Firstly of this yr, Chase prolonged its standard Pay Your self Again program. Whereas that is an total constructive, the damaging side was a discount in worth for a lot of redemptions.
In January, we additionally noticed the addition of the primary bank card outdoors the Chase Final Rewards factors household, permitting for Pay Your self Again redemptions with the Aeroplan Credit score Card.
Now, Chase has additional expanded this program to Southwest Airways bank cards, together with each private and small-business playing cards, as first reported by Frequent Miler.
Right here’s all the pieces that it’s worthwhile to find out about utilizing Pay Your self Again.
What’s Pay Your self Again?
In 2020, Chase launched Pay Your self Again as an ongoing redemption choice inside Final Rewards to present cardmembers one other alternative in redeeming factors. The classes have advanced over time, with the elimination of choices akin to grocery and residential enchancment shops.
Briefly, the Pay Your self Again choice permits cardholders of many Chase playing cards to make use of factors at a redemption worth just like reserving journey. This gained’t provide you with most worth to your Final Rewards factors; nevertheless, it could possibly be a good selection if you happen to’re in search of a easy return or are sitting on a pile of factors with no speedy use for them.
Associated: The very best Chase bank cards of 2023
What purchases are eligible for Pay Your self Again?
These are the present classes eligible for Pay Your self Again:
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| Card | Redemption worth | Present finish date |
|---|---|---|
| Chase Sapphire Reserve | Charities: 1.5 cents per level.
Gasoline stations, groceries and cardholder annual charges: 1.25 cents per level. |
Charities: Dec. 31, 2023.
Different classes: March 31, 2023. |
| Chase Sapphire Most popular Card | Charities: 1.25 cents per level.
Gasoline stations and groceries: 1 cent per level. |
Charities: Dec. 31, 2023.
Different classes: March 31, 2023. |
| Chase Freedom Flex, Chase Freedom Limitless and Chase Freedom | Charities: 1.25 cents per level. | June 30, 2023. |
| Ink Enterprise Most popular Credit score Card, Ink Plus (not out there) | Web, cable, cellphone providers and delivery: 1.25 cents per level. | March 31, 2023. |
| Ink Enterprise Money Credit score Card and Ink Enterprise Limitless Credit score Card | Web, cable, cellphone providers and delivery: 1.1 cents per level. | March 31, 2023. |
| Aeroplan Credit score Card | Journey purchases prior to now 90 days: 1.25 cents per level. | None, however there will probably be an annual restrict of fifty,000 factors redeemed from 2024 (there isn’t a restrict in 2023). |
| Southwest Airways bank cards | Cardholder annual charges: 1 cent per level.
Eating: 0.8 cents per level. |
Annual charges: None.
Eating: March 31, 2023 (plus a restrict of $200 in redemptions). |
The knowledge for the Chase Freedom and Chase Ink Plus playing cards has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
The flexibility to make use of Pay Your self Again with charitable donations is on the market on the Sapphire and Freedom playing cards. If you happen to’re desirous about utilizing your factors to make a distinction in Ukraine, the next 4 choices immediately help humanitarian efforts there:
- Worldwide Medical Corps.
- Worldwide Rescue Committee, Inc.
- UNICEF USA.
- World Central Kitchen.
The extra record of charities for Pay Your self Again contains:
- American Crimson Cross.
- Equal Justice Initiative.
- Feeding America.
- GLSEN.
- Habitat for Humanity.
- Management Convention Schooling Fund.
- NAACP Authorized Protection and Schooling Fund.
- Nationwide City League.
- Out & Equal Office Advocates.
- SAGE.
- Thurgood Marshall School Fund.
- United Means.
Let’s say you had an eligible donation on the Chase Sapphire Reserve. As a substitute of receiving a $100 assertion credit score when redeeming 10,000 factors, a Sapphire Reserve buyer would obtain a credit score of $150 for a similar variety of factors when used for an eligible Pay Your self Again cost. This matches the speed provided on Final Rewards Journey redemptions for that card.
Chase Sapphire Reserve cardmembers may also use Pay Your self Again for his or her annual charge, which we additionally noticed in 2022. Nevertheless, there are important modifications price highlighting.
Redemption values for non-charity redemptions on the Sapphire Reserve and Sapphire Most popular classes have decreased. Final yr, you might obtain a 1.5 cents-per-point worth on all Pay Your self Again classes, however now that worth solely applies to the charities classes. Different redemptions return solely a 1.25 cents-per-point worth. Equally, redemption values on the Sapphire Most popular decreased in each class besides charities, dropping from 1.25 cents to 1 cent when utilizing Pay Your self Again.
Briefly, the worth to be obtained with Pay Your self Again is much less in 2023 than in 2022.
Cobranded playing cards added in 2023
In contrast to playing cards incomes money again or Chase Final Rewards, redemptions on cobranded bank cards are completely different.
The Aeroplan card gives redemptions at a price of 1.25 cents every towards any journey buy — not restricted to Air Canada — throughout the previous 90 days. In 2023, there isn’t a restrict to the variety of factors you may redeem for Pay Your self Again with the Aeroplan card. Beginning in 2024, there will probably be an annual restrict of fifty,000 factors redeemed.
Moreover, this can be a everlasting characteristic of the Aeroplan card and has no finish date, not like Pay Your self Again classes on different Chase bank cards.
Pay Your self Again has been expanded to Southwest bank cards, providing two redemption classes: eating and annual charges on the playing cards. Sadly, neither gives nice worth.
You may redeem your factors to your bank card’s annual charge at a 1 cent per level, which appears to be a everlasting choice. Redemptions for eating purchases (restricted to transactions prior to now 90 days) present a price of simply 0.8 cents per level — roughly half of TPG’s valuation of Southwest factors at 1.5 cents apiece. Eating redemptions with Pay Your self Again even have a restrict of $200 in whole worth. The tip date for this class is listed as March 31.
Requesting a credit score
Requesting a credit score via Chase’s Pay Your self Again program is comparatively simple. Log in to your Final Rewards account through the cellular app or desktop and choose the “Pay Your self Again” choice within the sidebar.
Subsequent, you’ll see an inventory of eligible purchases for which you’ll be able to redeem factors. Factors could be redeemed for purchases way back to 90 days.
Right here’s an instance of a redemption I made final yr. On the time, I had 9 eligible web, cable and cellphone purchases (three proven) on my Ink Plus card. To redeem factors, examine the field subsequent to the purchases for which you need to redeem factors and proceed to the subsequent web page.
You may select to offset the complete buy quantity, assuming you will have sufficient factors to cowl it, or you may redeem a smaller quantity if you happen to choose.
From there, you may verify the redemption worth and quantity of factors required after which select to finish the transaction. Your assertion credit score ought to submit inside three enterprise days.
Assertion credit score choices on different purchases
Chase has lengthy provided the choice to redeem factors for a press release credit score — that’s not new. To do that, log into your Final Rewards account, hit the drop-down menu and choose “Money Again.”
You’ll be introduced with an choice to enter the quantity you’d prefer to redeem and the place you’d like your rewards deposited. All cash-back redemptions are fastened at 1 cent per level, solely half of TPG’s valuation for Final Rewards and decrease than any of the above Pay Your self Again choices.
Associated: Factors of View: Can I money out my factors, and is it price it?
Even so, Chase’s conventional cash-back choice is extra beneficiant than what you may anticipate from another issuers. Right here’s the way it breaks down for among the hottest applications and playing cards:
The knowledge for the Citi Status card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
Backside line
Chase’s Pay Your self Again characteristic offers helpful flexibility for a lot of cardholders, however its worth is much less this yr than in previous years. That worth is even decrease with among the redemption classes for Southwest Airways cardholders.
Even when the redemption classes present worth for you, it’s price contemplating whether or not it is smart to redeem factors this fashion. Are you glad with utilizing your factors for much less worth than TPG’s common valuations?
Finally, that call comes all the way down to how you propose to make use of your factors, what number of you at present have and whether or not or not you’d profit considerably from the assertion credit.
Extra reporting by Chris Dong, Stella Shon, Summer time Hull, Zach Honig and Ryan Smith.
