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Travel restrictions during the COVID-19 pandemic changed how I use my credit card rewards, airline miles, and hotel points. Previously, I would transfer my Chase Ultimate Rewards to hotel and airline transfer partners or redeem them at a fixed rate for travel.
But ever since the pandemic hit, I’ve been traveling much less, so my balance of Ultimate Rewards (and other points) has been creeping upwards. Airlines and hotels can devalue the cost to redeem awards at any time, so keeping a large balance of rewards is not a great idea. That’s why I’ve been using Chase Pay Yourself Back to use my points at Home Depot, Kroger, and other places I shop every month.
What Is Chase Pay Yourself Back?
Chase Pay Yourself Back was introduced in May 2020 as a perk for certain Chase cardholders. Recognizing that travel was severely curtailed, Chase came up with Pay Yourself Back to retain cardholders by providing alternatives to redeeming Ultimate Rewards for the trip. Currently, you can use Chase Pay Yourself Back in the following categories:
Grocery stores
- Dining expenses at restaurants, including takeout and eligible delivery services
- Home improvement stores
- Select charitable organizations
- Eligible shipping expenses
- Chase Sapphire® Credit Cards
Chase Sapphire cardholders can redeem Ultimate Rewards to cover purchases in grocery stores and dining at restaurants (including takeout and eligible delivery services), home improvement stores, and charitable organizations. Sapphire Reserve cardholders redeem for 1.5 cents per point, and Sapphire Preferred cardholders save for 1.25 cents per point.
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Ink® Business Credit Cards
Ink Business Preferred℠ Credit Card and Chase Ink Plus cardholders can get 1.25 cents per point when using Pay Yourself Back for shipping, home improvement stores, and select charitable organizations.
And remember that if you have Ultimate Rewards from different cards, you can combine your Ultimate Rewards points for free. So you’ll want to connect your points to your account with the highest redemption value.
Earning Chase Ultimate Rewards
One reason Chase Ultimate Rewards points are so valuable is that they have many opportunities to earn them. Several different Chase credit cards currently have attractive welcome offers.
Chase Sapphire Preferred® Card: This travel credit card earns 2x points per dollar spent at restaurants, including eligible delivery services, travel expenses, and 1x points on all other purchases. The Sapphire Preferred also offers 100,000 bonus points (a $1,250 value) to new cardholders who spend $4,000 during the first three months of account opening. The card has a $95 annual fee.
Chase Sapphire Reserve®: This premium travel credit card earns 3x points per dollar spent at restaurants, including eligible delivery services, travel expenses, and 1x points on all other purchases. It offers a host of luxury travel perks like statement credits and access to Priority Pass Airport Lounges. The Sapphire Reserve offers a sign-up bonus of 60,000 points to new cardholders who spend $4,000 within the first three months from account opening. The Sapphire Reserve has a $550 annual fee.
Chase Freedom Unlimited® Card: This card has no annual fee, and it earns 5% back on travel booked through Chase, 3% before at restaurants and drugstores, and an unlimited 1.5% points per dollar spent on all other purchases. The card offers a $200 bonus to new cardholders who spend $500 on purchases within the first three months of account opening.
Chase Freedom Flex℠ Card: This no-annual-fee card earns 5% cashback up to $1,500 in combined purchases in bonus categories each quarter, 5% on travel booked through Chase, unlimited 3% on dining and restaurants, and drugstores, and 1% on all other purchases. It offers a $200 bonus to new cardholders who spend $500 on purchases in the first three months of account opening.
