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Chase’s Pay Yourself Back tool is arguably the best new credit card feature we’ve seen introduced during quarantine. If you have the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®, Pay Yourself Back lets you cash in points for select purchases — including groceries and dining — and receive a 25% to 50% bonus depending on which card you have.
For example, if you have the Sapphire Preferred, redeeming 10,000 points to cover a grocery-store purchase would get you $125 off, rather than the standard $100. And if you don’t have a Sapphire card yet, keep in mind that the Sapphire Preferred is currently offering its highest-ever sign-up bonus: 80,000 points after you spend $4,000 in the first three months.
Starting on October 1, Pay Yourself Back will be available on additional Chase cards, including the new Chase Freedom Flex℠ and one of our favorite business credit cards, the Ink Business Preferred® Credit Card.
We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
Get 25% more value for charity donations on Freedom cards
As of October 1, you can use Pay Yourself Back to get 1.25 cents per point (rather than the standard 1 cent) when you redeem rewards for charity on the Chase Freedom, the Chase Freedom Unlimited, and the new Chase Freedom Flex.
Freedom cardholders can use Pay Yourself Back with a dozen charities, including the American Red Cross, Feeding America, and the NAACP Legal Defense and Education Fund.
The new Chase Freedom Flex℠ card is currently offering a welcome bonus of $200 back after you spend $500 in the first three months from account opening, plus 5% cash back on up to $12,000 spent on groceries in your first 12 months from account opening (not including Target® or Walmart® purchases). The addition of Pay Yourself Back could add even more incentive to apply for this no-annual-fee card.
14.99% – 23.74%
Good to Excellent
$200 Bonus after you spend $500 on purchases in your first 3 months from account opening
0% for the first 15 billing cycles
The Ink Business Preferred will offer 25% more value for select small-business categories
If you have the Ink Business Preferred or the Ink Business Plus Card (the latter is no longer available to new applicants), you’ll also have access to the Pay Yourself Back feature.
From October 1 through December 31, these two Ink cards will be eligible for a 25% Pay Yourself Back bonus for a dozen eligible charities as well as select online advertising and shipping expenses.
If you have a small business and spend money on social media or search-engine ads as well as with shipping services such as UPS, this is a good way to stretch the value of your points while saving money.
We’ll have to wait and see if the categories will change following December 31 — Chase did specify that categories and redemption values will evolve over time, so we could see changes to Pay Yourself Back across all participating cards in the future.
If you don’t have an Ink card yet, note that the Ink Business Preferred® Credit Card is currently offering a stellar sign-up bonus of 100,000 Ultimate Rewards points after you spend $15,000 in the first three months of account opening. That minimum spending requirement won’t be workable for everyone, but if your business spends $5,000 or more per month, this offer could be a great way to maximize your spending.
15.99%–20.99% variable APR
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Please note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.