Chase has made significant changes to 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, new redemption options have been introduced for select co-branded cards, including Southwest, United, Aeroplan, Disney, and the Marriott Bonvoy Bold card.
Our Take
Mixed. While the steady reduction in PYB value is a clear devaluation for Ultimate Rewards cardholders, the expansion to co-branded cards adds flexibility for some. For most, though, the program is less lucrative than in its heyday, and the best value for Ultimate Rewards remains travel transfers.
What Changed
- Fewer eligible categories for Pay Yourself Back redemptions on Ultimate Rewards cards
- Lower redemption rates for Ultimate Rewards points via PYB (compared to previous years)
- New Pay Yourself Back options added for Southwest, United, Aeroplan, Disney, and Marriott Bonvoy Bold cards
Who Benefits Most
- Co-branded cardholders (Southwest, United, Aeroplan, Disney, Marriott Bonvoy Bold): Now have a way to offset eligible purchases with points, which was previously unavailable.
- Occasional travelers who can't use all their points for travel: PYB still offers a way to cash out points for everyday expenses, albeit at a lower rate.
- Sapphire Reserve holders with large dining or grocery spend: Even at reduced rates, redeeming points for statement credits can still yield better value than cash back (up to 1.5¢/point historically, now often lower).
- Those with expiring points: PYB provides a last-resort option to extract value before points are lost.
Who Should Be Cautious
- Ultimate Rewards maximizers: The best value is still found by transferring points to travel partners (up to 2.05¢/point by our estimate), not through PYB.
- Sapphire Preferred and Freedom cardholders: With reduced categories and rates, PYB is now less attractive than in previous years.
- Anyone considering a new Chase card solely for PYB: The program is no longer a primary reason to apply, given the ongoing devaluations.
What To Do Right Now
- Review your Chase cards' current PYB categories and redemption rates by logging into your account.
- If you have a co-branded card (Southwest, United, Aeroplan, Disney, Marriott Bonvoy Bold), check for new eligible purchases you can offset with points.
- Compare the value of PYB redemptions to travel partner transfers using our 2.05¢/point Ultimate Rewards valuation.
- Use PYB only if you have no near-term travel plans or need to cash out points before they expire.
- Stay alert for further changes—Chase has a history of quietly updating PYB terms.
