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Redeem Chase Sapphire Preferred, Reserve Points for Groceries, Dining, Home Improvement Purchases

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If you have a lot of points and you don’t want to use them for travel right now, holders of Chase Sapphire Preferred (my FAVORITE travel credit card; read my full review) and Chase Sapphire Reserve (read my full review) now have a NEW option to redeem points for groceries, home improvement and dining purchases, as well as for travel.

Chase Sapphire Preferred pool

This new benefit kicks in May 31, 2020 and runs through September 30, 2020.

Right now, you can also earn 3X points on grocery purchases up to $1,500 in each of May and June on your Southwest cards and Chase Sapphire Preferred and 5X points with Chase Sapphire Reserve. You also can continue to earn 2X points on Chase Sapphire Preferred and 3X points on Chase Sapphire Reserve for all dining and travel expenses purchased with the card.

[Complete Details]

 

Additionally, points redeemed for these purchases will be worth 50% more for Chase Sapphire Reserve customers and 25% more for Chase Sapphire Preferred customers.

This means, for example, that 10,000 points will cover a $150 purchase for Reserve holders or a $125 purchase for Preferred holders.

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How the Chase Pay Yourself Back Promotion Will Work

Chase Ultimate Rewards Pay Yourself Back

1. Log into your Chase Ultimate Rewards account.

2. Select any qualifying transaction from the past 90 days.

3. Choose to redeem points for part or all of the purchase.

4. The credit to your account will post within 3 business days.

 

Here is the full content of the announcement.

 

Learn more about my favorite travel credit card, Chase Sapphire Preferred:

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