Good morning everyone, I hope your weekend is going well. I recently had a change of heart and decided to redeem 1/3 of my Chase Ultimate Rewards Points with the Pay Yourself Back feature. Chase introduced the Pay Yourself Back feature on May 31 and I wrote How to Redeem Chase Ultimate Rewards Points via Pay Yourself Back (1.5 Cents Per Point for Restaurants, Grocery Stores & Home Improvement). Initially, I was not very excited about the new feature, since I convinced myself that I could use my Chase Ultimate Rewards Points in other ways and get more than 1.5 cents per point.
After realizing that I had no concrete travel plans remaining in 2020 (I recently cancelled trips to Boston & New York along with a big trip to Africa), I figured that my stash of Chase Ultimate Rewards Points would probably not be used much this year. Before redeeming 1/3 of my Chase Ultimate Rewards Points, I looked at Chase’s travel partners to see if there were any major reasons to keep my Chase Ultimate Rewards Points. Chase has 13 airline and hotel partners, but only has 4 exclusive partners (Southwest Airlines, United Airlines, IHG, and Hyatt), the remaining 9 travel partners are accessible with American Express Membership Rewards Points, Citi ThankYou Points, and Capital One Miles.
My wife and I have ~58,000 Southwest Airlines points and ~$150 in travel credit, so I would not need to transfer Chase Ultimate Rewards Points to Southwest Airlines. I am not a huge fan of United Airlines and can usually book Star Alliance flights with other travel programs, plus I have ~$178 travel credit from a cancelled United flight. IHG points are worth ~0.5 cents per point and I have ~222,000 IHG points in my account. Last but not least, Hyatt is the only travel partner that stands out from the list. I decided to save at least 60,000 Chase Ultimate Rewards Points just in case we stay at a Hyatt later this year).
I figured that normal spending on our Chase Ink Cash Credit Card, Chase Sapphire Reserve Credit Card, and Chase Freedom Credit Card this year would replenish our Chase Ultimate Rewards Points balance by the end of 2020.
The first step of the process was to move all of the Chase Ultimate Rewards Points from my Chase Ink Cash and my Chase Ink Plus to my Chase Sapphire Reserve. This can be done very easily via the Chase Combine Points page. After the process was finished, my Chase Ink Cash had 0 points, my Chase Ink Plus had 0 points, and my Chase Sapphire Reserve had 123,107 points.
I then went to the Pay Yourself Back page.
On this page, you can see all eligible Pay Yourself Back transactions, the number of days left to redeem points for that transaction, the dollar amount, and the maximum number of points possible to redeem for that transaction.
I decided to select all 9 of these transactions and then clicked the Continue button.
On this page, you can enter the dollar amount you want to receive as a statement credit for each transaction.
Since I wanted to use as many points as possible, I clicked the Apply Max Value checkbox for each transaction and the maximum dollar amount was automatically pre-filled. By choosing the Apply Max Value checkbox for all 9 transactions, I would receive a statement credit of $659.56 by using 43,968 points, leaving me with 79,139 points remaining. I then clicked the Confirm & Submit button.
The system processed my request in a few seconds.
Once the process was completed, my points balance went down to 79,139 points. The $659.56 statement credit should post to my Chase Sapphire Reserve account in the next 3 business days.
I received a confirmation email from Chase with the details of my Pay Yourself Back transaction.
The following day, I logged into my Chase online account and saw that the 9 statement credits posted to my Chase Sapphire Reserve and my account now shows a $123.94 credit balance. If I end up with a credit balance at the end of the month, I can contact Chase to move the credit to a different Chase credit card to pay the bill.
As you can see, I redeemed 43,968 points out of my total 123,107 points (35.7%) to receive a $659.56 statement credit. I still have 79,139 points, which is 19,139 points above my 60,000 point threshold. 19,139 points x 1.5 cents = $287.09. From May 31 through September 30, the Pay Yourself Back feature will work on restaurants, grocery stores & home improvement stores, so I still have plenty of time to redeem points this year. If you have any questions about the Pay Yourself Back feature, please leave a comment below. Have a great weekend everyone!