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The Chase Pay Yourself Back program was launched early in the pandemic to give cardholders another way to get more value from their Ultimate Rewards points without having to book travel. Even as the world is opening up again, the Pay Yourself Back feature is still going strong, offering redemptions at a higher rate toward eligible everyday expenses.
If you have the Ink Business Preferred® Credit Card or Ink Business Plus® Credit Card (no longer available to new applicants), you now have more ways to use your rewards through Pay Yourself Back. Through September 30, 2021, cardholders can redeem points with 25% more value (1.25 cents per point) toward eligible internet, cable, and phone service purchases.
Read more: How to use Chase Pay Yourself Back
This is in addition to the existing Chase Ink Pay Yourself Back categories of home improvement stores and shipping, which were to expire on June 30, 2021. Those categories are now extended through September 30, 2021 — and eligible charity purchases are still a category until December 31, 2021, as well.
Meanwhile, no-annual-fee Ink Business Unlimited® Credit Card and Ink Business Cash® Credit Card cardholders aren’t being left out. They, too, will get a bonus on internet, cable, and phone service Pay Yourself Back redemptions, but it’s 10% (1.1 cents per point) instead of the 25% bonus offered to Ink Business Preferred® Credit Card and Ink Business Plus® Credit Card members.
New Pay Yourself Back categories
Regular APR
15.99%–20.99% variable APR
Credit Score
Good to Excellent
Featured Reward
100,000 points after spending $15,000 on purchases in the first 3 months from account opening
Pros
- High sign-up bonus
- Offers 3x bonus points on several spending categories, including travel and advertising purchases
- Includes comprehensive travel coverage
Cons
- Welcome bonus has a very high minimum spending requirement
- Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That’s $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®
- Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per $1 on all other purchases
- With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring
- With Zero Liability you won’t be held responsible for unauthorized charges made with your card or account information
- Redeem points for cash back, gift cards, travel and more – your points don’t expire as long as your account is open
- Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards®
- Purchase Protection covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account
- $95 Annual Fee
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Adding internet, cable, and phone service purchases as Pay Yourself Back categories on the Chase Ink cards is very helpful if you want to reduce your out-of-pocket costs on these common expenses.
Chase’s definition of these services is quite broad and includes:
- Internet
- Cable
- Satellite television and radio
- Cellular
- Wireless data
- Landlines
However, it’s important to note that if you pay for these services at a merchant’s store, it might not code as a service and wouldn’t be eligible as a Pay Yourself Back redemption (for example, if you pay your AT&T bill at an AT&T store instead of online or by mail).
Read more: The best Chase credit cards in 2021
The new categories on the Chase Ink cards are a nice complement to the Pay Yourself Back categories on other Chase cards like the Chase Sapphire Reserve®, Chase Sapphire Preferred® Card, Chase Freedom Unlimited®, and Chase Freedom Flex℠. Sapphire cardholders can redeem points toward grocery, dining, and home improvement store purchases, and Freedom cardholders get a 10% bonus on up to $250 in dining purchases for a limited time.
Here’s a summary of all the options available right now:
There’s no activation required to redeem points through Pay Yourself Back. Once an eligible charge posts to your account, you can “erase” the purchase by signing into your Chase account online and applying points to cover all or some of the transaction.
Keep in mind the Ink Business Preferred® Credit Card already earns 3x points on internet, cable, and phone services (on up to $150,000 per year, combined with travel, advertising on social media, and shipping, then 1x). And the Ink Business Cash® Credit Card earns 5x points (5% back) on up to $25,000 annually on internet, cable, phone services, and at office supply stores (then 1x).
Using your eligible Ink card for these expenses is a win-win, because you’ll still earn rewards on the purchases you erase with Pay Yourself Back.
Read more: How to earn, redeem, and maximize Chase Ultimate Rewards points
That said, if you have the Ink Business Preferred® Credit Card (or Chase Sapphire Preferred® Card or Chase Sapphire Reserve®), you also have the ability to transfer points to Chase’s airline and hotel partners or redeem points through the Chase Travel Portal at an improved rate. If you’ve got travel plans coming up, you may be better off saving your points for award flights or hotel bookings and skipping the Pay Yourself Back option.
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).
100,000 points
Good to Excellent
Featured Reward
3 Free Nights (valued up to 50,000 points each) after spending $3,000 in the first 3 months, plus 10x total points per $1 spent on up to $2,500 in combined purchases in select categories within your first 6 months
Credit Needed
Good to Excellent
Featured Reward
$200 after spending $500 in the first three months from account opening
Credit Needed
Good to Excellent