Beginning January 13, 2023, a new “Pay Yourself Back” feature will become available on the Chase Aeroplan Card.
Pay Yourself Back refers to the ability to redeem Aeroplan points towards any travel purchase at a rate of 1.25 cents per point (USD). This gives cardholders another option for redeeming their points, although it may not be the best use of Aeroplan points.
Let’s take a look at this new card feature and examine whether it’s worthwhile or not.
Chase Aeroplan Card’s Pay Yourself Back Feature
If you have the Chase Aeroplan Card, you’ll soon be able to redeem Aeroplan points earned with the card directly towards travel purchases at a rate of 1.25 cents per point (USD). There is no limit on the number of Aeroplan points you can redeem this way through to December 31, 2023, although it may be capped after that point.
Pay Yourself Back is Chase’s feature for redeeming points directly towards statement credits at a fixed value. Usually, this is only for certain categories of spending, and doesn’t apply to all purchases.
For example, cardholders of the Chase Sapphire Preferred Card can redeem points for charity donations at a rate of 1.25 cents per point (USD). For gas stations and groceries, the Pay Yourself Back value is a slightly lower, at 1 cent per point (USD).
On the more premium Chase Sapphire Reserve Card, cardholders can redeem points at an elevated rate of 1.5 cents per point (USD) towards charities and a lower 1.25 cents per point (USD) when redeeming against purchases at gas stations, grocery stores, or the annual fee.
For all cards that earn Ultimate Rewards (UR), you’re also able to redeem at the optimal rate of 1.25 or 1.5 cents per point (USD) when booking travel through the Chase Ultimate Rewards travel portal.
Of course, an even better way to capture value from UR points is to transfer them to one of the many travel partners, such as World of Hyatt, at a 1:1 ratio.
With Pay Yourself Back, cardholders can redeem Aeroplan points at a rate of 1.25 cents per point (USD) towards any purchase that codes as travel. This should include flights, hotels, rental cars, attraction tickets, and more.
As it pertains to the Pay Yourself Back feature on the Chase Aeroplan Card, cardholders can redeem Aeroplan points for the best fixed value when used towards travel.