Good morning everyone.  A few days ago, my Chase Sapphire Reserve Credit Card statement closed and I ended up with a credit balance of $349.34 because I redeemed 1/3 of my Chase Ultimate Rewards Points for several Pay Yourself Back transactions.  I called Chase to see if I could move the credit balance from my Chase Sapphire Reserve to another Chase credit card (to act as a payment), but the rep said that the Pay Yourself Back transactions were not eligible to be moved to another Chase credit card.  She then asked if I would like to receive a check in the mail for the credit balance.  Before I said yes, I asked if it were possible to get a bank transfer instead.  She said yes – Chase recently started offering bank transfers for credit balances.  She told me I would receive an email from Chase in the next day with instructions on how to set up my Chase Payments account and receive a bank transfer.  I thanked her for her help and waited for the email to arrive.

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Good morning everyone, I hope your week is going well.  A few days ago, I wrote Why I Redeemed 1/3 of my Chase Ultimate Rewards Points with the Pay Yourself Back Feature.  That post received many great comments, but the comment from Al was especially relevant to me:

“I didn’t realize that the maximum redemption for an eligible charge (grocery) had to be made at one time. I redeemed $300 out of a $500 charge figuring I could redeem the remaining $200 at a later date. Well, I was wrong. But now I know for the rest of my eligible charges.”

According to the Pay Yourself Back terms, “Once you redeem any amount of points towards an eligible purchase for a statement credit, it will no longer be an eligible purchase.” I inadvertently tested this out on June 28 when I did a partial redemption (I did not do the max dollar amount) for a Trader Joe’s purchase.  As you can see, I only have 3 eligible Pay Yourself Back transactions available.

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