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

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29 Comments
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Mark
Mark (@guest_1740803)
November 20, 2023 18:56

Thanks, Chuck for the information. Every little know-how helps in the long run.

Dan
Dan (@guest_1740676)
November 20, 2023 17:18

I have more WN credit than I know what to do with. Not such an awful idea to get some cash.

AT
AT (@guest_1740819)
November 20, 2023 19:09

Try /r/churningmarketplace (go there on PC instead of the mobile app)

Eric V
Eric V (@guest_1740643)
November 20, 2023 16:38

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.

dizzy
dizzy (@guest_1740723)
November 20, 2023 18:00

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.

Alan H
Alan H (@guest_1602381)
April 20, 2023 05:41

Sorry if this is a dumb question… but do fast food purchases count?

Kay
Kay (@guest_1608431)
April 29, 2023 13:38

Yes, mine just worked for JIB and MCD

daquan
daquan (@guest_1596530)
April 12, 2023 23:44

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?

Kyle
Kyle (@guest_1596666)
April 13, 2023 07:08

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

fdic
fdic (@guest_1566595)
March 1, 2023 17:40

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

qmc
qmc (@guest_1566740)
March 1, 2023 20:43

> I am wondering why I was sent this offer when I am already over 5/24

chase doesn’t know whether you’re over 5/24 until they pull your credit.

Free3
Free3 (@guest_1596488)
April 12, 2023 21:47

I was able to get a chase southwest priority card despite being over 5/24 in December of 2021. It was not a targeted offer. Can’t say if it changed since then, but here is the article that inspired me to try:

https://www.doctorofcredit.com/chase-amazon-card-not-subject-to-5-24-rules/

Some comments from people reporting getting cards in 2022 as well.

projectx
projectx (@guest_1566000)
February 28, 2023 22:46

I was excited at first, but not at those rates. Plus the measly $200 cap.

Jason
Jason (@guest_1565859)
February 28, 2023 18:16

As someone sitting on over 1mm southwest points… this is exciting

Luke
Luke (@guest_1566001)
February 28, 2023 22:47

Do you take donations?

Jason
Jason (@guest_1566060)
March 1, 2023 00:43

Sure how many you want to send me?

Hodor
Hodor (@guest_1566184)
March 1, 2023 06:40

Must have felt good typing that, huh?

Jason
Jason (@guest_1570492)
March 7, 2023 01:03

It was til I saw the $200 cap

Jeremy
Jeremy (@guest_1567143)
March 2, 2023 10:59

Wow, I would love to hear a brief summary of how you accumulated so many points!

Jason
Jason (@guest_1570493)
March 7, 2023 01:03

CC spend

Luke
Luke (@guest_1596434)
April 12, 2023 19:50

Why have so many miles instead of actually redeeming them for travel?
P.S. different Luke.

Jakob
Jakob (@guest_1596729)
April 13, 2023 10:17

Very underrated response lolol

Traveler
Traveler (@guest_1596477)
April 12, 2023 21:21

FWIW, Chase’s $300 statement credit limit was implemented because someone used 5,000,000 Aeroplan points to successfully get a statement credit of $62,500. Afterwords, Chase promptly shut down the account.

patrick
patrick (@guest_1596688)
April 13, 2023 08:50

had 1.5 mil UR points at one point.

henry
henry (@guest_1565836)
February 28, 2023 17:18

Stupid question, how to use it? Should I pay my statement first, and then use this function, and how? My annual fee was post on 2/1, and is about to due soon.

David
David (@guest_1565849)
February 28, 2023 17:51

Assuming that it works the same as PYB on the Sapphire cards, it doesn’t matter if you pay the statement first. If you end up with a negative balance (paid first and then got the statement credit), you can ask them to send you the negative balance (check, ACH, transfer to another card you have). Sapphires have a PYB window of 90 days, so you can take some time to decide if the option is the best for you.

henry
henry (@guest_1565867)
February 28, 2023 18:34

I mean where can i see the PYB option? Is it a button somewhere?
NVM, found it:
credit card -> More -> rewards dashboard -> “Your dashboard” button -> scroll down, and find ‘New! Pay Yourself Back“

Manny
Manny (@guest_1565786)
February 28, 2023 16:04

Interesting