Chase Adds Pay-Yourself-Back Feature To Southwest Credit Cards (Up To 1 Cent-Per-Point)

Update 11/20/23: New categories (both 0.8¢ per point):

  • Groceries for personal
  • Gas for business

Again this is an awful deal. Hat tip to _big-fudge_

Update 4/12/23: Now available through 6/30/2023, limit of $300 in statement credits for  restaurants, including takeout and eligible delivery services categories.

On the heels of adding the Pay Yourself Back cashout feature to the Aeroplan card, Chase has now added the feature to Southwest credit cards as well. Pay yourself back at the following rates:

  • 1 cent per point toward cover the annual fee.
  • .8 cents per points to cover dining. This option is limited to $200 in statement credits. For now it shows an end-date of 3/31/23.

Most people will get more value from their Southwest points when redeeming for flights, but I still love when they make a cashout option for someone who has too many miles or whose travel situation changes.

You can find it within your Chase login: credit card -> More -> rewards dashboard -> “Your dashboard” button -> scroll down, and find ‘New! Pay Yourself Back“.

There’s a similar feature on the Chase United cards whereby you can pay yourself back for the annual fee using your United miles at 1.5 cents per point.

Hat tip to reader Jon and to FM
    Chuck
  • On November 20, 2023, 16:30
Tags: chasechase southwestsouthwest airlines

View Comments (31)

  • Got this today in an email from Chase. Passing along FYI.

    Check off your list and turn your Rapid Rewards® points into statement credits by redeeming for qualifying home improvement store purchases.

    Now through September 30, you can redeem your points for statement credits up to $350 total on purchases posted to your account within the last 90 days.*

  • i might consider the southwest dining pay yourself back. I like to have our meals covered on vacations.   I have no use for southwest flights. btw the i think the dining credits are $350 now. Other ways to get dining comped i know of are aeroplan, usbank altitude, and hotel cards

  • Given that SW miles are worth like 1.2 cpp or less given the future devaluation, I could see this being worth it for covering the annual fee if you are flush with miles.

    • This cashout option potentially changes the game for me. Due for companion pass but we honestly haven't been using it much. Have like 200k miles sitting around and getting another 150k or whatever for what purpose? If we could cash some out just keeping enough to make the CP make sense, sounds like a good plan.

  • I got two Southwest cards late last year for the companion pass. I still have a lot of miles showing on Chase. Can I cancel and still keep my miles?

    • Your miles are tied to your Southwest account, not Chase. So yes you can cancel the cards.

  • Hi guys, can someone please advise me on this? I am over 5/24 may be like 7 or so, all opened in the last 6 months. Before that I hadnt done any CC app in like 5 years. I used to have a Chase southwest card but I closed that at least 5 years back. I think back then there was some offer to move the SW point to Chase.

    I got a 50k point for spending $1k in 3months WW card offer. It says
    This product is available to you if you do not have a current SW RR CC and have not received a new card member bonus in the past 24 months.

    I am wondering why I was sent this offer when I am already over 5/24 and is it ok to apply? I dont want to to waste a EXP inquiry if I am not going to get it

    thanks

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