Chase “Pay Yourself Back” Complete Guide (categories updated & extended)

Chase has been steadily hacking away at the value of its Pay Yourself Back (PYB) Program over the last year or so, whittling down both categories and redemption rates on Ultimate Reward(UR)-earning cards. At the same time, it has added PYB options for Southwest, Aeroplan and United cards, although the value for redeeming Southwest points is poor.

Previously, Ink cardholders could redeem points for 1.1-1.25 cents each towards cable, internet, phone services and shipping. Those categories are all gone now, leaving “select” charities as the last soldier standing (like it is with the Freedom cards). It’s a shame to see the program for UR-earning cards getting so degraded. I don’t really see much value for anything outside of the Sapphire Reserve or for booking travel through the Chase portal.

What is Chase Pay Yourself Back?

Chase has a useful benefit for select cardholders called “Pay Yourself Back”.  The basic idea is that you can exchange your Chase Ultimate Rewards points for statement credits against certain categories of purchases. Here’s the link to use this feature yourself.

The best use for Ultimate Rewards points (besides transferring points to high value travel partners) is to book travel through the Chase travel portal.  Sapphire Reserve cardholders get 1.5 cents per point value this way.  Sapphire Preferred and Ink Business Preferred cardholders get 1.25 cents per point value.

The Pay Yourself Back feature does provide some value for everyday purchases, although it’s somewhat diminished with the new, lower redemption rates.  For example, if you’re a Sapphire Reserve cardholder, you can use your card at wholesale clubs and later exchange your points to pay off those charges at 1.25 cents per point value.

Using these Pay Yourself Back categories, Chase’s Ultimate Rewards cards can become more like super-charged cash back cards.  You’ll still have the ability to transfer points to travel partners, but you can also cash out points for certain charges instead.

Pay Yourself Back categories for eligible Chase credit cards

Sapphire Reserve

Redeem points for 1.25 cents each to pay back the following charges:

• Wholesale Clubs: Through 6/30/24
• Pet Supply Stores & Services: Through 6/30/24
• Gas Stations: Through 12/31/24
• Select Charities: Through 12/31/24 (still at 1.5 cents per point)
  American Red Cross, Equal Justice Initiative, Feeding America, Habitat for Humanity, International Medical Corps (also aiding efforts in Ukraine), Leadership Conference Education Fund, NAACP Legal Defense and Education Fund, National Urban League, Thurgood Marshall College Fund, United Negro College Fund, United Way, World Central Kitchen (also aiding efforts in Ukraine).
• Annual membership fee: Through 12/31/24
• Expired Options:
  • Grocery stores (3/31/24)
  • Restaurants and dining (12/31/22)
  • Airbnb (12/31/22)

Sapphire Preferred

Redeem points for 1.25 cents each to pay back the following charges:

• Select Charities: Through 12/31/24 
  American Red Cross, Equal Justice Initiative, Feeding America, Habitat for Humanity, International Medical Corps (also aiding efforts in Ukraine), Leadership Conference Education Fund, NAACP Legal Defense and Education Fund, National Urban League, Thurgood Marshall College Fund, United Negro College Fund, United Way, World Central Kitchen (also aiding efforts in Ukraine).

Freedom Cards (Unlimited, Flex, Visa)

Redeem points for 1.25 cents each to pay back the following charges:

• Select Charities: Through 12/31/24
  American Red Cross, Equal Justice Initiative, Feeding America, Habitat for Humanity, International Medical Corps (also aiding efforts in Ukraine), Leadership Conference Education Fund, NAACP Legal Defense and Education Fund, National Urban League, Thurgood Marshall College Fund, United Negro College Fund, United Way, World Central Kitchen (also aiding efforts in Ukraine).
• Expired Options:
  • Dining (includes restaurants and food delivery service): ended 9/30/21

Ink Business Preferred, Ink Plus

Redeem points for 1.25 cents each to pay back the following charges:

• Select Charities: Through 12/31/24
  American Red Cross, Equal Justice Initiative, Feeding America, Habitat for Humanity, International Medical Corps (also aiding efforts in Ukraine), Leadership Conference Education Fund, NAACP Legal Defense and Education Fund, National Urban League, Thurgood Marshall College Fund, United Negro College Fund, United Way, World Central Kitchen (also aiding efforts in Ukraine).
• Expired Options:
  • Internet, Cable, Phone Services: ended 6/30/23
  • Shipping: ended 6/30/23
  • Select Advertising: ended 3/31/22

Ink Business Cash, Ink Business Unlimited

Redeem points for 1.25 cents each to pay back the following charges:

• Select Charities: Through 12/31/24
  American Red Cross, Equal Justice Initiative, Feeding America, Habitat for Humanity, International Medical Corps (also aiding efforts in Ukraine), Leadership Conference Education Fund, NAACP Legal Defense and Education Fund, National Urban League, Thurgood Marshall College Fund, United Negro College Fund, United Way, World Central Kitchen (also aiding efforts in Ukraine).

• Expired Options:
  • Internet, Cable, Phone Services: ended 6/30/23
  • Shipping: ended 6/30/23

Aeroplan Card

Redeem points for 1.25 cents each to pay back the following charges:

• Travel Purchases: Through 12/31/24
• Annual membership fee: No end date

Southwest Cards

Redeem points for 1 cent each to pay back the following charges:

• Annual Fee: No end date

Redeem points for 0.8 cents each to pay back the following charges:

• Dining ($200 maximum, in total credits)
• Groceries (personal cards only, $200 maximum, in total credits)
• Gas (business cards only, $200 maximum, in total credits)

United Cards

Redeem points for 1.5-1.75 cents each to pay back the following charges:

• Annual Fee: No end date

How to use Chase Pay Yourself Back

Note: This example is from the time when this feature first debuted. Grocery & dining purchases were both valid categories at that time and the redemption level was still 1.5 cents per point.

When I logged into my Chase account and browsed to Chase’s Pay Yourself Back page, I found a number of qualifying purchases.  I had a couple of DoorDash purchases and a few grocery purchases:

I selected each of the above purchases and then had the opportunity to enter how much of each purchase should be paid back with points.  In each case, I selected “Apply Max Value”.  I was a little concerned that it might be better to pick a round number to get full point value, but that concern was unfounded.  Chase rounded up the value of the points in my favor.  Take, for example, the $283.60 grocery purchase at Plum Market.  28,360 cents divided by 1.5 = 18,906.67.  One would expect Chase to round that up to 18,907 to determine how many points were required.  Instead, they rounded down to 18,906.  Cool.

Chase Pay Yourself Back FAQ

How often does Chase change the eligible categories?

Originally, Pay Yourself Back was offered only through September 30, 2020. Then it was extended through April 30, 2021. Now, Chase extends the program every quarter and with each extension we see some changes such as which types of expenses can be used.

Can I transfer points between Chase cards to get better redemption value?

Yes. Points earned on other Chase cards can be moved to your Sapphire Reserve or Ink Business Preferred account in order to get more value.  So, if you consider that this feature makes it easy to cash out Sapphire Reserve points at 1.25 cents each, then we can calculate the cash back equivalent earnings of each Ultimate Rewards card by multiplying the earnings rate by 1.25.  For example, the Sapphire Reserve card earns 3X for travel & dining, so it now earns the equivalent of 3 x 1.25 = 3.75% cash back for groceries and gas.  Similarly, the Freedom Unlimited card earns 1.5X everywhere (in addition to its 3X and 5X categories), so by transferring those points to your Sapphire Reserve, it now earns the equivalent of at least 1.5 x 1.25 = 1.875% cash back everywhere.

Can I use Pay Yourself Back for purchases made on previous statements?

Yes, Chase’s Pay Yourself Back can be used for transactions within the past 90 days.

Do I earn points for purchases that are paid back using Ultimate Rewards?

Yes.  Erasing purchases does not cause Chase to pull back the points earned on those purchases.

Where can I find more information about Pay Yourself Back?

Chase’s Pay Yourself Back FAQ Can Be Found Here.

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