Chase Makes Changes to Cash Back Redemptions

Chase Ultimate Rewards points continue to be one of the favorite points currencies for many in the miles and points space. With Chase’s cards, you have the option to redeem points for cash back or transfer them to Chase’s transfer partners. One of the biggest draws for many is the fact that Chase has several partners that you can transfer points to at a simple 1:1 ratio. Every now and then, Chase also offers points transfer bonuses, which make their points even more valuable.

Chase Makes Changes To Redemption Rules

If you have Chase cards that don’t offer you the option to transfer to their transfer partners, you have a couple of options for cash back redemptions.

• You can redeem cash back for a statement credit
• You can redeem cash back as a deposit your bank account

As of now, you can deposit that amount to any qualifying financial institution in the US. However, that is soon about to change.

As per Doctor of Credit, starting March 27, 2026, cardmembers will no longer be able to redeem cash back for a deposit to an account other than Chase. In short, if you have the Chase Freedom cards, Chase Sapphire Preferred Card or Chase Ink cards, then you can only have the cash back deposit into your account, only if you have a Chase banking account.

The Pundit’s Mantra

For a lot of people like me who usually use points to transfer to partners or book travel, this change barely affects us. However, if you’re someone who has been converting cash back into deposits, there are always workarounds. You can always ask for a check to be mailed for a credit balance to you account and then deposit that check to a non-Chase banking account, if that’s what you were looking to do anyway.

What are some of your favorite redemptions while using Chase Ultimate Rewards points? Tell us in the comments section.

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