Chase's popular Pay Yourself Back option for redeeming points is coming to Ink and Freedom credit cards

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  • Several months ago, Chase introduced a new option for redeeming Chase Sapphire Preferred® Card and Chase Sapphire Reserve® points called Pay Yourself Back.
  • Pay Yourself Back lets you get 25% to 50% more value for your points for certain purchases, including dining, groceries, home-improvement purchases, and charity.
  • Starting October 1, Pay Yourself Back will also be available on the new Chase Freedom Flex℠ and the Chase Freedom Unlimited®, offering 25% more value when you use points at select charities.
  • Pay Yourself Back will also be available on the Ink Business Preferred® Credit Card. Cardholders can get a 25% bonus when redeeming points for select charities and online advertising and shipping expenses.
  • See Business Insider's guide to the best Chase credit cards »

Chase's Pay Yourself Back tool is arguably the best new credit card feature we've seen introduced during quarantine. If you have the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®, Pay Yourself Back lets you cash in points for select purchases — including groceries and dining — and receive a 25% to 50% bonus depending on which card you have.

For example, if you have the Sapphire Preferred, redeeming 10,000 points to cover a grocery-store purchase would get you $125 off, rather than the standard $100. And if you don't have a Sapphire card yet, keep in mind that the Sapphire Preferred is currently offering its highest-ever sign-up bonus: 80,000 points after you spend $4,000 in the first three months.

Starting on October 1, Pay Yourself Back will be available on additional Chase cards, including the new Chase Freedom Flex℠ and one of our favorite business credit cards, the Ink Business Preferred® Credit Card.

Chase Sapphire Preferred® Card

Chase Chase Sapphire Preferred® CardChase Chase Freedom Flex℠Chase Ink Business Preferred® Credit Card

Annual Fee
Regular APR
Credit Score
  • A five pointed star
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  • 5 out of 5 Stars
    Editor's Rating
    Annual Fee

    $95

    Regular APR

    15.99%–20.99% variable APR

    Credit Score

    A five pointed star

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  • Details
  • Pros & Cons
    • New Offer! Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,250 toward travel when redeemed through Chase Ultimate Rewards®
    • Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year
    • Earn 1 point per $1 on all other purchases—with no limit to the amount you can earn
    • Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
    • Redeem points for travel, cash back, gift cards and more – your points don't expire as long as your account is open
    • No foreign transaction fees
    • Employee cards at no additional cost
    • $95 Annual Fee
    Pros
    • High sign-up bonus
    • Offers 3x bonus points on several spending categories, including travel and advertising purchases
    • Includes comprehensive travel coverage
    Cons
    • Welcome bonus has a very high minimum spending requirement

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    Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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