If you've been sitting on a stack of Chase Ultimate Rewards points, the current round of Pay Yourself Back categories deserves a look before the end of the year. Chase's redemption feature lets cardholders turn points into statement credits for specific purchase types, often at better rates than the standard cash-back option — and the latest batch of offers runs through Dec. 31.
The standout is the Chase Sapphire Reserve, where points redeemed for donations to qualifying charities are worth 1.5 cents apiece — meaning 10,000 points becomes a $150 credit instead of the usual $100. The same card also covers the cardholder's annual fee at 1.25 cents per point, department stores at 1.2 cents, and grocery stores and wholesale clubs at 1.15 cents. Sapphire Preferred holders get 1.25 cents per point for charity donations and 1.1 cents toward their annual fee.
Freedom Flex, Freedom Unlimited and Freedom cardholders, plus the Sapphire Reserve for Business, can redeem at 1.25 cents per point for eligible charity donations. The charity list is broad, including the American Red Cross, Feeding America, Habitat for Humanity, Make-A-Wish America, UNICEF USA and World Central Kitchen, among others.
Cobranded cards get in on the action too. United cardholders can put miles toward their annual fee at 1.35 to 1.5 cents per mile depending on the card, or knock down United airfare purchases of $50 or more at a flat cent per mile. Southwest cardholders can offset their annual fee at a cent per point within 90 days of a purchase. Marriott Bonvoy Bold users can cover travel booked directly with airlines or Marriott hotels at 0.8 cents per point, capped at $750 a year. Disney cardholders have their own setup, letting Rewards Dollars cover purchases at Disney parks, stores and streaming services.
Using it is simple: log into your Chase account on the app or website, pick Pay Yourself Back from the redemption menu, and choose from eligible purchases made in the past 90 days. You can offset all or part of a purchase, and the credit typically lands within about a week.
The alternative — a plain cash-back redemption — is fixed at just 1 cent per point, well below the rates above and below the 2.05 cents per point The Points Guy currently values Ultimate Rewards at when used strategically. Transfer partners still offer the highest ceiling for your points, but Pay Yourself Back is a solid middle ground if you want something quick or have rewards you can't use for travel right now.
These categories are specific to the current period, so it's worth checking back each quarter — new ones typically roll in at the start of the next. If the year-end lineup doesn't suit your spending, the first-quarter refresh in 2027 might.
