Pay Yourself Back - Sapphire Reserve & Preferred, INK Preferred & Plus (2020-2023)
 

I know there isn’t a lot of info out there on this yet because it doesn’t start until the 31st but I have a question that maybe someone can help with.

The CSR has a 5x grocery bonus up to $1500 for May and another for June.

Grocery is also a category that you can use to “pay yourself back”.

What are the chances that they will not give the 5x bonus points on transactions that you decide to use to redeem points to pay yourself back?

Here is what I would like to do: Buy a $1500 gift card to my local grocery store by the end of this month. Get 7500 points for that purchase. Then use 100,000 points to cover that purchase. 92,500 points for $1500 equals 1.62 cpp.

Do you think this would work? Or would Chase not give me the 7500 points for the purchase?

At this point, any answer that anyone could give you would be pure speculation. Wait until there are verifiable data points before trying your plan.

Yeah I was just hoping maybe someone had seen the fine print since I know they have released some info to the media. I would just wait but by the time I know about it the first $1500 for May will be over. I have tons of UR points and would like to cash out a couple hundred thousand during this promo but the 5% back sweetens it quite a bit for me.

I guess I can be the guinea pig.

I am super curious for this too. Once anyone has a data point here please share!

Would it be worth sending Chase a secure message and see what they say?

I charged $1500 in gift cards this afternoon...I’ll let you know

This promo is excellent. It makes me feel even better about closing my Amex cards as the annual fee comes around.

They have FAQ's up that don't really address the question of whether you lose rewards.

My Hypothesis: For now they didn't tie it together in a rush to get started and you will not lose rewards. If the program exists beyond September 30 they will "enhance" the benefit so you do lose the points. I reversed a Home Depot charge this morning and will see what happens.


A second and scarier issue: I received about a $51 Door Dash credit for an order last month. it shows up as erasable. If I erase it with points will the earlier credit from the $60 annual door dash credit also get reversed?

My Hypothesis: For now the Door Dash and Pay Yourself are not tied together and you can double dip. If the program exists past September 30 they will make previously credited charges not show up.

I was too scared to risk losing the Door Dash credit and extra bonus to erase this one. I did have a second Door Dash where I got about a $9 credit on a $40 purchase using up the credit. I reversed $30 of that to see what happens.

I just cashed out 78,315 points for $1,175.06 in credit for every charge I had that was eligible. I highly doubt they are going to retroactively take back the points I earned on these purchases and I don't think they will take back my DoorDash credit (I didn't even think about it till after I had applied for the credit and saw this thread) but I will post an update if they do. You can also see they were generous with the point conversion - because 78,315 points should equal $1,174.25 but because of rounding differences on individual transactions they gave those differences in my favor (which one would expect).

I honestly don't even know how I'll get my credit - I guess I'm going to have to ask Chase to cut me a check at some point - because the only purchases I put on this card are travel and restaurants and since I'm not going to be doing the former any time soon I will be stuck with that credit on my card for a while.

I went to do that and realized how little I had used this card recently. I wish I had switched from Freedom to CSR for groceries but figured it wouldn't matter as we probably wouldn't spend enough to max out either 5x. The Home Depot charge had more to do with having my wallet- and not the tin where most credit cards reside- handy and not wanting to fetch the Unlimited.

Do you need to do this line by line or you can check a box on eligible transaction, then redeem them on one swoon?

Chase system would automatically cut you a check on any credit balance that stays on the card for 2 billing cycles, even if there were transactions to use some of the credit balance in between. We have one such check from CSR because of a cancellation of Aeroplan award resulting a >$100 credit balance. I asked to remove $45 to an IHG card to pay the posted AF. Then the CSR has not been used again. The following month a $55.xx check was automatically sent.

I just cashed out about 3,500 points for one transaction to see what would happen. It appears they did not reverse any points awarded on the original purchase. They said there would be a statement credit within three days.

The Pay Yourself Back page lists the eligible transactions. You can check a box on each transaction, then click "continue", so it looks like you can do it all in one swoon.

According to a TPG write, they won't take back points. http://disq.us/p/29jo3a2

This is a pretty robust tool they have built out for it to only be “temporary.” It would be great if you could redeem at 1.5 cents for all travel purchases (just like you can redeem for 1.5 cents in the travel portal). You could then earn miles, get elite benefits, etc by simply using your card with the merchant. Let’s see what they do with this after September n

I cashed out about 4,000 points, I will let the board know how it goes. In terms of flexibility, this makes me want to earn more UR over the next few months versus MR (in September, you can either cash out via pay me back, transfer to travel partners, book travel, etc)

Line item by line item but honestly it probably took 3-5 mins max for 53 line items.

With that said, the credits already posted tonight and downloaded to Quicken, line item by line item. I'm now showing a credit balance of over $1,100 and already have 3 more eligible charges that posted tonight that I can use points to reimburse for. I've also seen no reduction in my points (except for the points that I used to redeem for the credits).

I just used the option to pay for all my grocery and dining purchases from March 11 to date, took me under 1 min and I got 1.5 cent redemption rate.

Based on the recent bonuses on grocery and food delivery I am getting 7.5% cashback (1.5 cents x 5 pts/dollar) and for my travel I am getting 4.5% cashback (3x pts/dollar).

Pretty easy way to cashout your points at a very healthy value.