On May 28, 2020 Chase announced a number of temporary benefits for Sapphire Preferred & Reserve cardholders. One of these was a new feature called ‘Pay Yourself Back’ where points could be used to offset Grocery Stores, Dining & Home Improvement stores (and now Charity) purchases at a rate of 1 point = 1.5¢. This benefit was set to end on September 30th.
It was rumored that this program would be extended past September 30th. This has now been confirmed by Chase to Rewards Warrior Facebook group. Keep in mind that the categories on offer will change so if you can spend easily in the current categories it might make sense to cash out any points you want to cash out before that deadline. It looks like the program might also be extended to additional Chase cards, but it’s unclear if the rate will stay at 1.5¢ per point for those cards.
