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If you’re unfamiliar with Chase “Pay yourself back” it’s a promotion Chase has been running that allows cardholders to wipe charges off their bill with their points. The amount you can “pay yourself back” depends on the normal redemption rate you card would have in Chase Travel. If you have a Chase Sapphire Reserve, then you can wipe qualifying charges off at 1.5c per point, if you have the Chase Sapphire Preferred or Chase Ink Business Preferred, you’d be able to do so at 1.25c. Earlier today, Doctor of Credit broke the news that the annual fee was added as a qualifying charge for the Chase Sapphire Reserve.
Annual fee has been added to Chase Sapphire Reserve “Pay Yourself Back”
I don’t carry a Reserve, but for those I know that do…it has been added as an option to pay yourself back.
Pay Yourself Back has been extended to 9/30/21 across all cards
However…both my Chase Sapphire Preferred and Ink Business Preferred do not have the annual fee option as a qualifying charge
I do carry Chase Sapphire Preferred and Ink Business Preferred. Currently, the annual fee is not showing up as a qualifying charge. Perhaps that will change, but at least in my account, I don’t have that as an option.
My feeling is this will probably be updated in accounts aside from Chase Sapphire Reserve, but currently mine aren’t showing the annual fee option
Do I use this feature?
I don’t. Personally, I try and get at least 2 cents per point when redeeming for either hotels or airfare via transfer partners. But, if you’re looking to use up your points, this is another way you can make use of them to save money you know you’d have to spend ordinarily.
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A Monkey Miles favorite for beginners and point pros alike – a staple of our wallet that earns Premium transferrable Ultimate Rewards. $95 annual fee
♥ Earn 80k Bonus Points after $4k Spend in 3 months + $50 grocery credit
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