Chase Sapphire Reserve Pay Yourself Back
Chase recently excited many Sapphire Reserve cardholders and Ultimate Rewards fanboys with the announcement that for a limited time (through September 30, 2020) their points can be cashed out at 1.5 cents each towards grocery store, restaurant and home improvement store purchases. This comes after they made some changes to the card in January and added other card enhancements recently in response to the COVID-19 global pandemic.
As you might expect this is a deal that has left many Sapphire Reserve cardholders happy. Let’s take a look at how to cash in your points with Chase Sapphire Reserve Pay Yourself Back plus why you might want to do it.
Should You Cash In Points with Pay Yourself Back?
Before we go into the process of how to cash in your Ultimate Rewards points for 1.5 cents per point, let’s talk about if Chase’s temporary pay yourself back feature is a good deal or not. In short, it is a good deal, but not everyone will want to cash in their Ultimate Rewards. Here is a basic explanation of how I see it.
- Cash in your points if: you have a ton of Ultimate Rewards points, you value cash over premium travel experiences, you often find good cash deals for travel
- Don’t cash in your points if: you have a limited amount of points, you value premium travel experiences, you have a solid plan for your points where you will receive a higher value, you don’t like cash
For example, I have a lot of Ultimate Rewards points, however I travel a lot and often get much higher than 2 cents per point when redeeming for Hyatt. But, I also find sometimes I get less value and I have redeemed quite a few points through the Chase Travel portal for 1.5 cents each.
Essentially I would be lying if I said I didn’t think 1.5 cents per point cash in your pocket was a bad deal. I have a decent stash and thus will probably cash in some of my points, but I also do value my Hyatt stays and will keep points set aside for that. I think many of you are probably in the same boat. Cash in some and leave some.
How to Use Chase Sapphire Reserve Pay Yourself Back
Okay you’ve now decided that you want to cash in your Ultimate Rewards points with Pay Yourself Back! So how do you use Chase Sapphire Reserve’s new cash in your points feature? Let’s take a look at how it works.
Now, let’s cash in some points! To start, login to your Chase Sapphire Reserve account and click your points balance to go to the Ultimate Rewards site or simply login via UltimateRewards.com. Once logged in locate “Pay Yourself Back” on the menu as shown.
Clicking “Pay Yourself Back” on the Chase Sapphire Reserve menu will bring you to a page that shows all of your eligible grocery, restaurant and home improvement purchases from the past 90 days. Anything in those categories purchased within the past 90 days should qualify. As you can see, in this case I chose to refund my meal at Ronto Roasters in Star Wars: Galaxy’s Edge at Disneyland on March 8. Oh how I miss Disneyland.
To choose this transaction for cashback I simply selected the check box to the left as shown above. The site informed me that I could cash in 840 points to receive a $12.60 credit for this purchase.
Once the transaction is selected you can choose to apply points towards the full value of the purchase or a partial value. In this case I chose “Apply Max Value” and cashed in 840 points for a $12.60 statement credit just as expected!
Chase Sapphire Reserve Pay Yourself Back – Bottom Line
Chase Sapphire Reserve Pay Yourself Back is a valuable new way to cash in Ultimate Rewards points and will no doubt be popular among Sapphire Reserve cardmembers. I will personally be cashing in more of my points, although I’ll continue to keep some in the bank for future Hyatt stays and other various uses. Either way it’s great to see how easy Chase has made it to turn Ultimate Rewards into cash at a great value.
Have you used Chase Sapphire Reserve pay yourself back? Are you cashing in all of your points? Let us know in the comments!