It sounds like Chase plans to extend some of the benefits to other cards in the future, too!
Let’s take a quick look.
“Pay Yourself Back”
A standing benefit of the Chase Sapphire Reserve and Chase Sapphire Preferred cards is the option for cardholders to redeem points at 1.5 cents and 1.25 cents each (respectively) for travel booked through the Ultimate Rewards travel site.
But starting May 31 through September 30, 2020, those same, elevated redemptions ratios are extended to statement credits when redeemed toward purchases made in select categories such as:
- grocery stores (read about Chase’s grocery store earnings promotion)
- dining (restaurants, takeout, and eligible delivery services)
- home improvement stores
This is part of Chase’s new “Pay Yourself Back” program.
For example, 10,000 Ultimate Rewards points accrued across the eligible categories would be worth a $150 statement credit for Chase Sapphire Reserve cardholders and $125 for Chase Sapphire Preferred members.
What about other Chase products?
Chase said they “will introduce other cards that earn Ultimate Rewards points to the Pay Yourself Back feature over time.”
Extended Travel and Annual Fee Statement Credits for CSR Holders
Chase is sure eager to retain Sapphire Reserve cardholders.
From June 1 through December 31, 2020, the card’s annual $300 travel credit extends to purchases made at gas stations and grocery stores.
Plus, the $550 annual is reduced to $450 as follows:
- Through July 1, Chase is giving a $100 statement credit for renewals
- The annual fee drops to $450 for renewals falling between July 1 and December 31, 2020
Delta Fans: Don’t Overlook Chase
Many readers of this blog are big American Express fans. (I myself have professed my Amex fanboy tendencies.) But Chase products shouldn’t be dismissed. Remember that Chase Ultimate Rewards points can be used to purchase Delta airfare through the UR travel site. Or, purchase partner trips — such as MQD runs — with URs and reap MQD, MQM, and SkyMiles.
Or simply take advantage of statement credit opportunities — which are generally better than Amex’s.
Plus, the Chase Sapphire Reserve‘s Priority Pass Select membership still includes select airport restaurants — unlike the PP perk included with The Platinum Card from American Express and The Business Platinum Card from American Express.
Remember, too, that all Chase Ultimate Rewards card — including the no annual fee products — earn bonus points on Lyft purchases through March 2022.
Money is a concern for many of us right now — and every bit helps. Some people will poo-poo and downplay the redemptions (“1000 points saves me only $15?! Lame!”). But I frequently say, everyone’s budgeting, spending, and redeeming habits vary. Those who wish to take advantage, though, will enjoy the opportunity.
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