How to redeem Ultimate Rewards points for groceries with up to 50% bonus – Forbes Advisor

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What are travel rewards credit cards good for when we’re not supposed to be traveling? This is the question that credit card issuers have grappled with for over a year as the coronavirus pandemic rages on. In response, banks added a variety of new benefits⁠, but many of them were phased out.

However, a seemingly temporary Chase promotion has now become a permanent fixture: Chase Pay Yourself Back. Using this tool, qualifying Chase cardholders can use points to earn statement credit to cover qualifying purchases. Chase recently expanded the program and added new cards and categories.

Here’s how Pay Yourself Back works and when it makes sense for Chase cardholders to use it.

Collecting Ultimate Rewards points

Prior to the introduction of Pay Yourself Back, the best way to cash in Chase Ultimate Rewards points for non-travel purchases was through the cash refund option. However, the withdrawal rate is only 1 cent per point.

This is not a redemption option that we usually highlight. Under normal circumstances, cardholders can easily get better value by redeeming points for travel purchases through the Chase Travel Portal or by transferring to valuable travel partners like Southwest, United or Hyatt.

However, these are certainly abnormal times. Cardholders who previously saved points for travel may be wondering how to use those points at a time when money can be tight.

Before cashing out points at 1 penny per point, check if you have any transactions where you can refund yourself up to 1.5 pence per point.

Repay Yourself By ChaseSM Redemption rate

Eligible cardholders now have the option to redeem Ultimate Rewards points at a high rate through Chase’s Repay yourself.

For Sapphire and Ink cardholders, the redemption rate is the same as redeeming points for travel through the Chase Travel Portal. Chase Sapphire Reserve® cardholders will receive 1.5 cents per point for qualifying purchases while Chase Sapphire Preferred® Card, Ink Business Preferred® Credit Card and Ink Business Preferred® credit cardholders will receive 1.25 cents per point in value.

Additionally, other eligible Ultimate Rewards credit cards, including Freedom and Ink family cards, can redeem points through Chase’s Pay Yourself Back at 1.25 cents per point if you redeem those points for a charitable donation. This is a higher reimbursement rate than what is otherwise available to these cardholders if you are looking for a way to give back.

Reimbursement cards and categories yourself

When Chase first introduced Pay Yourself Back in May 2020, the tool was limited to Chase Sapphire Reserve and Chase Sapphire Preferred. Initially, these cardholders could redeem points for purchases at grocery stores, home improvement stores, and restaurants, including take-out and delivery.

Since then, the program has been extended to additional cards and additional categories. A spokesperson for Chase shares that the plan is to continue to “evolve categories and redemption values.”

Eligible categories for Chase Ink Preferred and Chase Ink Business Plus include shipping, internet, cable and phone services, advertising purchases made with social media sites and search engines. On these cards, you can redeem yourself at the rate of 1.25 cents per point. .

Eligible categories for Chase Ink Cash, Chase Ink Business Cash, and Chase Ink Business Unlimited include Internet, cable, and telephone services at 1.10 cents per point and qualifying charities at 1.25 cents per point.

Eligible categories for Chase Sapphire Reserve and Chase Sapphire Preferred cardholders include AirBnb and Away (awaytravel.com), select charities and restaurants on the reserve (including delivery and take-out) as well as the option to offset your annual fees. Categories are subject to change. You should check your Chase account for current refund opportunities.

There are 12 charities eligible for Pay Yourself Back:

  • American Red Cross
  • Equal justice initiative
  • Feed America
  • Habitat for Humanity
  • International medical society
  • Leadership training fund
  • NAACP Legal Defense and Education Fund
  • National Urban League
  • Thurgood Marshall College Fund
  • United Negro College Fund
  • United Way
  • World Central Kitchen

How to reimburse you

To start, go to the Pay Yourself Back website, log into your account and⁠ — if you have more than one Chase card⁠ — select the card you want to use.

Further down this page, Chase lists all purchases eligible for a refund. Under the purchase amount, Chase lists the number of Ultimate Rewards points required to credit that purchase to your account.
With the trip pending, I mainly used my Chase Sapphire Reserve card to earn bonus points on meals and for DoorDash, as cardholders receive $ 60 in DoorDash credits per year in 2021. Lucky for me, these purchases are also eligible for Chase’s Pay Yourself Returning with the Reserve Card.

On the next page, cardholders have the option to select the number of points to apply to each purchase. This can be especially useful if you only have a limited number of points or if you don’t want to reduce your balance below a certain level. Chase usefully displays the number of Ultimate Rewards points you will have left after the transaction.

Cardholders can redeem multiple transactions at the same time. You can even request a partial refund for multiple transactions at the same time.

However, this is not recommended. Once you submit a redemption for a transaction — whether partial or full — you will no longer be able to redeem points for that transaction. It is therefore preferable to redeem points for one transaction at a time.

Under terms and conditions⁠ — and confirmation email⁠ — Chase notes that “statement credit will be posted within 3 business days.”

Also, while this statement credit will reduce your balance owing, it will not reduce the minimum payment you owe on your credit card statement.

Keep in mind that you can combine points from all Ultimate Rewards accounts. This means that if you have a

Chase Freedom Flex℠ and a Sapphire Reserve card, you can combine the points on your Sapphire Reserve account to get the 50% increase.

Final result

Chase’s Pay Yourself Back tool offers travelers a great way to earn solid value from Ultimate Rewards points when they’re grounded. Chase Sapphire Reserve and Chase Sapphire Preferred cardholders can use their Ultimate Rewards points for daily needs at the same rate as travel purchases through the Chase Travel Portal.
For Freedom and Ink cardholders, the Pay Yourself Back tool is currently limited to qualifying charitable contributions. In return, most of these cardholders can redeem points for these qualifying purchases at a higher rate than any other point redemption option.

Coupled with other moves, like Chase expanding what qualifies for Chase Sapphire Reserve travel credit, Chase gives cardholders a compelling reason to keep Chase Cards in your wallet.

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About Hannah Schaeffer

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