Since last autumn, Chase has introduced a few intriguing new categories to its famous Pay Yourself Back perk, enabling you to spend Chase points to book Airbnbs and purchase new Away Luggage. One of those options will be terminated on March 31, while the other will be extended.
Over the weekend, Chase updated its Pay Yourself Back category to reflect that Airbnb’s contract has been renewed through June 30, 2022. However, the ability to use Chase points to buy an Away carry-on bag will be discontinued on March 31, 2021, since the option will be discontinued on that day.
Following the extension, Chase Sapphire Reserve® cardholders will be able to continue redeeming Chase points on meals and to pay the card’s $550 annual fee until June 30, 2022 – two options that are not accessible to Chase Sapphire Preferred® cardholders after the extension.
Depending on whatever card you have, Chase Ultimate Rewards points will continue to be worth 25 percent or 50 percent more when used to redeem for items in these new categories.
This is the most recent modification since Chase originally introduced Pay Yourself Back in May 2020, when the tourism industry came to a grinding halt and banks recognized they needed to provide their cardholders with other redemption choices. Due to the fact that cardholders may use points to book flights or hotels via the Chase travel site, it has proven to be a very popular option among consumers.
At this point, it seems like Chase Pay Yourself Back is here to stay – we’ll just have to deal with shifting categories for the foreseeable future.
Pay Yourself Back on the Chase Sapphire Preferred Card offers the following benefits, which have been expanded as a result of the latest expansion.
Airbnb is valid until June 30, 2022.
Traveling Luggage is available until March 31, 2022.
Select charity will be supported until December 31, 2022.
If you have the Chase Sapphire Reserve, you will have access to a more extensive list:
Dining is available till June 30, 2022.
Airbnb is valid until June 30, 2022.
Traveling Luggage is available until March 31, 2022.
Fee for each year till June 30, 2022
Select charity will be supported until December 31, 2022.
How Does Chase Reimburse You for Your Own Work?
Additionally, Pay Yourself Back allows you to use your Chase Ultimate Rewards points to remove purchases made directly with Airbnb, Away Luggage, and restaurants, in addition to transferring your points to other Chase transfer partners or booking travel through the Chase Ultimate Rewards travel portal (for Sapphire Reserve cardholders).
Let’s imagine you have a cache of 100,000 Chase points in your possession. These categories would be worth $1,250 if those points were applied to them.
This is the fundamental concept: charge your Airbnb or Away Luggage charges to your Sapphire card, then go back and pay the amount with points earned from other sources. If you are acquainted with the Capital One Purchase Eraser option, you will find that the Pay Yourself Back feature from Chase is quite similar in functionality.
Simply log into your Chase Ultimate Rewards account on a desktop computer or via the Chase mobile app after completing a purchase in one of the participating categories and choose “Pay Yourself Back” from the drop-down menu to get your cash back.
From there, you will be able to pick from recent qualifying transactions that occurred up to 90 days before to the purchase and will be able to redeem points for the whole purchase or only a part of the transaction.
When you pick a transaction (or a series of transactions), you’ll be presented with the option of using points to cover all or part of the transaction. Once you’ve made your selection, just click on “Confirm & Submit.”
Our Observations
Back in May, when Chase announced the Pay Yourself Back perk for the first time, travel was mostly out of the question. Consumers were also spending money on home renovation projects and in food shops, according to the report. As a result, the Pay Yourself Back categories made a lot of sense and prevented cardholders from abandoning their travel cards.
As more cards return to travel, it is evident that Chase is modifying the categories to better meet cardholders where they are at in their travel journeys again. There is little doubt that utilizing Chase points on grocery store purchases was an exceptionally beneficial and convenient method to utilize them, given that the vast majority of cardholders spend consistently in this area. However, things have changed since then.
Those who use Airbnb on a regular basis will like this innovation, as it has now become the most convenient method to redeem credit card points for an Airbnb stay – and you can also use them for Airbnb Experiences.
While it is possible to spend Capital One Venture Miles for an Airbnb stay by using the Capital One Purchase Eraser tool, your Chase points will simply go farther when you utilize the new Pay Yourself Back option, which is available now.
While holding the Chase Sapphire Preferred Card, you will be able to redeem your Chase points at Airbnb, Away Luggage, and eating establishments for 25 percent more (1.25 cents per point) than they would otherwise be. They will be worth 50 percent more if you use the Sapphire Reserve card to purchase them (1.5 cents each).
That implies that if you booked a $500 Airbnb stay using the Sapphire Preferred Card, you could use 40,000 Ultimate Rewards points to pay for it with the Sapphire Preferred Card (or 33,333 points if you hold the Sapphire Reserve).
Airbnb will now be available until at least June 30, whereas Away will be no longer be available after March 31.
“Pay Yourself Back is designed to be an ongoing redemption option inside Ultimate Rewards to provide cardmembers with another choice in how they may redeem, with categories and redemption values that will continue to expand over time,” a Chase spokesman previously said.
