Over the last few months, we’ve seen card issuers offer new benefits and credits in response to the Covid-19 pandemic. Card issuers have issued to the change in consumer behavior and customers are using credits for purchases other than travel in a world full of travel restrictions. Similarly, Chase introduced a ‘Pay yourself Back’ feature.
Chase ‘Pay Yourself Back’ Before
Initially, Chase’s ‘Pay Yourself Back’ (PYB) feature was supposed to end on April 30, 2021. After logging into my account, I saw that Chase has now extended the PYB feature till Sept 30, 2021.
Here’s how you can still use the PYB feature. You can redeem your Chase points for purchases in the following categories:
- Dining – including delivery and takeout services
- Grocery Stores
- Home Improvement Stores
- Select Charities (valid until Dec 31, 2021)
- Fund a vaccine ride with Lyft
If you have the Chase Sapphire Preferred Card or the Chase Sapphire Reserve card, here’s how you can use the points in order to redeem for statement credits:
- With the Chase Sapphire Reserve card, you can redeem points in the above categories for a value of 1.5 cents per point. For example, you can use 10,000 points to get $150 in statement credits. Currently, the Chase Sapphire Reserve card is offering a welcome bonus of 60,000 Ultimate Rewards points.
- With the Chase Sapphire Preferred card, you can redeem points in the above categories for a value of 1.25 cents per point. For example, you can use 10,000 points to get $125 in statement credits. Currently, the Chase Sapphire Preferred card offering its best ever welcome bonus. You can get a welcome bonus of 80,000 Ultimate Rewards points and an additional $50 in statement credits for purchases at grocery stores.
The Pundit’s Mantra
Overall, this extension would only help a lot of customers who are sitting on a ton of Chase points with no immediate use on the horizon in terms of using them for travel. Over the last few months, I’ve frequently used the PYB feature to get statement credits for dining purchases.
Have you used the PYB feature? If yes, which category do you frequently use the PYB feature at? Tell us in the comments section.
With this best ever offer on the Chase Sapphire Preferred Card, you’ll earn a welcome bonus of 80,000 Ultimate Rewards points. What’s more, Chase is also throwing in an additional $50 in statement credits on grocery purchases. For a card that charges an annual fee of $95, this is a fantastic limited time offer!