Originally rolled out as a temporary redemption option during the pandemic, Chase has made Pay Yourself Back a staple for redeeming Ultimate Rewards points.

Until recently, cashing out your Ultimate Rewards points netted you a poor 1 cent per point in value. However, Chase’s Pay Yourself Back feature changes that for eligible purchases. Depending on which Chase card you have, Pay Yourself Back will net you more value: up to 1.5 cents per point.

Essentially, this works similarly to how you redeem Chase points for cash back, but with a few key differences. Only purchases in a rotating list of categories are eligible, and you’ll have to manually select the purchases you’d like to pay yourself back on.

Chase Pay Yourself Back Eligible Categories

Pay Yourself Back is available on all Chase Ultimate Rewards credits cards. That includes Chase credit cards in the Sapphire, Freedom, and Ink portfolios.

Of these, Chase Sapphire Reserve® cardholders can redeem points at the highest rates and for the broadest categories. Typically, cashing out your Ultimate Rewards points is done at 1 cent per point. Redemptions through Pay Yourself Back add an additional 10%-50% in redemption value.

Sapphire Cards

Your Ultimate Rewards points are worth 25% more with the Sapphire Preferred and 50% more with the Sapphire Reserve. For example, you can use 1,000 points to pay yourself back $12.50 or $15 on an eligible purchase with the Sapphire Preferred and Sapphire Reserve, respectively.

Here are the latest categories for these cards:

Chase Sapphire Reserve®

  • Redeem by: September 30, 2022.
  • Eligible purchases:
    • Airbnb
    • Dining (including takeout and eligible delivery services)
    • Annual membership fee
    • Select charities — through December 31, 2022
  • Redemption rate: 1.5 cents per point

Chase Sapphire Preferred® Card

  • Redeem by: varies
  • Eligible purchases:
    • Airbnb — through September 30, 2022
    • Select charities — through December 31, 2022
  • Redemption rate: 1.25 cents per point

Chase Sapphire Preferred Pay Yourself Back categories

Chase Freedom Cards

The Freedom family of cards has only one option now for Pay Yourself Back redemptions through December 31, 2022.

  • Charity donations: redemptions are worth 25% more
chase-pay-yourself-back-categories-freedom-cards-jan-2022
Pay Yourself Back options for the Freedom Flex

Ink Cards

Chase Ink-branded business credit cards are also eligible for Pay Yourself Back. However, the eligible categories and rates depend on which type of card you have.

Ink Business Preferred® Credit Card and Ink Plus® Business Credit Card

  • Eligible purchases:
    • Internet, cable, and phone services — through September 30, 2022
    • Select charities — through December 31, 2022
  • Redemption rate: 1.25 cents per point

Ink Preferred Pay Yourself Back categories

Ink Business Cash® Credit Card and Ink Business Unlimited® Credit Card

  • Redeem by: September 30, 2022.
  • Eligible purchases:
    • Internet, cable and phone services — through September 30, 2022
    • Select charities — through December 31, 2022
  • Redemption rates:
    • 1.25 cents per point for charitable donations
    • 1.1 cents per point for internet, cable and phone services

Pay Yourself Back Ink Cash categories

Full or Partial Redemptions

You can redeem points for up to 90 days after purchase via the Ultimate Rewards website or Chase app and redeem your points for the entire transaction. Thus, a $150 restaurant purchase will cost 10,000 points to Pay Yourself Back if you use the Sapphire Reserve.

However, you’re not out of luck if you don’t have enough points to cover a purchase in full or you don’t want to use too many points. For instance, if you can only spare 5,000 points, you’ll be able to Pay Yourself Back $75 from that restaurant tab when using the Sapphire Reserve. That flexibility is awesome!

Donations to Eligible Charities

Redeem your points through December 31, 2022 with Chase Pay Yourself Back on donations to eligible charities paid for with your card. Here are the redemption rates:

  • Chase Freedom Unlimited®: 1.25 cents per point
  • Chase Freedom®: 1.25 cents per point
  • Chase Freedom Flex℠: 1.25 cents per point
  • Ink Business Cash® Credit Card: 1.25 cents per point
  • Ink Business Unlimited® Credit Card: 1.25 cents per point
  • Chase Sapphire Preferred® Card: 1.25 cents per point
  • Chase Sapphire Reserve®: 1.5 cents per point

For those interested in using Pay Yourself Back for charity donations, the following charities are included:

  • American Red Cross
  • Equal Justice Initiative
  • Feeding America
  • Habitat for Humanity
  • International Medical Corps*
  • International Rescue Committee* [NEW]
  • Leadership Conference Education Fund
  • NAACP Legal Defense and Education Fund
  • National Urban League
  • Thurgood Marshall College Fund
  • United Negro College Fund
  • UNICEF USA* [NEW]
  • United Way
  • World Central Kitchen*

*Includes support for relief efforts in Ukraine.

How to Use Chase Pay Yourself Back

First, log on to the Ultimate Rewards website and choose the card you used to make the purchase.

Then click on the menu button/toggle on the upper left-hand side and select “Pay Yourself Back”. Or, try clicking this link.

select Pay Yourself Back from the Chase Ultimate Rewards side menu

Then you’ll see a list of all of the eligible purchases. You’ll notice how things are listed based on how many days are left before each transaction is no longer available.

Chase lists all of the transactions eligible for Pay Yourself Back

Select a purchase. Once you select a transaction, you’re given the option to enter a dollar amount that you want to get back and you’ll then see the corresponding amount of points required. You can also choose to pay yourself back for the entire purchase.

Use Pay Yourself Back to redeem points for a partial or full purchase

Click confirm, and then you’re done. Congratulations! You just paid yourself back! Isn’t payback sweet?

Bottom Line

Pay Yourself Back effectively allows you to redeem your Ultimate Rewards points at the same rate as redeeming for travel through the Chase travel portal. If you’re accustomed to booking travel that way, you’re getting the same value for your hard-earned points.

I think it’s great that Chase is allowing people to have more options to redeem their points. This started when fewer people were traveling and some were questioning whether they should keep their travel cards. Pay Yourself Back allows cardholders to use their points in more relevant ways and has been extended several times. While the categories have changed, the concept and how to use Pay Yourself Back has remained the same.

Chase Pay Yourself Back stands in addition to and as another option for your points, aside from transferring to Ultimate Rewards travel partners.

Are you redeeming Ultimate Rewards points through Chase’s Pay Yourself Back?

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