Since the pandemic, many card issuers have launched new features and promotions to accommodate increased spending on groceries and food delivery — but many have already ended or only have a few weeks left.
Chase’s Pay Yourself Back℠ tool, which launched May 31 and maximizes the value of Ultimate Rewards® points by 25% to 50%, is coming to an end on September 30.
If you were planning to use your Ultimate Rewards points for a purchase, whether that be at the grocery store or for takeout food, there's still a little bit of time to get the improved value.
Here’s how you can take advantage of Pay Yourself Back before the end of the month.
In order to receive enhanced value, you need to redeem Ultimate Rewards points for statement credits on purchases at grocery stores, dining (including restaurants, takeout and eligible delivery services) and home improvement stores (such as Home Depot and Lowes).
Pay Yourself Back enhances the value of your Ultimate Rewards points beyond a standard 1:1 value, where one point is worth a penny. With Pay Yourself Back, Sapphire Preferred and Reserve card holders benefit from an increased value of 1.25 cents per point or 1.50 cents per point.
That means if you want to offset a $100 grocery run, you’d only need 8,000 points (Preferred) or 6,667 points (Reserve) through Pay Yourself Back. Outside of this promotion, you'd need a full 10,000 points.
Here's how to use Pay Yourself Back:
When this offer ends, cardholders can still redeem points to offset purchases, but at a standard 1:1 value. However, points redeemed for travel expenses booked through Chase Ultimate Rewards® continue to earn 25% (Preferred) or 50% (Reserve) more value.