[Rumor] Chase’s New ‘Pay Yourself Back’ Feature Might Be Around Longer Than We Think

Earlier today Chase announce ‘Pay Yourself Back‘, this will let Chase Sapphire Preferred & Chase Sapphire Reserve use points to offset some charges for 1.25¢/1.5¢ per point. This promotion will run from May 31st – September 30th, 2020. It’s largely been speculated that this feature is in response to COVID-19, but based on a tip I received this has been in development since before COVID-19. I can’t see Chase keeping these specific categories long term, but it’s possible they might have rotating categories. For example the Chase Sapphire Reserve page states (emphasis mine):

with the Pay Yourself Back^SM tool, your Ultimate Rewards^® points are worth 50% more when you redeem them for statement credits against purchases in our current categories:

I obviously wouldn’t rely on this feature being extended and obviously Chase will use this period for some cost benefit analysis as well but it is interesting to hear that this feature was in development before COVID-19. For more information on the new Pay Yourself Back feature click here.