Chase Annual Fee Can Now Be Paid with Pay Yourself Back at 1.5 Cents-Per-Point

Chase has added the $550 Annual Fee as an addition to the charges which can be redeemed via PayYourselfBack at 1.5 cents-per-point on the Sapphire Reserve card. Valid until 12/31/21.

This addition isn’t the biggest deal currently since most people can easily spend on grocery/dining and get 1.5 PYB that way, but still a nice addition, for sure.

I assume this annual fee offset is an option at 1.25 cents-per-point on the Sapphire Preferred and INK Preferred cards as well.

Full list of PYB categories as of May 2021:

  • Annual fee
  • Grocery stores
  • Dining
  • Home Improvement stores
  • Select charities
  • Fund a vaccine ride with Lyft

Hat tip to readers DailyGrindIt, CDW, Eric

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MisterBill
MisterBill

This is great news for me since I have other cards that pay me better rates on dining and groceries even at PYB rates. I cashed out a bunch of Chase points recently on flights for later this year but have enough to cover the annual fee.

Bill M
Bill M

Glad I saw this today when I logged in. The $450 annual fee posted to my account on 2/1/21 so I am right at 90 days out. It showed as available for PYB with 0 days left so I just burned 30k points to get the $450 back. I plan to cancel next year when the fee goes to $550 and this helps me burn thru points at 1.5 cents before then.

86
86

Too bad no more 3% for groceries.

HADLEY V. BAXENDALE.
HADLEY V. BAXENDALE.

Do we know this for sure? I know it was scheduled to end, but has anyone done a small test case to see if the multiplier is still in effect? Also, I thought that there were going to be additional bonus categories announced come 5/1/21 because of the effects of the still ongoing pandemic?

Jack
Jack

HADLEY V. BAXENDALE. Did a purchase at Whole Foods on Saturday, posted today with 1x points 🙁

HADLEY V. BAXENDALE.
HADLEY V. BAXENDALE.

Thanks very much Jack! Sad about the loss but not surprised. Fortunately, have a new Freedom Flex card that carries 1 year at 5% back, as well as promotion with Hyatt card for essentially same for the months of April – June inclusive.

Now, what I really want to know is whether Chase is offering any new bonus categories for Reserve (and Preffered) members for the balance of the year, or even the summer months. So far, have heard nothing but I thought they had indicated that they would be doing this — i.e. not just extending PYB, but also offering new categories due to Covid, like the Freedom cards offer.

Anyone remember or hear of this?

Shawn
Shawn

Now the question is whether you can redeem points for the annual fee, and then downgrade / cancel the card for the full / partial refund 😈

Jack
Jack

I wouldn’t be surprised. I did PYB for my grocery purchases that were credited via the travel credit.

Eric
Eric

Why would you do this?

MisterBill
MisterBill

Why? To cash out points at a decent rate without having to pay for an additional year.

Kyle
Kyle

FYI- For those with non-organic spend, note that you get points on other PYB-eligible purchases, but obviously not for the annual fee.

MisterBill
MisterBill

Yes but if you’re not getting a decent return on those other purchases (even with PYB), no need to put them on the CSR card just to cash out points. You have no choice but to charge the annual fee on this card so it’s kind of a no-brainer to get back 1.5c per dollar.

Sam

Can anyone confirm the if it works also on the Sapphire Preferred?

Snowy
Snowy

My annual fee for the Sapphire Preferred posted on 5/1 and it is not eligible for PYB as of right now.

Keith
Keith

I put my grocery charges on Flex for the 5%, so this is actually really good!

Scott
Scott

Seems like you get about 5x more value with PYB over Flex but it’s also a matter of redeeming vs. earning UR. That’s basically it, right?

86
86

You mean from last year?

Vaiva
Vaiva

FYI: “Annual Fee Membership” on UR page is now listed as a redemption category for PYB thru 12/31/21, while all the other categories have earlier expiration dates.

Travelgeek
Travelgeek

Actually, charitable contributions have the 12/31 date as well.