Not too long ago, Chase introduced a feature for their core cards called pay yourself back. It allows you to “erase” purchases that you make with the cashback/points that you’ve previously earned on the card. While you can only use the feature for certain categories of purchases, the nice addition here is the ability to redeem points at higher than a 1% return. The feature was originally set to expire after September 30th. However, we’ve gotten word on a couple of different updates to the program.
For starters, Chase is extending the program past the September 30th deadline! Depending on the card you have, you may be able to use the feature until April 30, 2021. In addition, it looks like the business cards will now have the feature enabled as well! The categories and expiration dates are summarized below:
- Chase Sapphire Preferred / Chase Sapphire Reserve: 1.25/1.5 for grocery, home improvement stores, dining, and charitable donations until April 30, 2021
- Chase Freedom/Freedom Unlimited/ Freedom Flex: 1.25 towards charitable donations until April 30, 2021
- Chase Ink Business Preferred/Business Plus: 1.25 for online advertising, shipping, and charitable donations until December 31, 2020
Unfortunately, it looks like the pandemic is lasting longer than most people had hoped. But on the brightside, that does force credit card companies to extend programs like these to help people out. The ability to redeem points at a higher than 1% rate makes a huge difference for some, especially while we can’t really travel anywhere.
I’m glad to see the programs get extended out. And what’s great too is that businesses are also able to take advantage of the program as well! It’s a weird decision to only make those cards eligible until December instead of next April, but at least that’ll give business owners time to think about what to do.
Are you surprised to see this program get extended out? How are you planning to redeem points? Let us know down in the comment section below!