Update 1/3/23: The lower value is now confirmed
I don’t have the Chase Sapphire Reserve card at the moment, but multiple Reddit reports say that the Chase Sapphire Reserve Pay Yourself Back (PYB) page is now starting to show just 25% bonus on select categories.
- Chase just added Grocery and Gas as a new category which to use PYB on the Sapphire Reserve card, but its showing just a 25% bonus value (1.25 cents per point) instead of the prior 50% bonus value (1.5 cents per point). This is already showing as available for prior Grocery purchases, though it’s not yet officially showing in the list of PYB option. This is probably a new category through 3/31/23, if I had to guess.
- They’ve also extended the Annual Fee category through 3/31/23, but again, they lowered it from 50% bonus to 25% bonus.
- The Charity category has been extended through 12/31/23 and has retained its 50% bonus value.
- Airbnb and Dining categories are still available with the 50% bonus through 12/31/22.
- Chase INK Cash and Unlimited cards are showing updated expirations of 3/31/2023 for the same old Shipping, Internet, Cable, Phone, Charity categories, with the same 10% value-add.
While Chase has added the handy Grocery category, it appears they are slated to downgrade the PYB benefit from a 50% value-add to a 25% value-add. I suppose they are leaving in Charity at the 50% value-add as a token gesture to be able to say that there’s a potential 50% bonus on the Sapphire Reserve card.
For me, personally, this entirely changes the value proposition on all Chase cards since I’ve always been banking on there being somewhat usable 1.5 categories and thus mentally pegging the value of Ultimate Rewards at a reliable 1.5 cents value. Assuming this develops as it appears now, I’ll no longer give the same value to Chase signup bonuses or Freedom categories or general spend on the Freedom Unlimited card or Chase shopping portal use, etc, etc.
For now, I’ll try cashing out whatever feasible at the 1.5 cents Dining rate, through 12/31/22.
Note: You can still get 1.5 cents value by booking travel through the Chase portal. And of course a lot of people get even better value when transferring the points to travel partners.
Posted, thanks https://www.doctorofcredit.com/speculation-grocery-category-getting-eliminated-from-chase-sapphire-reserve-pay-yourself-1-25/
Received email with this footnote implying gas and annual fee 25% PYB extended through 6/30:
“ “3 Redeem Ultimate Rewards Points Using Pay Yourself Back®:
Ultimate Rewards points may be redeemed for a statement credit using Pay Yourself Back for purchases made at select merchants or against the prior payment of your annual fee within the 90 days before the redemption request date. Currently, only redemptions against purchases made with your Chase Sapphire Reserve card with Ultimate Rewards at gas stations or against the prior payment of your annual fee and redeemed through 06/30/2023 will qualify. For information about Chase rewards categories and a list of eligible merchants, please see our FAQs at chase.com/RewardsCategoryFAQs. Categories, eligible merchants, and purchase transaction eligibility may change from time to time without notice. Redemptions require a minimum of 1 point. Each point you redeem for a statement credit towards eligible purchases at gas stations or against the prior payment of your annual fee via Pay Yourself Back is worth $.0125 (one and a quarter cents), which means that 100 points equals $1.25 in redemption value. Chase has the right to change redemption values at any time. Statement credits will post to the card account within 3 business days of a request to redeem and will appear on the monthly Chase credit card billing statement within 1-2 billing cycles. Statement credits will reduce your balance but you are still required to make at least your minimum monthly payment. Chase reserves the right to determine which purchases qualify for a statement credit.”
Posted thanks https://www.doctorofcredit.com/chase-sapphire-reserve-extends-pay-yourself-back-for-gas-annual-fee-categories-through-june-grocery-ending/
Thank you!
anyone received the refund for the extra points for the annual fee before dec 31?
chase saphire preferred is showing grocery and gas as elegible fr pay yourself back. guess its 1:1 though.
I’m seeing the same thing. So there’s really no point to the pay yourself back. If it’s 1:1, then why not just use the cash back option to deposit right into a bank account.
Yea, I was so excited seeing the new categories until… no bonus? Tf LOL
Got a response from Chase after sending them screenshot of the fine print still showing $0.015 per UR point for annual fee redemption:
“Currently, the offer is for 25% value. We can add the additional 25% value as long as your Pay Yourself Back transaction is completed no later than 12/31/2022. We will add the additional 25% value in one to two statement cycles.”
I sent them a secure message with screenshot to request them to honor the old terms for annual fee.
Thanks https://www.doctorofcredit.com/chase-will-honor-1-5-rate-for-annual-fee-pay-yourself-back-redemptions-through-12-31-22/
I think they really don’t want people to have this card. It’s likely not profitable for Chase to run it at this point and they probably don’t want to have a $700 annual fee card like the “geniuses” at AmEx have. Probably better they start trimming back the extra bonuses (PYB wasn’t a thing pre-covid) rather than increase the annual fee and throw on some more subscription-based bonuses.
“Annual membership fee
Valid through 03/31/23
25% more points value”
That’s changed from 50% until 12/31/22.
The other 3 categories, Airbnb, Dining, and Select charities still show 50% until 12/31/22.
But I have a grocery transaction (under “Choose your purchases to redeem points”) that shows it’s available for PYB @ the 25% rate.
I can confirm that I was getting the 50% offer on my annual fee and now I just see 25% offer. I was already on the fence on whether or not to renew and I have until 12/27 to either cancel or downgrade to get my $550 annual fee back.
Two quick questions:
1) Since my Dec. statement has posted, I now have $300 Travel Credit. Is there a way to spend this without travel in the next week (gift cards, points, etc?) to maximize the credit before I cancel?
2) If I were able to use my points at the 50% rate for the Annual Fee, could I use points to cover annual fee and still cancel and get the $550 back?
Thanks.
You could, for example, buy Travel Bank credit on United. Or with many airlines you can buy a $300 non-refundable ticket, wait 24+ hrs, then cancel and get credit (perhaps into a wallet or similar system) for future use. Usually you’d have one year to use it.
Or do it on Southwest and bank the credit forever
load your toll tag?
Thanks for all the advice, I ended up purchasing AA gift card and it post and travel credit already applied.
SM sent along with screen shot from now where it says right there in their terms and conditions that points are worth $0.015 when redeemed against annual fee.
My AF hit December 1 and $300 travel credit already redeemed. If they don’t honor what they say in their own T&Cs, then I’m walking.
Their response was a canned response that basically said I could go pound sand .. that is,”things change sometimes”. I followed up again pointing out that they had already committed to validity through 12/31 and also they are now not abiding by their own terms and conditions.
Did Chase say they will at least correct the T&C?
This is so sloppy for what is considered one of the best run banks. It makes me think someone flipped this switch early before going on vacation or something.
If I make a dining purchase by end of the year, will I be able to PYB at 1.5c in Jan? Do I have to request PYB this year?
Does the purchase need to be posted this year, or they just look at transaction date?
Posted and cashed out this year