Chase Pay Yourself Back: What You Need to Know

This redemption option lets Sapphire and Ink cardholders redeem points for certain spending categories.
JT Genter
By JT Genter 
Updated
Edited by Meghan Coyle
Your Guide to Chase’s Pay Yourself Back Feature

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Nerdy takeaways
  • Chase Sapphire Preferred cardholders will get a better deal redeeming points for travel.

  • All eligible cards get a bonus on redeeming points for donations to eligible charities through Dec. 31, 2023.

  • Ink and Reserve cards currently offer a special bonus on certain spending through the end of March.

Nerdy takeaways
  • Chase Sapphire Preferred cardholders will get a better deal redeeming points for travel.

  • All eligible cards get a bonus on redeeming points for donations to eligible charities through Dec. 31, 2023.

  • Ink and Reserve cards currently offer a special bonus on certain spending through the end of March.

Chase recently extended the "Pay Yourself Back" feature yet again. However, redemption rates have been slashed on several cards.

Pay Yourself Back was originally designed to give Chase Sapphire and Ink cardholders alternative ways to redeem their points during a period of reduced travel. Since it was introduced in May 2020, Chase has revamped and extended Pay Yourself Back several times. The latest version lets Sapphire-branded cardholders redeem points for statement credits on gas station and grocery store purchases, plus select charitable donations.

Here’s what you need to know about this limited-time offer.

What is Chase Pay Yourself Back?

Pay Yourself Back is a temporary redemption option for Chase Sapphire- and Ink-branded cardholders. Typically, these cardholders can redeem Ultimate Rewards® points for a statement credit at a rate of one cent per point. But through Pay Yourself Back, you can redeem Ultimate Rewards® points to offset eligible purchases — generally at an elevated rate.

Eligible purchase categories vary depending on your Chase credit card. If you have multiple cards that earn Chase Ultimate Rewards®, note that you can transfer points between Chase accounts to take advantage of the different categories offered on different cards.

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Which Chase cards are eligible for Chase Pay Yourself Back?

The Pay Yourself Back redemption option is currently available on the following Chase credit cards:

In addition, cardholders of Freedom-branded cards — such as the Chase Freedom Flex® — can use Pay Yourself Back for eligible charitable donations. Chase's United cards are also eligible if you'd like to use miles toward the card's annual fee at a rate of 1.5 cents or 1.75 cents per mile, depending on the card.

Aeroplan® Credit Card also has an ongoing Pay Yourself Back option. Redeem your Aeroplan points at a rate of 1.25 cents per point for travel purchases made within the last 90 days. In 2023, there is no limit to the number of points you can redeem this way, but starting in 2024, cardholders will only be able to redeem up to 50,000 points per year through Pay Yourself Back.

What purchases are eligible for Pay Yourself Back?

Eligible Pay Yourself Back categories and redemption rates vary by card. Sapphire cardholders can redeem Ultimate Rewards® points for purchases made at gas stations and grocery stores and donations to select charities. Meanwhile, Ink cardholders can redeem points for donations to select charities.

Cardholders can use Pay Yourself Back to offset gas and grocery purchases made through Sept. 30, 2023, and charity donations made through Dec. 31, 2023.

The current list of charitable organizations eligible for Pay Yourself Back is:

  • American Red Cross.

  • Equal Justice Initiative.

  • Feeding America.

  • GLSEN.

  • Habitat for Humanity.

  • International Medical Corps.

  • International Rescue Committee.

  • Leadership Conference Education Fund.

  • 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.

Only transactions made within the prior 90 days will qualify. You can choose to apply points toward the entire purchase cost or a portion of the transaction.

How much will you get when you Pay Yourself Back?

Depending on the Chase card you have and the redemption you make, Pay Yourself Back will get you 1 cent to 1.5 cents back per dollar.

To get the most bang for your redemption, you’ll want to use Pay Yourself Back on purchases that fall into the bonus categories for your card. For example, if you’re a Chase Sapphire Reserve® cardholder, you can redeem 10,000 points toward gas station or grocery purchases to get a statement credit of $125. 

Here's a breakdown of redemption rates by card and category.

Chase Sapphire Reserve® cardholders:

  • Grocery stores (including eligible delivery services): 1.25 cents per point redemption rate through Sept. 30, 2023.

  • Gas stations: 1.25 cents per point redemption rate through Sept. 30, 2023. 

  • Annual fee: 1.25 cents per point redemption rate through Sept. 30, 2023.

  • Eligible charities: 1.50 cents per point redemption rate bonus through Dec. 31, 2023.

Chase Sapphire Preferred® Card cardholders:

  • Grocery stores: 1 cent per point redemption rate through Sept. 30, 2023.

  • Gas stations: 1 cent per point redemption rate through Sept. 30, 2023.

  • Eligible charities: 1.25 cents per point redemption rate through Dec. 31, 2023.

🤓Nerdy Tip

Because Chase Sapphire Preferred® Card holders won’t get a bonus on grocery store or gas station redemptions, they’ll get the same 1% back as if they redeemed their points for 1% cash back. Redeeming points for travel is more valuable because it yields about 1.25% back.

Ink Business Preferred® Credit Card cardholders:

  • Eligible charities: 1.25 cents per point redemption rate through Dec. 31, 2023.

Ink Business Cash® Credit Card cardholders:

  • Eligible charities: 1.25 cents per point redemption rate through Dec. 31, 2023.

How to request a statement credit

To request a Pay Yourself Back statement credit, log in to your Chase Ultimate Rewards® online account.

Select the left-hand drop-down menu and scroll to “Pay Yourself Back.” If you don’t see the Pay Yourself Back option and have more than one Chase rewards credit card, make sure you’ve selected an eligible Chase Sapphire Reserve® or Chase Sapphire Preferred® Card.

Chase automatically generates a list of eligible purchases that were made within the last 90 days. On this page, you’ll also see how many days are left to use Pay Yourself Back for each purchase. It’s best to select the oldest transactions first so you maximize your opportunities for the statement credit.

Next, check each transaction you’d like to apply your points toward and select “Continue” at the bottom of the page.

Each purchase you select will be listed on the next page. From here, you can either check “Apply Full Amt” so your points cover the entire transaction, or you can manually enter another dollar value into the blank box.

After entering your selections, the page shows you the total statement credit you’ve requested, the amount of savings you’re receiving through this feature, the total points you’re redeeming and your remaining points balance.

When you’re ready to submit your request, select “Confirm & Submit.” It can take up to three business days to see the statement credit post on the account from the time your request is submitted, and one to two billing cycles to see this credit reflected on your statement.

Combine points to Pay Yourself Back even more

If you have one of the Chase Sapphire cards and a Chase cash-back card like the Chase Freedom®, you might be able to combine the power of both cards to get even more out of Pay Yourself Back. For example, the Chase Freedom® offers 5% cash back on select quarterly categories.

After effectively earning 5% cash back in the form of points with your Freedom card, you can transfer those points to your Sapphire card’s balance. With your combined points, you’ll have even more points you can use for the Pay Yourself Back feature.

Chase Pay Yourself Back recapped

Whether this limited-time feature is worth it for you depends on your financial priorities. If you're a Chase Sapphire Reserve® cardholder, this can be another way to use your points — getting a statement credit at almost a comparable value to redeeming points for travel in Chase's travel portal.

Plus, it gives you the option to redirect your cash toward other necessities or financial goals.

However, you can get even more value out of your Chase points when booking travel through Chase's portal or by transferring points to Chase's airline and hotel transfer partners.

The information related to the Chase Freedom® has been collected by NerdWallet and has not been reviewed or provided by the issuer of this card.


How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are some of the best travel credit cards of 2024:

Chase Cards from our Partners
Chase Freedom Unlimited Credit Card

on Chase's website

Chase Freedom Unlimited®
5.0
NerdWallet Rating
Rewards rate

1.5%-5%

Enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.

Cashback

Intro offer

Up to $300

Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!

Chase Sapphire Preferred Credit Card

on Chase's website

Chase Sapphire Preferred® Card
5.0
NerdWallet Rating
Rewards rate

1x-5x

5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases.

Points

Intro offer

60,000

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠.

Points
Chase Freedom Flex

on Chase's website

Chase Freedom Flex®
5.0
NerdWallet Rating
Rewards rate

1%-5%

Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Earn 5% on Chase travel purchased through Chase Travel®, 3% on dining and drugstores, and 1% on all other purchases.

Cashback

Intro offer

$200

Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.

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