Should You be Tempted by Chase’s “Pay Yourself Back” Offer?

Chase is offering a new way for Sapphire card holders to redeem their Ultimate Reward (UR) points. But does it make sense for you? Let’s move about the socially-distanced cabin and take a look.

What is it?

Chase has dubbed it the “Pay Yourself Back” feature. It allows Sapphire card holders to redeem their points for a statement credit. Another way to look at it is as a purchase eraser.

As with redeeming UR points in the Chase travel portal, the redemption rate will depend on which card you have.

The Basics of Chase Ultimate Rewards

Welcome! Today we continue our series on the types of credit card reward programs frequented by travelers. In the last article, we discussed American Express Membership Rewards. Here we’ll dive into the world of Chase.

Like American Express, Chase has a plethora of cards on offer. There are both business and personal cards.

How to Quickly Earn and Spend 144,000 Ultimate Rewards

The glory days aren't over. You can get two cards right now with no annual fee for the first year and rack up 144,000 Ultimate Rewards after meeting their minimum spending requirements.

Then you can redeem those points for $1,800 in flights on any airline, five roundtrips flights to Hawaii or Europe, getting three people into Thai or Korean First Class, or up to 32 award flights.
The Cards
The classic Chase Sapphire Preferred offers 50,000 bonus Ultimate Rewards after spending $4,000 on the card in the first three months.

Sapphire Preferred Spending Requirement Increases Monday

Update at 2:44 PM ET: The rumor was true. The minimum spending requirement has increased to $4k in 3 months on the Sapphire Preferred.

The Chase Sapphire Preferred is one of the best travel credit cards.

3 Ultimate Rewards per Dollar on First Friday Dining with Chase Sapphire Preferred

The Chase Sapphire Preferred will offer three Ultimate Rewards per dollar on dining expenses on the first Friday of each month until the end of 2013. Those are some nice free points.

As an award booker, I love Ultimate Rewards for their flexibility. Ultimate Rewards can be transferred 1:1 to United, Southwest, British Airways, Korean, Virgin Atlantic, Hyatt, Amtrak, and many more.

I eat out a lot, and especially on Friday nights (and especially on First Fridays when I am in Honolulu!), so this deal will be great for me.