As a frequent traveler, I love my Chase Sapphire Reserve®, but its high-value travel points are less useful in light of the COVID-19 pandemic.
Chase recently added a temporary Pay Yourself Back feature that allows Chase Sapphire Preferred® Card and Chase Sapphire Reserve® cardholders to redeem Ultimate Rewards points to cover any grocery, dining, or home improvement purchases you’ve made in the last 90 days.
As a Chase Sapphire Reserve® cardholder, I can “pay myself back” at a rate of 1.5 cents per point.
When I came up short on my savings goals this month, I decided to redeem some of my points to pay for my grocery and dining purchases. I ended up redeeming 39,860 points and saving $597.92 on my credit card statement.
See Business Insider’s comparison of the Chase Sapphire Reserve and Preferred »
I’m a frequent traveler, so the Chase Sapphire Reserve® is my favorite credit card. From valuable points that I can redeem for a variety of different travel purchases, to a flexible travel statement credit, to complimentary airport lounge access, the premium travel credit card comes in handy all the time — under normal circumstances.
Lately, though, it started feeling like a waste of an annual fee. That is until Chase introduced some new quarantine-inspired perks.
I normally use my Chase Sapphire Reserve for travel rewards, but I can’t travel for now
Normally, the two best ways to redeem Ultimate Rewards points are as follows:
Pay for travel purchases through the Ultimate Rewards portal, which includes flights, hotels, rental cars, and tours, and gets you 1.5 cents per point as a Chase Sapphire Reserve® cardholder.
Transfer your points to one of Chase’s airline and hotel partners at a 1:1 rate, which can get you anywhere from 2 to 5 cents per point if you plan your redemption strategically
In the past, I’ve used both. I’ve transferred my Ultimate Rewards points to World of Hyatt to stay at luxury hotels that cost $1,000 per night, and I’ve transferred points to Iberia for flights from Central America to Madrid. I’ve also booked tours and rental cars through the Ultimate Rewards portal.
Unfortunately, since the COVID-19 pandemic hit, travel has been off the table, and so have these redemptions. And for me, personally, I don’t think I’ll return to travel as normal until next year, at best. This makes the 163,000 Ultimate Rewards points I’d saved up all but useless for the next year or so.
Chase Chase Sapphire Reserve®Enter Chase’s new Pay Yourself Back feature
In light of COVID-19, Chase has released a slew of limited-time benefits, and new redemption rules to make sure its travel credit cards stay relevant while we’re all stuck at home.
One of the benefits that has me most excited is the Chase Pay Yourself Back feature, which is available to Sapphire cardholders until September 30, 2020.
This redemption option lets you use your points to essentially erase, or pay yourself back for, any grocery, dining (including takeout), and home …read more
Source:: Business Insider