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Chase Ink has updated some of the categories you can use “Pay Yourself Back” with for the third quarter ( Q3 ) of 2022. You can easily access Pay Yourself Back by logging into Ultimate Rewards – seen below.
Starting July 1, 2022 the Pay Yourself Back offers include:
- Charitable Giving
- Currently through Dec. 31, 2022, points are worth 25% more when redeemed for donations to select charities for all Freedom, Sapphire and Ink cardmembers. Points are worth 50% more for Sapphire Reserve cardmembers.
Ink Updates July 1st through September 30th –
- Chase Ink Business Preferred and Ink Plus
- Cardmembers who utilize Pay Yourself Back can redeem points worth 25% more on business expenses related to internet, cable and phone services (currently through September 30, 2022)
- Chase Ink Business Cash and Unlimited
- Cardmembers who utilize Pay Yourself Back can redeem points worth 10% more on internet, cable and phone services. (currently through September 30, 2022)
Here’s an example with Vonage where you can see I can redeem my points at 1.25c to offset this charge.
Recap
Chase continues to lean into new ways of using your points to offset charges via Pay Yourself Back. Have I used it? No…I ordinarily transfer my points for a higher value than 1.25c, but that’s just me. Regardless, it’s always nice to see banks offering customers more ways to utilize their points.
Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Chase Sapphire Preferred® Card
Welcome Offer
$300 Chase Travel℠ Credit + Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
Annual Fee
$95
Points Earned
Transferrable Chase Ultimate Rewards
- $300 Chase Travel℠ Credit + Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
- That’s worth $750 when redeemed through Chase Travel℠. Plus, get up to $300 in statement credits on Chase Travel℠ purchases within your first year
- 5x on all travel purchased through Chase Travel℠
- 3x on dining, including eligible delivery services for takeout & dining out
- 3x on select streaming services
- 3x on online grocery purchases
- (excluding Target, Walmart and wholesale clubs)
- $50 Annual Chase Travel Hotel Credit via Chase Travel℠
- The begins immediately for new cardmembers and after your account anniversary for existing cardmembers
- 2x on all other travel
- 10% Anniversary Bonus
- Every year you keep the card, your total spend will yield a 10% points bonus. If you spend $10k in a year, you’ll get 1k bonus points
- Chase Sapphire Preferred continues to redeem at 1.25c in the Chase Travel℠ and the slew of other benefits remain in tact including Auto Rental Collision Damage Waiver ( primary ), purchase protections, etc.
- Points are transferrable to 14 Ultimate Rewards partners
- Redeem in Chase Travel℠ for 1.25 cents per point
- No foreign transaction fees
- Suite of Travel and Purchase Coverage
- Auto Rental Collision Damage Waiver is my favorite
- Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
- $95 Annual Fee
We keep an up to date spreadsheet that lists the best ever offers: You can find that spreadsheet here.
Historically 80k is a very, very good offer and hit in both 2022 and 2023. In 2021, we saw the offer hit an all time high of 100k. Who knows if that will ever come back.
Main Cast:
Cards that earn flexible points and should be used on the bulk of your purchases.
Supporting Cast:
Cards that earn fixed points in the currency of the airline/hotel and can not be transferred at attractive rates. These cards yield benefits that make it worth keeping, but not necessarily worth putting a lot of your everyday spend on.
The Chase Sapphire Preferred® is exceptional starter card and offers transferrable Ultimate Rewards, and pairs well with other Chase cards.
If you carry this card alongside Chase’s cashback cards like the Chase Freedom Flex® and Chase Freedom Unlimited® or the business versions: Ink Business Cash® , Ink Business Unlimited® you can combine the points into Preferred account and transfer into hotel and airline partners
Annual fee is quite low at $95 a year + you get a 10% anniversary bonus on points + $50 hotel credit in Chase travel.
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