Chase Pay Yourself Back now available on Freedom and Ink cards

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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.

Regular APR

15.99%-22.99% Variable

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  • Details
  • Pros & Cons

    • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $1,000 toward travel when you redeem through Chase Ultimate Rewards®.
    • 2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out & 1 point per dollar spent on all other purchases.
    • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 80,000 points are worth $1,000 toward travel.
    • Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash’s subscription service. Activate by 12/31/21.
    • Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel.
    Pros
    • High sign-up bonus starts you off with lots of points
    • Strong travel coverage
    Cons
    • Doesn’t offer a Global Entry/TSA PreCheck application fee credit or any other statement credit benefits


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    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.

    Regular APR

    14.99% – 23.74%

    Credit Score

    Good to Excellent

    Featured Reward

    $200 Bonus after you spend $500 on purchases in your first 3 months from account opening

    Intro APR

    0% for the first 15 billing cycles

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  • Details
  • Pros & Cons

    • Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
    • Earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
    • Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
    • Earn 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1% on all other purchases.
    • No annual fee.
    • 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 – 23.74%.
    • No minimum to redeem for cash back. Cash Back rewards do not expire as long as your account is open.
    Pros
    • No annual fee
    • Generous bonus cash-back categories
    • Great welcome bonus
    Cons
    • Booking through Ultimate Rewards portal can restrict outside earning potential
    • Varying percentages and rotating calendar categories require extra attention
    • 3% foreign transaction fees

    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. 

    Regular APR

    15.99%–20.99% variable APR

  • Details
  • Pros & Cons

    • New Offer! Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That’s $1,250 toward travel when redeemed through Chase Ultimate Rewards®
    • Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year
    • Earn 1 point per $1 on all other purchases—with no limit to the amount you can earn
    • Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
    • Redeem points for travel, cash back, gift cards and more – your points don’t expire as long as your account is open
    • No foreign transaction fees
    • Employee cards at no additional cost
    • $95 Annual Fee
    Pros
    • High sign-up bonus
    • Offers 3x bonus points on several spending categories, including travel and advertising purchases
    • Includes comprehensive travel coverage
    Cons
    • Welcome bonus has a very high minimum spending requirement


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    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.