chart I could see this being the way to go for most domestic United travel for sure. I think Southwest gets stung a little bit too by it.