Chase’s “Pay Yourself Back” program offers cardholders a powerful way to redeem rewards points for statement credits, potentially exceeding the value of standard cash-back options. The program is available on select Chase cobranded cards, including those with Southwest, United, Aeroplan, and Marriott Bonvoy. As of late June 2024, this feature provides an opportunity to get more value from your points than typical redemptions.
How Pay Yourself Back Works
This unique redemption option within Chase’s Ultimate Rewards program allows cardmembers to offset recent purchases with points, effectively treating them as cash. Unlike redeeming for travel or transfers to partners, Pay Yourself Back provides a straightforward way to apply rewards to everyday spending. The program’s categories change quarterly, so checking them frequently is crucial.
The program isn’t always the highest-value use for Ultimate Rewards, but it’s simpler than finding award travel or maximizing partner transfers. It can be useful if you have a large point balance and aren’t ready to book travel.
Eligible Purchases and Redemption Rates
Current categories eligible for Pay Yourself Back include statement credits for purchases made within the last 90 days. Some categories, like charitable donations, offer an increased redemption rate:
- Standard Purchases: 10,000 points = $100 statement credit
- Eligible Charities: 10,000 points = $150 statement credit
The list of eligible charities includes well-known organizations such as the American Heart Association, American Red Cross, Feeding America, and UNICEF USA. This makes the program a way to support causes you care about while maximizing your rewards.
How to Redeem Points
Redeeming through Pay Yourself Back is done via the Chase mobile app or desktop portal. Log in, select the “Pay Yourself Back” option, and choose from a list of eligible purchases. Confirm the redemption value and amount, then finalize the transaction. Statement credits typically post within three business days.
Alternatives: Cash Back and Point Value
Chase also allows points to be redeemed for cash back at a fixed rate of 1 cent per point. While straightforward, this is lower than many Pay Yourself Back options and less valuable than maximizing points through travel transfers (currently valued at roughly 2.05 cents per point).
Should You Use Pay Yourself Back?
Chase’s Pay Yourself Back is a valuable tool for cardholders seeking flexible rewards redemption. Whether it’s the right choice depends on your spending habits, point balance, and whether the current categories align with your needs. If the quarterly options don’t suit you, it’s worth checking again in the next quarter, as categories refresh regularly.
Ultimately, leveraging Pay Yourself Back effectively means staying informed about eligible categories and comparing redemption rates to ensure you’re getting the most value from your rewards.
