Starting May 31, 2020, Chase Sapphire Reserve and Chase Sapphire Preferred cardholders will be able to “Pay Themselves Back.” This will work similar to the “Purchase Eraser” feature you may already be familiar with on other cards.
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Chase will let you “Pay Yourself Back”
Currently, people with Chase Sapphire Reserve and Chase Sapphire Preferred cards can use their points to book travel via the travel portal where they get 1.5 cents per point in value with the Reserve and 1.25 cents per point with the Preferred.
From May 31st through September 30th, you can redeem in the same manner for grocery stores, home improvement stores and dining, including restaurants, takeout and eligible delivery services. Instead of using a “portal” to make the purchases, you just pay as you normally would and then go into the Chase website to “pay” for that purchase with points. You will get the same 1.5 cents per point in value with the Reserve and 1.25 cents per point with the Preferred as you get booking travel. The feature is branded “Pay Yourself BackSM“.
The only requirement is that the merchant category be in one of the specified categories and you must “Pay yourself back” within 90 days of purchase.
As an example, if you spend $150 at a restaurant and you have the Chase Sapphire Reserve. you could spend 10,000 Chase Ultimate Rewards points to erase that purchase within 90 days.
As well, through the end of June, you can still earn 5X points on groceries with the Chase Sapphire Reserve and 3X on the Chase Sapphire Preferred.
Annual Fee Discount on the Chase Sapphire Reserve
Previously, I’d written about how anyone with a Chase Sapphire Reserve who had a card renewal between April and June would get a $100 annual fee credit. That’s been extended, essentially, through the rest of 2020 as anyone renewing will pay just $450 (the old fee).
Gas and Groceries will Trigger $300 Annual Travel Credit
Although the CSR’s annual $300 travel credit is already ridiculously easy to use, given that it is triggered on everything from airfare and hotels to Ubers and parking meters, Chase will, through the end of the year, credit any gas and grocery purchases against the annual fee.
Thoughts?
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You can find credit cards that best match your spending habits and bonus categories at Your Best Credit Cards.
New to all of this? My “introduction to miles and points” book, MilesTalk: Live Your Wildest Travel Dreams Using Miles and Points is available on Amazon and at major booksellers.
