Chase Sapphire has new rewards aimed at helping people during the pandemic.

By Stacey Leasca
May 28, 2020
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Chase is hoping to ease a little bit of its customer’s financial burdens right now with a new rewards feature that is certainly worth getting excited about.

On Thursday, Chase announced that eligible Chase Sapphire customers can now take part in the new Pay Yourself Back feature so they can choose just how their rewards are used and potentially get a statement credit worth 50 percent more than usual in the process.

“Now more than ever we know our cardmembers want options to get the most value from their rewards,” Matt Massaua, head of Ultimate Rewards and loyalty solutions, shared in a statement. “We’re continuing to give our customers choices so they have the flexibility to use their points in the most meaningful ways for them.”

Here’s how it works. Starting on May 31, both Chase Sapphire Preferred and Reserve cardmembers will gain access to the new feature within Ultimate Rewards. Once the cardmember makes a purchase in an eligible category, he or she can then go into the rewards program via the online platform or by mobile device, select the purchase from recent transactions, and choose to redeem points for all or a portion of the purchase. (Purchases must be made in the last 90 days to be eligible.)

From May 31 through September 30, 2020, Sapphire Reserve cardmembers’ points will be worth 50 percent more, and 25 percent more for Sapphire Preferred cardmembers when they are used within eligible categories.

As Chase broke down in its statement, this means a Sapphire Reserve cardmember can use 10,000 points to pay themselves back on a $150 purchase. Prior to this feature update, cardmembers would have had to redeem 15,000 points on the same cashback transaction.

Cardmembers will receive a statement credit for the amount paid in points within three business days.

But wait, Chase has even more to offer cardholders right now. As Sapphire Reserve cardmembers already know, one of the biggest perks of the card is its wildly popular $300 Travel Credit. Since it doesn’t seem as though anyone is going anywhere anytime soon, from June 1 – Dec. 31, 2020, Chase is instead putting any gas and grocery store purchases toward the existing $300 Travel Credit. This way, cardmembers can still use the credit without ever leaving their hometown.

For more information on Pay Yourself Back, check out the Ultimate Rewards page, and start dreaming about all the things you can get by redeeming your points.