In response to the Covid-19 pandemic, many card issuers have swiftly announced changes to products right away. A few months back, American Express revamped many of their cards and added new temporary benefits and credits. Similarly, Chase also added more options for customers to redeem their Ultimate Rewards points. Doctor of Credit now reports that Chase plans to make these temporary changes permanent. Initially, Chase announced that the changes would only apply until September 30th.
Chase Ultimate Rewards Changes
Chase announced a slew of changes to points redemptions back in May. Now Chase is extending them beyond that date.
- Going forward, you can continue to redeem your Ultimate Rewards points at a 1.5 cents per point value if you hold the Chase Sapphire Reserve card. You can redeem the points at that value at grocery stores, restaurants/delivery/takeout, home improvement stores and certain charitable institutions.
- You can continue to use the $300 credit on the Chase Sapphire Reserve for grocery store and gas station purchases this year. However, you’ll not earn any bonus points on those purchases.
- Similarly, if you hold the Chase Sapphire Preferred of the Ink Business Preferred, you can redeem points in the above mentioned categories at a 1.25 cents per point value.
- You will still earn points on purchases that you later erase by using the Pay Yourself Back option.
The Pundit’s Mantra
While it’s great that Chase has extended the end date for these redemptions, it also does signal the way the economy is heading. It also provides a window into the fact that travel won’t return to normal any time soon. Card issuers are finding newer and innovative ways to help customers redeem their points. I won’t be surprised if card issuers add new categories as redemption options going forward.
While I haven’t yet used the ‘pay yourself back’ feature to redeem my points yet, I’ll probably just wait it out and use them later when I travel again. I plan to use them for hotel stays at Hyatt or for premium cabin flights on Chase’s airline partners.
What do you think about these changes to Chase Ultimate Rewards points? Do you plan to redeem your points now or plan to save them later only for travel redemptions? Tell us in the comments section.
Hat Tip to Doctor of Credit
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Disclosure: The Points Pundit receives NO compensation from credit card affiliate partnerships. Support the blog by applying for a card through my personal referral links. This article is meant for information purposes only and doesn’t constitute personal finance, health or investment advice. Please consult a licensed professional for advice pertaining to your situation.
