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How to use the Chase Pay Yourself Back feature and maximize points by 25% to 50%

Chase’s Pay Yourself Back tool increases the value of Ultimate Rewards® points by 25% to 50%. Here's how to take advantage of it.

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The Chase Freedom® is not currently available to new cardholders. Please visit our list of the best cash-back cards for alternative options. The Pay Yourself Back benefit ends Dec. 31, 2022

Update Sept. 28, 2020: This post has been updated to reflect the expansion of Pay Yourself Back to select Ink Business and Freedom credit cards, plus the extension of the program beyond Sept. 30, 2020.

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 Chase Ultimate Rewards® points by 25% to 50%, was set to end on September 30, 2020, but is now running through the end of the year and into 2021 for select card holders.

If you're planning to use your Ultimate Rewards points for a purchase, whether that be at the grocery store or for takeout food, here's how to get the improved value.

Here’s how you can take advantage of Pay Yourself Back.

How to Pay Yourself Back

Pay Yourself Back provides Chase consumers with Ultimate Rewards earning cards the opportunity to receive more value on eligible point redemptions, depending on the card you have.

Here are the eligible cards:

  • Chase Sapphire Preferred® Card
  • Chase Sapphire Reserve® Card
  • Chase Freedom Flex℠
  • Chase Freedom Unlimited®
  • Chase Freedom® (no longer accepting new applicants)
  • Ink Business Preferred® Credit Card
  • Ink Plus® Business Card (no longer accepting new applicants)

In order to receive enhanced value, you need to redeem Ultimate Rewards points for statement credits on eligible purchases. The categories vary based on the card you have, so here's a break down:

  • Sapphire Preferred and Sapphire Reserve: Grocery stores, dining (including restaurants, takeout and eligible delivery services), home improvement stores (such as Home Depot and Lowes) and eligible charities.
  • Ink Business Preferred and Ink Plus Business: Select online advertising and shipping expenses and eligible charities.
  • Freedom Flex, Freedom Unlimited and Freedom: Eligible charities.

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, card holders receive 25% or 50% more value on eligible point redemptions, which works out to increased value of 1.25 cents per point or 1.50 cents per point, depending on the card. Sapphire Preferred, Ink Business and Freedom card holders currently receive 25% more value on redemptions, while Sapphire Reserve cardholders receive 50% more value.

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

  1. Log onto your account online or via the Chase mobile app.
  2. Navigate to the Rewards and benefits page and select Pay Yourself Back.
  3. From here, you'll be able to choose one or more eligible purchases you’ve made in the past 90 days.
  4. Enter the cash value for the amount of points you want to redeem. This can be any amount up to the transaction total. For instance, on a $15 purchase you can Pay Yourself Back with $1, $5.50, $10 or another amount up to $15.
  5. Confirm the statement credit amount and total points you're redeeming, then submit the redemption.

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% (Ink Business Preferred) or 50% (Sapphire Reserve) more value.

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Information about the Chase Freedom®, Chase Freedom Flex℠ has been collected independently by Select and has not been reviewed or provided by the issuers of the cards prior to publication.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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