Chase has once again updated its Pay Yourself Back (PYB) program, reducing both the number of eligible categories and the redemption rates for Ultimate Rewards cards. At the same time, Chase has expanded PYB to include new options for co-branded cards like Southwest, United, Aeroplan, Disney, and Marriott Bonvoy Bold. Here’s what you need to know about the latest changes, who wins, who loses, and how to maximize your points now.
Our Take
Mixed. While the shrinking of categories and lower redemption rates are a clear devaluation for most Ultimate Rewards cardholders, the addition of new Pay Yourself Back options for co-branded cards adds some flexibility—especially for those who value statement credits over travel. Still, for savvy points optimizers, these changes mean less value and fewer sweet spots than in previous years.
What Changed
- Fewer eligible categories for Pay Yourself Back redemptions on Ultimate Rewards-earning cards
- Lower redemption rates on many cards (exact rates and categories not specified in source)
- New Pay Yourself Back options added for Southwest, United, Aeroplan, Disney, and Marriott Bonvoy Bold cards
- Ongoing trend of Chase reducing value in the PYB program
Who Benefits Most
- Co-branded cardholders (Southwest, United, Aeroplan, Disney, Marriott Bonvoy Bold): Now have new options to redeem points for statement credits, which can be useful for those not traveling or wanting more flexibility.
- Occasional travelers with small Ultimate Rewards balances: If you’re unlikely to transfer points for outsized travel value, PYB still offers a simple way to cash out points, albeit at lower rates.
- Chase Sapphire Preferred/Reserve holders with non-travel expenses: If you have eligible purchases in the remaining categories, you can still get decent value—though less than before. For example, 10,000 UR points now likely cover less than $205 in redemptions (our 2.05¢/pt valuation), but still more than a pure cash-back card.
Who Should Be Cautious
- Points maximizers: If you aim for premium travel redemptions, the shrinking PYB categories and lower rates mean you’ll get less value than before. Transferring to travel partners remains the best play.
- Everyday spenders on Chase Freedom cards: With fewer categories, you may find it harder to redeem at elevated rates for your everyday purchases.
- Those who relied on PYB for annual fees or charitable donations: If your favorite redemption category is gone, you’ll need to adjust your strategy.
What To Do Right Now
- Review your Chase card’s current Pay Yourself Back categories and redemption rates by logging into your account.
- If you have a co-branded card (Southwest, United, Aeroplan, Disney, Marriott Bonvoy Bold), check if new statement credit options are now available.
- Consider redeeming any points you planned to use for PYB soon, as categories and rates may continue to shrink.
- Evaluate whether transferring points to travel partners will yield better value than PYB.
- Stay alert for further changes—Chase has shown a pattern of regular PYB updates.
