[Update: Posted] Chase Will Honor 1.5% Rate For Annual Fee Pay-Yourself-Back Redemptions Through 12/31/22

Update 3/9/23: The points adjustment is now showing in the Ultimate Rewards summary. It shows up as “Courtesy adjustments: 7333″.

Original Post 12/30/23:

Chase is changing the Pay Yourself Back rate when redeeming against the annual fee from 1.5 cents per point to just 1.25 cents per point. (They seem to be changing over most other PYB redemptions to 1.25% too, as discussed in this post.) The system was showing the 1.5% rate as valid through 12/31/22, yet Chase changed over the rate a couple of weeks ago already to the lower 1.25% rate.

Chase is now saying that they will honor the 1.5 rate through 12/31/22 (that’s tomorrow, Saturday), as confirmed by Dansdeals and as was heard by reader Chris from a Chase rep as well.

This means that you’ll redeem the annual fee today or tomorrow at 1.25% and the system will eventually make you whole and credit you the correct 1.5%. The same thing would be for anyone who has already redeemed against the annual fee at 1.25% over the past couple of weeks; you should eventually be made whole on that.

(Tangentially, in my experience, when product changing to the Sapphire Reserve, the PYB feature becomes instantly available, so if you have lots of Dining or Airbnb purchases on another card and product change to the Sapphire Reserve, you’ll be able to instantly get the 1.5% redemptions. However, the annual fee will not post until the first of the month so it won’t help for that.)

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Click
Click (@guest_1575085)
March 12, 2023 09:32

My AF hit in December after it had been reduced to 1.25%. So I messaged them and pointed out that they had said it would be valid until 12/31/22. They responded that I should pound sand.

So .. had I redeemed in December at 1.25%, I would be getting full value adjusted. But since I didn’t redeem yet, and it is after the promised date, no soup for me. Has anyone in a similar situation been able to convince them to redeem at full promised value now (it has not been 90 days yet)?

Sunshine
Sunshine (@guest_1574331)
March 10, 2023 23:25

I had a CSR card in the past… downgraded it to Freedom.. and in November 2022 upgraded it to CSR again.. and the annual fee just hit in May, 2023.. first of all… is that normal? second of all, does that mean the next annual fee won’t come until May, 2024? it seems it would make it easier for me to double-dip the annual travel credit.. I’ll probably downgrade the card again before the next annual fee hits.

Jonathan
Jonathan (@guest_1573937)
March 10, 2023 13:19

I have a letter that says they were going to credit it in Feb.

Jonathan
Jonathan (@guest_1574221)
March 10, 2023 19:53

So I just called cuz i didnt see it online dashboard.. It’s in the statement first page top right..

JohnofCharleston
JohnofCharleston (@guest_1573787)
March 10, 2023 10:07

DP: My annual fee was delayed to 1/1/2023 (should have hit in October). I used PYB anyway @1.25cpp on 1/9, sent SM requesting the difference be refunded. Denied despite escalating and pointing out the delayed Annual Fee.

It was worth a shot.

HB
HB (@guest_1573737)
March 10, 2023 08:10

Bummer as my annual fee was charged on 1/1.

SG
SG (@guest_1573622)
March 10, 2023 02:32

Man they really scaled back the pay yourself back feature…bummer. looks they prob want people spending through chase instead.

Otto
Otto (@guest_1573718)
March 10, 2023 07:28
  SG

I never expected PYB to really last. It was introduced when COVID tanked the travel industry and Chase gave people alternative ways to use their points at higher values. Now that travel is back, it shouldn’t be a surprise that PYB is getting dialed back. Still a bummer though, agreed.

sg
sg (@guest_1573734)
March 10, 2023 08:08

That makes sense, here’s to 25% back on various categories

Saul Goodman
Saul Goodman (@guest_1573759)
March 10, 2023 09:17
  SG

Frankly I’m surprised it lasted as long as it did, and that it continues in any form today.

onewomanarmy
onewomanarmy (@guest_1574141)
March 10, 2023 17:35

Gotta prevent at least people from churning and burning

Joremero
Joremero (@guest_1573562)
March 9, 2023 23:56

Should be sorry we messed up instead of Courtesy adjustments

Greg
Greg (@guest_1573554)
March 9, 2023 23:36

Same as Ryan, I have the 7,333 point “courtesy adjustment” just on the statement as well, it doesn’t show up in the UR portal anywhere. Glad to see this did happen automatically.

Ryan
Ryan (@guest_1570781)
March 7, 2023 11:55

My points adjustment finally posted with my 02/25 statement. It shows up as “Courtesy adjustments: 7333”. I did Pay Yourself Back for the annual fee on 12/30.

Note: This is visible only by checking the Ultimate Rewards Summary at the top of your monthly account statement (there is no record of the adjustment in the points activity in the Ultimate Rewards portal).

Mcafeeee
Mcafeeee (@guest_1572765)
March 9, 2023 15:30

Awesome, just checked my Feb statement and I see the same courtesy adjustment.

Mcafeeee
Mcafeeee (@guest_1557929)
February 16, 2023 15:26

Still nothing from Chase on the credit. Did PYB on 12/30/22.