Payments and Cards
New ‘Pay Yourself Back’ feature: Chase Gives Cardmembers New Options to Redeem Ultimate Rewards Points
Wilmington, DE May 28, 2020 Eligible cardmembers will be able to apply points on the Ultimate Rewards site to pay for purchases in select categories, starting with grocery stores, dining, and home improvement stores. At launch, Sapphire points will be worth 25% or 50% more when redeemed.
Chase Ultimate Rewards®, one of the most valuable and flexible credit card rewards currencies in the industry, is giving cardmembers more choices to use their points. The new Pay Yourself BackSM feature within Ultimate Rewards will provide the option to apply points to pay for all or a portion of existing purchases in select categories, and get paid back with a statement credit. Launching first for Sapphire Reserve® and Preferred cardmembers on May 31st, points will be worth 50% or 25% more, respectively, when redeemed for every day purchases in the initial categories of: grocery stores, home improvement stores and dining, including restaurants, takeout and eligible delivery services.
“Now more than ever we know our cardmembers want options to get the most value from their rewards,” said Matt Massaua, Head of Ultimate Rewards and Loyalty Solutions. “We’re continuing to give our customers choices so they have the flexibility to use their points in the most meaningful ways for them.”
Starting May 31, 2020, Chase Sapphire Preferred® and Reserve cardmembers will have access to the new Pay Yourself Back feature within Ultimate Rewards. After making a purchase in an eligible category, cardmembers can simply log into Ultimate Rewards on desktop or through the Chase mobile app, select from recent transactions up to 90 days prior, and choose to redeem points for all or a portion of the purchase. At launch and through September 30, 2020, Sapphire Reserve cardmembers’ points will be worth 50% more, and 25% more for Sapphire Preferred cardmembers, when redeemed in eligible categories. This means, Sapphire Reserve cardmembers can apply 10,000 points to pay themselves back on a $150 purchase – a 5,000 point savings compared to a typical cash back redemption. After applying points to an eligible purchase, cardmembers will automatically receive a statement credit for the amount paid in points within three business days.
Sapphire cardmembers will continue to earn their usual 3x points on restaurant purchases with Sapphire Reserve and 2x points with Preferred, as well as, the bonus earn through the end of June: 5x or 3x total points on purchases at grocery stores for Sapphire Reserve and Preferred respectively.
Chase will introduce other cards that earn Ultimate Rewards points to the Pay Yourself Back feature over time. For more information on Pay Yourself Back, log into Ultimate Rewards by visiting here www.chase.com/ultimaterewards. For more information on Sapphire Reserve and Preferred offerings, visit www.Chase.com/SapphireBeyond.