Chase has announced that it has extended the Pay Yourself Back redemption option for Ultimate Rewards cardholders through the end of 2021 with some cards and through March 2022 with others. The bank also added new categories, giving cardholders more options to get cash back at a more valuable rate than usual. Updated categories depend on the card, but each one offers between 10% and 50% more value when using your points to get cash back in select categories.

Key Takeaways

  • Chase's Pay Yourself Back program allows Ultimate Rewards cardholders to get statement credits for purchases in certain categories.
  • For Ultimate Rewards travel cards, cardholders can get the same value that's normally reserved for travel redemptions.
  • For cash-back cards in the program, cardholders can get more value than usual on typical cash redemptions.

The New Chase Pay Yourself Back Categories and Redemption Values, by Card

Chase introduced its Pay Yourself Back redemption option shortly after the pandemic began. Initially offered only on the Chase Sapphire Reserve and Chase Sapphire Preferred cards, the program has been expanded to all of the bank's Ultimate Rewards-earning credit cards, both consumer and small business.

Beginning Oct. 1, 2021, cardholders can use their points through their Ultimate Rewards account to get extra-value statement credits, as follows:

  • Chase Sapphire Preferred: Cardholders will get 1.25 cents per point through March 2022 when they redeem for statement credits against purchases with Airbnb and Away through awaytravel.com. They'll also get 1.25 cents per point when redeeming points for donations to select charitable organizations.
  • Chase Sapphire Reserve: Cardholders will get 1.5 cents per point through March 2022 when they redeem for statement credits against purchases with Airbnb and Away through awaytravel.com, as well as on dining, including takeout and eligible delivery services. They'll also get 1.5 cents per point when redeeming points for donations to select charitable organizations.
  • Chase Freedom, Freedom Flex, and Freedom Unlimited: Cardholders will get 1.25 cents per point through December 2021 when they redeem points for donations to select charitable organizations.
  • Chase Ink Business Preferred and Ink Plus: Cardholders will get 1.25 cents per point through December 2021 when they redeem for statement credits against eligible business expenses related to shipping, internet, cable, and phone services, charitable contributions, and advertising on social media sites and search engines.
  • Chase Ink Cash, Business Cash, and Business Unlimited: Cardholders will get 1.1 cents per point through December 2021 when they redeem for statement credits against purchases related to internet, cable, and phone services. They'll also get 1.25 cents per point when redeeming points for donations to select charitable organizations.