Many of the banks do not want to be one-upped by the other and this has led to Chase responding to Amex’s recent announcement to help its’ card members. I love when the banks try to out do each other, it is extremely beneficial to all of us consumers.
That being said, you are going to want to read this if you have a Chase Sapphire Reserve card or a Chase Sapphire Preferred card. Chase is trying to help their card members during these challenging times in two ways…
Points worth more when you redeem for categories other than travel
In general, with a Reserve card, you can redeem your Chase Ultimate Rewards points for travel at 1.5 cents per point and with a Preferred card, at 1.25 cents per point. Barring no special offers, if you want to redeem them for anything else, you redeem at 1 cents per point.
HOWEVER, from May 31 to September 30, EXTENDED TO 4/30/21– Chase is offering a new Pay Yourself Back feature that will provide the option to apply points to pay for all or a portion of existing purchases in select categories AT 1.5 CENTS PER POINT if you have the Reserve and 1.25 CENTS PER POINT if you have the Preferred. These new categories are grocery stores, home improvement stores and dining, including restaurants, takeout and delivery services. You can use the new feature on transactions up to 90 days prior.
To apply your points at the favorable 1.5 or 1.25 cents per point rate you need to log in to Ultimate Rewards and select from recent transactions up to 90 days prior, and choose to redeem points for all or a portion of the purchase.
I personally will be saving mine for future travel redemptions, but it’s nice at this point to have this option from Chase.
Reserve card only-$300 travel credit expanded to cover more purchases
Chase is allowing Sapphire Reserve cardholders to use the $300 travel credit toward purchases at grocery stores and gas stations from June 1 – Dec. 31, 2020. So for any of you that haven’t used your credit (based on calendar or anniversary year depending on when u got card), if you want your credit to go towards these types of purchases, just use the card and the credits will be automatic.
