Chase recently extended the "Pay Yourself Back" feature yet again. However, redemption rates have been slashed on several cards.

Pay Yourself Back was originally designed to give Chase Sapphire and Ink cardholders alternative ways to redeem their points during a period of reduced travel. Since it was introduced in May 2020, Chase has revamped and extended Pay Yourself Back several times. The latest version lets Sapphire-branded cardholders redeem points for statement credits on gas station and grocery store purchases, plus select charitable donations.

Here’s what you need to know about this limited-time offer.

What is Chase Pay Yourself Back?

Pay Yourself Back is a temporary redemption option for Chase Sapphire- and Ink-branded cardholders. Typically, these cardholders can redeem Ultimate Rewards® points for a statement credit at a rate of one cent per point. But through Pay Yourself Back, you can redeem Ultimate Rewards® points to offset eligible purchases — generally at an elevated rate.

Eligible purchase categories vary depending on your Chase credit card. If you have multiple cards that earn Chase Ultimate Rewards®, note that you can transfer points between Chase accounts to take advantage of the different categories offered on different cards.

Get up to 100,000 bonus points with our favorite Chase cards

Check out our nerdy picks for the best Chase credit cards and find the right card for you.

BROWSE CARDS

Which Chase cards are eligible for Chase Pay Yourself Back?

The Pay Yourself Back redemption option is currently available on the following Chase credit cards:

Chase Sapphire Reserve®.

Chase Sapphire Preferred® Card.

Ink Business Preferred® Credit Card.

Ink Business Cash® Credit Card.

In addition, cardholders of Freedom-branded cards — such as the Chase Freedom Flex℠ — can use Pay Yourself Back for eligible charitable donations. Chase's United cards are also eligible if you'd like to use miles toward the card's annual fee at a rate of 1.5 cents or 1.75 cents per mile, depending on the card.

Aeroplan® Credit Card also has an ongoing Pay Yourself Back option. Redeem your Aeroplan points at a rate of 1.25 cents per point for travel purchases made within the last 90 days. In 2023, there is no limit to the number of points you can redeem this way, but starting in 2024, cardholders will only be able to redeem up to 50,000 points per year through Pay Yourself Back.

What purchases are eligible for Pay Yourself Back?

Eligible Pay Yourself Back categories and redemption rates vary by card. Sapphire cardholders can redeem Ultimate Rewards® points for purchases made at gas stations and grocery stores and donations to select charities. Meanwhile, Ink cardholders can redeem points for donations to select charities.

Cardholders can use Pay Yourself Back to offset gas and grocery purchases made through Sept. 30, 2023, and charity donations made through Dec. 31, 2023.

The current list of charitable organizations eligible for Pay Yourself Back is:

American Red Cross.

Equal Justice Initiative.

Feeding America.

GLSEN.

Habitat for Humanity.

International Medical Corps.

International Rescue Committee.

Leadership Conference Education Fund.

NAACP Legal Defense and Education Fund.

National Urban League.

Out & Equal Workplace Advocates.

SAGE.

Thurgood Marshall College Fund.

United Negro College Fund.

UNICEF USA.

United Way.

World Central Kitchen.

Only transactions made within the prior 90 days will qualify. You can choose to apply points toward the entire purchase cost or a portion of the transaction.

How much will you get when you Pay Yourself Back?

Depending on the Chase card you have and the redemption you make, Pay Yourself Back will get you 1 cent to 1.5 cents back per dollar.

To get the most bang for your redemption, you’ll want to use Pay Yourself Back on purchases that fall into the bonus categories for your card.For example, if you’re a Chase Sapphire Reserve® cardholder, you can redeem 10,000 points toward gas station or grocery purchases to get a statement credit of $125.

Here's a breakdown of redemption rates by card and category.

Chase Sapphire Reserve® cardholders:

Grocery stores (including eligible delivery services): 1.25 cents per point redemption rate through Sept. 30, 2023.

Gas stations: 1.25 cents per point redemption rate through Sept. 30, 2023.

Annual fee: 1.25 cents per point redemption rate through Sept. 30, 2023.

Eligible charities: 1.50 cents per point redemption rate bonus through Dec. 31, 2023.

Chase Sapphire Preferred® Card cardholders:

Grocery stores: 1 cent per point redemption rate through Sept. 30, 2023.

Gas stations: 1 cent per point redemption rate through Sept. 30, 2023.

Eligible charities: 1.25 cents per point redemption rate through Dec. 31, 2023.