Is Chase's "Pay Yourself Back" Worth It?

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Chase recently extended its popular Pay Yourself Back program, which provides a 25% or 50% bump over standard cash back options on Chase Ultimate Rewards points. While this value is still likely below what you could get by redeeming points for travel, it’s an attractive option for those who aren’t traveling as much as they had planned or who need a bit of cash quickly. 

Best yet? Pay Yourself Back is also a great way to donate to certain charities, giving you 1.25 to 1.50 cents back for every dollar you donate.

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But Pay Yourself Back is only worth it for certain purchases, and the payback rate varies by credit card.

What is Pay Yourself Back?

Chase’s travel credit cards are known for being some of the best rewards credit cards available, offering valuable and flexible points for travel purchases. In fact, each point is worth about two cents, according to The Points Guy. 

Chase launched the Pay Yourself Back program in 2020 to encourage customers to hold onto their travel cards during the Covid pandemic shutdown. The program provides up to 25% more cash back on the Chase Sapphire Preferred® and several other cards, and up to 50% more on the Chase Sapphire Reserve®  card. For example, a Sapphire Preferred customer could redeem 10,000 points for $125, and a Sapphire Reserve card member could redeem 10,000 points for $150 cash back.

The catch? Only specific categories can earn extra cash back. The program only makes sense if you plan to make a donation to one of the approved charities. Or, if you are a Chase Sapphire Reserve cardholder, gas or grocery purchases through the end of September will also get you more cash back. 

Here's the breakdown by card.

How does Pay Yourself Back work?

To redeem Chase Ultimate Rewards for Pay Yourself Back cash, log into your Chase rewards accounts and follow the prompts.

• After logging in, go to the "Ultimate Rewards" page linked to your account.
• From the menu bar on the left side of the page, choose "Pay Yourself Back."
• Choose between one and 12 recent eligible purchases listed.
• The system will tell you how many days you have left to redeem points toward each transaction. After 90 days, you will no longer be able to use points for that purchase.
• Choose how many of your available Ultimate Rewards points you want to apply to each purchase. Finalize the request to redeem your points for a statement credit. 

Which charities are eligible?

You get 1.25 cents back per point as a statement credit (or 1.5 cents back with a Chase Sapphire Reserve card) when you donate to the following charities using your eligible credit card. Note that donations made to local or state chapters may not qualify, so be sure to donate to the national office.

• American Red Cross
• Equal Justice Initiative
• Feeding America
• GLSEN
• Habitat for Humanity
• International Medical Corps (including support for relief efforts in Ukraine)
• International Rescue Committee (including support for relief efforts in Ukraine)
• Leadership Conference Education Fund
• NAACP Legal Defense and Education Fund
• National Urban League
• Out & Equal Workplace Advocates
• SAGE
• Thurgood Marshall College Fund
• UNICEF USA (including support for relief efforts in Ukraine)
• United Way
• World Central Kitchen (including support for relief efforts in Ukraine)

When does Pay Yourself Back expire?

The added flexibility of Pay Yourself Back has been popular, and the company extends the program from time-to-time. This latest version of the program expires at the end of September 2023 for Chase Sapphire Reserve gas and grocery purchases, or for payment toward the annual fee. For donations on the Chase Sapphire Reserve card, you have until the end of 2023.

For the Chase Sapphire Preferred and other cards, the program expires after December 31, 2023.

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