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.
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.