Chase Pay Yourself Back feature: End date extended for Ink cards, and bonus categories added

Jun 29, 2021

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

Editor’s note: This guide has been updated with the latest information. Chase has extended its Pay Yourself Back capabilities with through Sept. 30, 2021. New bonus categories have also been added for Chase Ink cardholders.

Here at TPG, we value Chase Ultimate Rewards points at 2 cents apiece when maximized with transfer partners, thanks to the program’s fantastic travel partners.

For instance, in the past, I’ve transferred 30,000 Ultimate Rewards points instantly to Hyatt for an award stay at the Park Hyatt Paris Vendome, when the cash rate exceeded $1,000 per night. As a result, my redemption value far exceeded TPG’s 2-cent valuation of Ultimate Rewards points.

More recently, however, I’ve booked travel directly through Chase Ultimate Rewards, including flights and experiences — both at a lower redemption rate of 1.5 cents per point (with the Chase Sapphire Reserve). With healthy frequent flyer and hotel program balances, I found those redemptions to be a good use of my Ultimate Rewards points at times.

During the pandemic, Chase introduced another option to redeem points at up to 1.5 cents per point in value even when you aren’t traveling via the Chase Pay Yourself Back feature. It was introduced as a potentially limited-time pandemic feature with an end date, but that’s been extended until Sept. 30, 2021.

Starting on July 2, 2021, the Chase Freedom lineup of cards — including the Chase Freedom Flex and Chase Freedom Unlimited — will have a new Pay Yourself Back option. You can use Pay Yourself Back at a redemption rate of 1.1 cents on dining purchases (up to $250) through Sept. 30, 2021. That’s a 10% bonus compared to the typical cash-back redemptions at a fixed 1 cent per point.

Additionally, cardholders of Chase Ink cards, such as the Ink Business Preferred® Credit Card, now have more categories for which they can redeem Chase points through Pay Yourself Back — and the ability to now use Pay Yourself Back through Sept. 30, 2021. Here’s everything you need to know.

New to The Points Guy? Sign up for our TPG daily newsletter and check out our beginner’s guide.

In This Post

Statement credit options

Chase has long offered the option to redeem points for a statement credit — simply log into your Ultimate Rewards account, hit the drop-down menu and select “Cash Back.”

You’ll be presented with an option to enter the amount you’d like to redeem and where you’d like your rewards deposited. All cash-back redemptions are fixed at 1 cent per point, only half of TPG’s valuation for Ultimate Rewards.

You can redeem Ultimate Rewards points for cash back at 1 cent apiece (Screenshot courtesy of Chase)

Even so, Chase’s traditional cash-back option is more generous than what you can expect from some other issuers. Here’s how it breaks down for some of the most popular programs and cards:

Program Redemption value Cards
Amex Membership Rewards 0.6 cents per point American Express® Gold CardThe Platinum Card® from American Express
Chase Ultimate Rewards 1 cent per point Chase Sapphire ReserveChase Sapphire Preferred Card
Citi ThankYou Rewards 0.5 cents per point (1 cent with Citi Prestige® Card) Citi Premier® Card Citi Rewards+® Card
Capital One 0.5 cents per mile Capital One Venture Rewards Credit Card

The information for the Citi Prestige card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

What is Pay Yourself Back?

In 2020, Chase added a far better option for customers looking to redeem points for expenses outside the realm of travel.

Cardholders with the Chase Sapphire Preferred Card, Chase Sapphire Reserve, Chase Freedom (no longer available), Chase Freedom Unlimited, Chase Freedom Flex, Chase Ink Plus Business Credit Card (no longer available) and the Ink Business Preferred Credit Card can use points at a higher ratio to cover the cost of some types of expenses. Branded as “Pay Yourself Back,” Chase’s new program lets you use your Ultimate Rewards points to offset certain purchases at a much more favorable rate.

Here are some current Chase Pay Yourself Back options:

Card Redemption value Categories  Current end date
Chase Freedom Flex, Chase Freedom Unlimited, Ink Business Cash® Credit Card and Ink Business Unlimited® Credit Card 1.25 cents per point Select charities Dec. 31, 2021
Chase Freedom Flex and Chase Freedom Unlimited 1.1 cents per point Dining Starting July 2, 2021, through Sept. 30, 2021 (up to $250 in dining purchases)
Chase Sapphire Preferred 1.25 cent per point Dining, grocery stores, home improvement stores, select charities, fund a vaccine ride with Lyft Sept. 30, 2021 (Dec. 31, 2021, for charity option)
Chase Sapphire Reserve 1.5 cents per point Dining, grocery stores, home improvement stores, annual fee, select charities and fund a vaccine ride with Lyft Sept. 30, 2021 (Dec. 31, 2021, for annual fee and charity options)
Ink Business Preferred 1.25 cents per point Shipping, home improvement stores, internet, cable, phone services, select charities and fund vaccine ride with Lyft Sept. 30, 2021 (Dec. 31, 2021, for charity option)
Ink Business Cash® Credit Card and Ink Business Unlimited® Credit Card 1.1 cents per point Internet, cable and phone services Sept. 30, 2021


The way this would work is rather than receiving a statement credit of $100 when redeeming 10,000 points, if redeeming against an eligible Pay Yourself Back charge, a Chase Sapphire Reserve customer would receive a credit of $150 for the same redemption amount. This is the same redemption rate offered on Ultimate Rewards Travel redemptions for that card.

Related: Sweet spots: The best ways to use Chase Ultimate Rewards points

As for customers with other cards, Chase Freedom (this card is no longer open for applications), Chase Freedom Unlimited and Chase Freedom Flex cardholders can redeem points at 1.25 cents apiece toward donations made to eligible charitable organizations through Dec. 31, 2021. In addition, all Ink cards will receive the ability to redeem points for internet, cable and phone services (a rate of 1.25 cents per point for the Ink Business Preferred, 1.1 cents per point for the Ink Business Cash® Credit Card and Ink Business Unlimited® Credit Card.

Requesting a credit

Simply log into your relevant Ultimate Rewards account via mobile app or desktop and select the “Pay Yourself Back” option in the sidebar.

(Screenshot courtesy of Chase)

Next, you’ll see a list of eligible purchases you can redeem points for. Points can be redeemed for purchases as far back as 90 days, at a rate of 1.5 cents each for Sapphire Reserve cardholders and 1.25 cents if you have the Sapphire Preferred. The example below is based on redemption rates for a Sapphire Reserve Card.

Simply check off the purchases you want to redeem and proceed to the next page.

(Screenshot courtesy of Chase)

You can choose to offset the full purchase amount, assuming you have enough points to cover it, or you can redeem a smaller amount if you prefer.

(Screenshot courtesy of Chase)

From there, you can confirm the redemption value and amount and choose to complete the transaction. And that’s it! Your statement credit should post within three business days.

Bottom line

Does it make sense to redeem Chase Ultimate Rewards points at up to 1.5 cents apiece towards non-travel charges, which is at least 25% shy of TPG’s 2-cent valuation?

It absolutely can make sense. Even TPG staffers who love to maximize their points for travel have done this in the last year, with travel largely on the back-burner. For example, TPG Editorial Director Scott Mayerowitz cashed in over 300,000 Chase points in 2020 … for over almost $5,000 worth of meals and groceries. It’s hard to criticize keeping thousands of dollars in cash safely in your wallet, even if you could redeem them for a higher value towards travel later on.

But ultimately, that decision comes down to how you plan to use your points, how many you currently have with airline and hotel programs, and whether or not you’d benefit significantly from the statement credits.

If you’re hoping to use your points for a premium-cabin trip in the not-too-distant future, it could certainly make sense to hold onto your points and transfer them to partners down the line. On the other hand, if you don’t plan to travel soon, or you’re worried about your financial situation, redeeming points at up to 1.5 cents each is surely preferable to carrying a balance or cutting back on essential spending.

Additional reporting by Summer Hull and Chris Dong. 

Featured photo by John Gribben/The Points Guy.

Chase Sapphire Preferred® Card

WELCOME OFFER: 100,000 Points


CARD HIGHLIGHTS: 3X points on dining and 2x points on travel, points transferrable to over a dozen travel partners

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

Apply Now
More Things to Know
  • Our best offer ever! Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,250 when you redeem through Chase Ultimate Rewards®.
  • Enjoy new benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining and 2X points on all other travel purchases, plus more.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 100,000 points are worth $1,250 toward travel.
  • With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
  • Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
Regular APR
15.99%-22.99% Variable
Annual Fee
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.