If you have been following our Rewards group, you should have known by now. If not, Chase Announced major temporary benefit changes today. Chase now relaxing some of the Travel and redemption benefits due to the COVID-19 situation. This is very welcoming following what other major banks have done to the consumers.
Points are worth 25% or 50% more for select Cash Redemptions
Eligible cardmembers will be able to apply points on the Ultimate Rewards site to pay for purchases in select categories. This includes grocery stores, dining, and home improvement stores.
There is a new tool launched by Chase, the new Pay Yourself Back tool, your Ultimate Rewards points are worth 25% more using Sapphire Preferred and 50% more using Sapphire Reserve. You can now redeem them for statement credits against purchases in our current categories: grocery stores, dining (including restaurants, takeout, and eligible delivery services), and home improvement stores such as Home Depot and Lowes. Just choose an eligible purchase you made in the past 90 days, apply points for all or part of the purchase, and you’ll get a statement credit. Take advantage of this promotion through September 30, 2020.
Chase Ink Preferred will also have 25% more in cash redemptions other than Travel. The categories to redeem is not available yet, most likely business spend related.
Changes to Reserve $300 Annual Travel Credit
Now enjoy more flexibility with your annual $300 Travel Credit. From June 1 through December 31, 2020, gas station and grocery store purchases will also count toward earning your Travel Credit. You’ll also earn points on these purchases (and, as always, after your first $300 in travel purchases, you’ll immediately start earning 3x points on travel).
Increased Grocery/SuperMarket Earning Benefit
Earn 5x total points on grocery store purchases when you are using Reserve and 3X when using Sapphire Preferred from May 1 to June 30, 2020, on up to $1,500 each calendar month. That’s 4 more points than you normally earn on grocery store purchases, and there’s no activation required— you’ll earn the points automatically. You’ll even earn the extra points on pickup or delivery from grocery stores and eligible grocery delivery services like Instacart.
Reserve Annual Fee reduced to $450
Chase had previously announced that there would be a $100 credit after the $550 annual fee posts on the Sapphire Reserve card for cardholders who have a renewed card year from April 1 – July 1. They’ve now added that card members with a renewal from July 1 through the end of 2020 will simply have a lower $450 annual fee.