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In 2020, in response to the pandemic, Chase added a new option for its customers to redeem points for expenses other than travel - Pay Yourself Back℠. Initially, the feature was set to expire at the end of September 2020, but the end date has been extended until September 30, 2021.
The Chase Pay Yourself Back program allows cardholders of certain Chase cards to use their Ultimate Rewards points to pay for all or a portion of existing purchases in select categories without having to book travel. Cardholders get paid back in the form of a statement credit applied to their card balance.
At the launch, Pay Yourself Back was available to cardholders with the Chase Sapphire Preferred card and Chase Sapphire Reserve for such categories as grocery stores, home improvement stores, dining, including restaurants, takeout and eligible delivery services, and select charitable organizations. Points are worth 25% and 50% more, respectively, when cardholders redeem within those categories using the Pay Yourself Back feature.
This year, another bunch of Chase credit cards has got the Pay Yourself Back feature: Chase Freedom Flex, Chase Freedom Unlimited, and Ink Business Preferred cards. Cardholders with Freedom cards can use Pay Yourself Back to offset dining purchases and redeem towards select charities. Ink cardholders have a bit broader selection of categories: shipping, home improvement stores, needs for business expenses, and select charities.
Cardmembers of Freedom and Ink Business cards are also able to get higher value out of their points when redeem using the Pay Yourself Back feature. Thus, points will be worth 25% more when Freedom cardholders donate their points to select charities. And for Ink cardmembers, points will be worth 25% more for all Pay Yourself Back redemption options.