Chase Pay Yourself Back is a points redemption option that gives select Chase cardholders the opportunity to redeem points for a statement credit to cover eligible purchases. The exact rate of redemption depends on the purchase type and the specific Chase credit card you hold.
What Is Chase’s Pay Yourself Back?
Chase Pay Yourself Back was introduced in May 2020 as a new way for Chase cardholders to use their Chase Ultimate Rewards® at an elevated redemption rate for non-travel redemptions. Additionally, not all purchases qualify for Pay Yourself Back. Chase updates (or renews) the qualifying purchase categories periodically.
With travel back in full swing since the program was initially launched, Pay Yourself Back is not as lucrative as it once was. On the flip side, the Pay Yourself Back program has been extended to select Chase co-branded credit cards, which provides more redemption options to cardholders.
Pay Yourself Back Cards and Categories
Cards earning Chase Ultimate Rewards® points—including those in the Freedom, Sapphire and Ink families—and certain other co-branded cards are eligible to redeem rewards through Chase Pay Yourself Back. However, not all cards feature the same eligible purchase categories. It’s also noteworthy that different cards may offer different redemption rates even on the same type of purchase, so it’s important to confirm options for your specific card(s) before redeeming points.
Since the introduction of Pay Yourself Back, the eligible purchase categories have changed several times. And that’s by design. A Chase spokesperson shared that the plan is to continue to “evolve the redemption categories and values.”
Here are the cards eligible for Pay Yourself Back and their current eligible categories:
| Chase Credit Card | Pay Yourself Back Purchase Categories | Point Value |
|---|---|---|
| Gas stations, wholesale clubs, pet supplies, annual membership fees and select charities* | 1.5 cents per point when used towards donations to eligible charities, 1.25 cents per point when used towards other eligible purchases through September 30, 2024 | |
| Select charity donations* | 1.25 cents per point through September 30, 2024 | |
| Select charity donations* | 1.25 cents per point through September 30, 2024 | |
| Annual fee, travel, grocery store and dining | 1.25 cents per point when used towards travel and the annual fee. 0.8 cents per point when used towards grocery store and dining purchases through December 31, 2024 | |
| Annual fee and up to $350 in home improvement | 1 cent per point when used toward the annual fee, 0.8 cents per point when used toward home improvement purchases through September 30, 2024. | |
| Annual fee and up to $350 in internet, cable and phone services | 1 cent per point when used toward the annual fee, 0.8 cents per point when used toward internet, cable and phone services through September 30, 2024 | |
| Annual fee and eligible United airfare transactions | 1.5 to 1.75 cents per mile (depending on card) eligible United airfare transactions |
*There are currently 18 charities eligible for Pay Yourself Back:
- American Red Cross
- Equal Justice Initiative
- Feeding America
- GLSEN
- Habitat for Humanity
- International Medical Corporation
- International Rescue Committee
- Leadership Conference Education Fund
- Make-A-Wish America
- NAACP Legal Defense and Education Fund
- National Urban League
- Out & Equal Workplace Advocates
- SAGE
- Thurgood Marshall College Fund
- United Negro College Fund
- UNICEF USA
- United Way
- World Central Kitchen
When giving to these eligible charities, make sure to donate directly to the parent organization. Local chapters may not be eligible for Pay Yourself Back.
Chase’s Pay Yourself Back Redemption Rates
As you can see, the redemption rate through Pay Yourself Back depends on both the card you use and the type of purchase you make. Pay Yourself Back redemptions at 1 cent each are no better or worse than simply redeeming points toward generic statement credits—effectively, you have two options to collect the same reward. Some cards, such as the Chase Sapphire Preferred® Card, also offer the option to redeem for cash back deposited right into your bank account at a rate of 1 cent per point.
Is Pay Yourself Back Worth It?
Whether or not Chase’s Pay Yourself Back is worth it depends on how you typically redeem points.
Pay Yourself Back redemptions greater than 1 cent each will give you a slight boost compared to redeeming for statement credits. So, if cash back is your preferred redemption type, Pay Yourself Back is a valuable option whenever you have qualifying purchases.
Keep in mind that several cards offer more than 1 cent per point when applying points toward travel booked through Chase Travel℠. For example, points are worth 1.5 cents each toward travel booked through Chase Travel℠ on the Chase Sapphire Reserve®. You might also receive more than 1 cent per point in value when transferring Ultimate Rewards to airlines and hotels and booking award travel through their respective loyalty programs
If you typically redeem points for travel, then Pay Yourself Back is not worth it because the redemption values are lower than you’d get through paying for travel with points.
How To Pay Yourself Back
To redeem points through Pay Yourself Back, you’ll need to log in to your card account and enter the rewards section. If you have multiple Chase cards, you’ll be prompted to select which card rewards you want to use. Since Pay Yourself Back is directly tied to your previous card charges, you’ll need to select the card you used for your intended purchase transaction.
Further down on this page, Chase lists all purchases eligible for Pay Yourself Back. Underneath the purchase amount, Chase will have the number of points required to credit this purchase to your account.
Check the box next to the eligible purchases for which you want to redeem points. Points are redeemable for eligible purchases within the prior 90 days. You can select up to 12 purchases at a time. Then click Continue at the bottom of the page. For example, here’s the screen for Pay Yourself Back with Ultimate Rewards.
On the next page, you’ll be asked for confirmation on the number of points being redeemed. Note that if your points only partially cover an expense, that expense becomes ineligible for points redemption at a later date.
Pay Yourself Back Statement Credit
When you use Chase Pay Yourself Back, Chase will post a credit to your online card account within three business days of the request. The credit is also typically printed on your next billing statement.
While this statement credit reduces your balance, keep in mind that it doesn’t count as a payment. You’ll still need to make at least the minimum payment as shown on your statement. Ideally, you’ll pay off your balance in order to avoid any possible interest charges.
What To Consider Before Using Chase Pay Yourself Back
Before using your points for a statement credit through Chase Pay Yourself Back, consider if you can get even more value from your points through another redemption method.
For some Chase cards, your primary redemption option is for cash back at 1 cent per point. So redeeming points through Pay Yourself Back may give you a higher redemption rate for eligible purchases. Just make sure to not overspend to take advantage of this opportunity.
However, select Ultimate Rewards-earning cards have the option of transferring points to Chase’s travel partners at a 1:1 ratio. If you know how to maximize these transfer partners, you can get much more value by transferring points to airlines and hotel loyalty programs than redeeming through Pay Yourself Back.
In the case of the Aeroplan® Credit Card, which allows you to redeem your Aeroplan miles for statement credits for travel purchases with no limit to the amount of points you can redeem through December 31, 2024, the alternative is to use the miles for a flight award within the Aeroplan program. Aeroplan has a number of sweet spot redemptions that far exceed the 1.25 cents per mile you’d get using Pay Yourself Back, so you might get better value redeeming for a flight award.
Earn Credit Card Rewards With Chase Pay Yourself Back
One of the appealing aspects of Chase Pay Yourself Back is that you’ll still earn credit card rewards on your original purchases.
Say you have the Aeroplan® Credit Card, which earns 3 points per dollar spent on dining, takeout and eligible delivery services, grocery stores and each dollar spent directly with Air Canada and 1 point per dollar for all other eligible purchases. Since it earns 3 points per dollar on Air Canada purchases, it makes a lot of sense to use the card for those charges. A $100 Air Canada transaction would earn 300 points, for example.
If you later choose to use Pay Yourself Back to reimburse yourself for that transaction—since it would count as an eligible travel transaction—you’d need to redeem 8,000 points at 1.25 cents each to cover its cost. Since you earned 300 points on the purchase, that only requires 7,700 points from other prior earnings.
Pair Chase Cards for Even More Value
Keep in mind that Chase allows you to combine points across multiple Chase Ultimate Rewards cards. By combining, you might be able to redeem points for even more value through another card.
Say you have both a Chase Freedom Flex® and a Chase Sapphire Reserve®. Rather than not being able to use the points earned on your Freedom Flex for charitable contributions, you can move the points into your Sapphire Reserve account to get access to a wider variety of Pay Yourself Back categories.
For example, you could earn 5 points per dollar spent on featured bonus categories through the Freedom Flex, move those points into your Sapphire Reserve account and then redeem them at 1.25 cents each toward qualifying purchases through Pay Yourself Back. That’s effectively earning 6.25 cents per point when pairing cards strategically.
Bottom Line
Chase’s Pay Yourself Back tool provides cardmembers another way to get value out of points earned via credit card spending.
While this redemption type might not yield as much value as points redeemed toward travel, it can still provide a boost compared to redeeming points for nonspecific cash back. When travel rewards don’t make sense for you, choosing Pay Yourself Back rewards is a reasonable alternative to get more from your points.
Forbes Advisor Contributor JT Genter contributed to this article.
