A Guide to Chase Pay Yourself Back
A Great Cash Out Option
Slack User: Navigating requested this post.
Friendly remind - if you have any topics that you would like to see covered, please post in the #postrequests channel in Slack.
If you’re a paid Substack member, please DM me here or on Twitter/X for Slack access.
Intro
I’ve had a lot of questions asked about this topic, so tried to make this guide as simple as possible with follow along screenshots.
This will be part one of a two part series as this is a critical piece to understand, and you should never redeem Chase points for anything less than 1.25 cents per point. The follow up post will examine whether or not it makes sense for you to have a Chase Sapphire Reserve (CSR) or as Chase Sapphire Preferred (CSP).
Chase Pay Yourself Back (PYB) is a great option to redeem cash back on your Chase Sapphire Reserve a 1.25X.
Note that with Chase Sapphire Preferred (CSP), it doesn’t make sense to use PYB, because you can just normally cash out at 1 cent per point anyway via direct deposit.
Unless you’re planning on using your points to donate to charity (at a higher rate) this post will focus on redeeming your points for 1.25X with your CSR on select categories.
Cashing out via PYB with CSR
Intro
There are currently two categories of charges that work with PYB with your CSR right now:
-Gas Stations
-Groceries
Note that Chase says PYB is available until March 31, 2024, but they have extended this feature many times already, and I’d be willing to bet they will extend it further.
You’ll be able to use PYB to redeem any charges within the last 90 days at 1.25X.
Accessing PYB Feature
To access the PYB screen, go to the Chase website and click on your CSR, and click on “redeem.”
From there, click on “Rewards details” and “ways to use points.”
Click on “Pay Yourself Back.”
