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- Chase has added new Pay Yourself Back categories on the Ink Business Preferred® Credit Card.
- Through June 30, 2021, they include home improvement stores and shipping purchases.
- Cardholders can redeem points at 1.25 cents apiece toward eligible purchases in these categories.
- Read Insider’s guide to the best Chase credit cards.
The Chase Pay Yourself Back program has been one of the most valuable limited-time redemption options banks have introduced in response to the pandemic. Because many of us still aren’t traveling, this feature provides a way to get a better return for your Ultimate Rewards points when you redeem them toward purchases in select categories.
Chase recently announced the extension of Pay Yourself Back categories — grocery stores, dining, home improvement stores, and eligible charitable donations — on the Chase Sapphire Preferred® Card and Chase Sapphire Reserve®. And now Ink Business Preferred® Credit Card cardholders have new, limited-time categories for redemption as well.
Through June 30, 2021, the Ink Business Preferred® Credit Card (and Ink Business Plus® Credit Card, which isn’t available to new applicants) Pay Yourself Back categories are:
- Home improvement stores
- Eligible charity purchases (through December 31, 2021)
Previously, these cards had offered the Pay Yourself Back option on online advertising and shipping purchases, but those categories expired at the end of 2020.
We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
Chase Ink Business Preferred Pay Yourself Back categories
Ink Business Preferred® Credit Card
The shipping category is quite broad and includes postal services, couriers like UPS and FedEx, plus freight shipping companies, express shipping services, and mailbox stores. Stores that sell a wide variety of goods but also ship items, like office supply stores, don’t qualify, nor do merchants that primarily sell boxes, packing tape, bubble wrap, or other shipping supplies.
How does Chase Pay Yourself Back work?
Chase makes it easy to redeem points through Pay Yourself Back. Once you’ve made a qualifying purchase, you have 90 days to “erase” the charge from your statement with points — either in full or partially. To do so, navigate to the Pay Yourself Back section under the “Earn/Use” dropdown in your online Chase account.
You’ll see a list of qualifying purchases made in the last 90 days, and from there you’ll have the option to select a purchase and choose the number of points you want to redeem.
Redeeming Chase points this way is a good option if you don’t have upcoming travel plans, but keep in mind it’s possible to get even more value when you transfer points to airline and hotel partners for award travel. You have even more redemption choices if you also have the Chase Sapphire Reserve®, because points linked to that card are worth 1.5 cents each through Pay Yourself Back and toward travel booked through the Chase Travel Portal.
Insider values Chase Ultimate Rewards points as worth, on average, 1.8 cents apiece, but the return you’ll get depends on the partner and specific redemption.
It’s easy to transfer Chase points between accounts, and doing so makes it possible to maximize your Chase Ultimate Rewards points by pairing no-annual-fee cards like the Chase Freedom Flex℠, Chase Freedom Unlimited®, Ink Business Cash® Credit Card, or Ink Business Unlimited® Credit Card with annual-fee cards like the Chase Sapphire Reserve®, Chase Sapphire Preferred® Card, or Ink Business Preferred® Credit Card.
Jasmin Baron is an associate editor at Personal Finance Insider, where she helps readers maximize rewards and find the best credit cards to fit their lifestyles. She has covered credit cards, points and miles, and loyalty programs for over seven years, and she’s a Certified Educator in Personal Finance (CEPF).
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