What to do with Chase Ultimate Rewards points?

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totallynotsure
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What to do with Chase Ultimate Rewards points?

Post by totallynotsure » Mon May 11, 2020 8:52 pm

Wife and I have a baby on the way and are house hunting.

We both work and have decent savings and retirement funds. We also have ~500K Chase UR points.

We had been hoarding them for an epic vacation but given our current life circumstances, not to mention the worldwide impact of COVID, that seems like a distant reality.

Obviously the best bang for the buck by far is using the points for travel but I’m now contemplating just cashing them in.

Thoughts, input and advice appreciated!

TravelGeek
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Re: What to do with Chase Ultimate Rewards points?

Post by TravelGeek » Mon May 11, 2020 9:03 pm

Here is another recent thread about cashing in UR points that might have some helpful ideas.

viewtopic.php?t=308330

champion_ham
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Re: What to do with Chase Ultimate Rewards points?

Post by champion_ham » Mon May 11, 2020 9:04 pm

Convert them Hyatt points and go stay at Park Hyatt Sydney. We didn’t have Australia on our bucket list but after, we realized we should have. Go enjoy Melbourne after.

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anon_investor
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Re: What to do with Chase Ultimate Rewards points?

Post by anon_investor » Mon May 11, 2020 9:06 pm

totallynotsure wrote:
Mon May 11, 2020 8:52 pm
Wife and I have a baby on the way and are house hunting.

We both work and have decent savings and retirement funds. We also have ~500K Chase UR points.

We had been hoarding them for an epic vacation but given our current life circumstances, not to mention the worldwide impact of COVID, that seems like a distant reality.

Obviously the best bang for the buck by far is using the points for travel but I’m now contemplating just cashing them in.

Thoughts, input and advice appreciated!
Unless you need the cash immediately, probably better to just leave them at UR points for now to wait an see.

smalliebigs
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Re: What to do with Chase Ultimate Rewards points?

Post by smalliebigs » Mon May 11, 2020 9:14 pm

No hurry, I feel. It's not like COVID is going to be around forever :annoyed

BeneIRA
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Re: What to do with Chase Ultimate Rewards points?

Post by BeneIRA » Mon May 11, 2020 9:15 pm

Do you have a Sapphire Reserve or Preferred and are planning on keeping it? If you do, I wouldn't be so quick to cash them out, especially since you don't need the money. If you were telling me you were in debt or at risk i going into debt, I would change my tune.

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JonnyDVM
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Re: What to do with Chase Ultimate Rewards points?

Post by JonnyDVM » Mon May 11, 2020 10:41 pm

I’m still holding them for travel. At the very least we’ll be able to travel domestically soon enough I’m betting. Even a drive to luxury hotel for a weekend is on the table. One baby that isn’t walking isn’t too bad to travel with. The extra 25% for travel makes using the points for anything else painful and I’m assuming travel deals galore will be available.
I’d trade it all for a little more | -C Montgomery Burns

Topic Author
totallynotsure
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Re: What to do with Chase Ultimate Rewards points?

Post by totallynotsure » Tue May 12, 2020 7:26 am

BeneIRA wrote:
Mon May 11, 2020 9:15 pm
Do you have a Sapphire Reserve or Preferred and are planning on keeping it? If you do, I wouldn't be so quick to cash them out, especially since you don't need the money. If you were telling me you were in debt or at risk i going into debt, I would change my tune.
I have the Reserve. I’m going to do a product change at renewal time as I’m not a fan of the increased fee.

BruinBones
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Re: What to do with Chase Ultimate Rewards points?

Post by BruinBones » Tue May 12, 2020 8:50 am

Both having children and and owning a house are expensive and can rack up immediate costs, so cashing in for $5K is not an inconsiderable sum. It could provide a start to a college fund, new appliances, etc. Then again, sometimes life happens and it might be nice to have a “cushion” of UR points for a last minute flight or hotel if necessary. Different people recommend a different amount of “cushion” but 100-200K URs would provide that for most situations. Then, as baby grows and the COVID concern (hopefully) improves, OP and spouse can rebuild the UR stash that is depleted.

Frankly, I’d hold off on cashing in unless there’s a strong financial need, but the balanced cash out and holding is also a reasonable, somewhat conservative, option.

Hope this helps!

BeneIRA
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Re: What to do with Chase Ultimate Rewards points?

Post by BeneIRA » Tue May 12, 2020 10:07 am

totallynotsure wrote:
Tue May 12, 2020 7:26 am
BeneIRA wrote:
Mon May 11, 2020 9:15 pm
Do you have a Sapphire Reserve or Preferred and are planning on keeping it? If you do, I wouldn't be so quick to cash them out, especially since you don't need the money. If you were telling me you were in debt or at risk i going into debt, I would change my tune.
I have the Reserve. I’m going to do a product change at renewal time as I’m not a fan of the increased fee.
Are you downgrading to a Preferred? I am hopeful they will give the $100 credit they were giving earlier in the year since the card is more or less worthless in terms of perks at the moment.

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totallynotsure
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Re: What to do with Chase Ultimate Rewards points?

Post by totallynotsure » Tue May 12, 2020 12:26 pm

BeneIRA wrote:
Tue May 12, 2020 10:07 am
totallynotsure wrote:
Tue May 12, 2020 7:26 am
BeneIRA wrote:
Mon May 11, 2020 9:15 pm
Do you have a Sapphire Reserve or Preferred and are planning on keeping it? If you do, I wouldn't be so quick to cash them out, especially since you don't need the money. If you were telling me you were in debt or at risk i going into debt, I would change my tune.
I have the Reserve. I’m going to do a product change at renewal time as I’m not a fan of the increased fee.
Are you downgrading to a Preferred? I am hopeful they will give the $100 credit they were giving earlier in the year since the card is more or less worthless in terms of perks at the moment.
I think so. I have to look at my options. I already have a Freedom Unlimited and a Freedom.

BeneIRA
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Re: What to do with Chase Ultimate Rewards points?

Post by BeneIRA » Tue May 12, 2020 9:27 pm

totallynotsure wrote:
Tue May 12, 2020 12:26 pm
BeneIRA wrote:
Tue May 12, 2020 10:07 am
totallynotsure wrote:
Tue May 12, 2020 7:26 am
BeneIRA wrote:
Mon May 11, 2020 9:15 pm
Do you have a Sapphire Reserve or Preferred and are planning on keeping it? If you do, I wouldn't be so quick to cash them out, especially since you don't need the money. If you were telling me you were in debt or at risk i going into debt, I would change my tune.
I have the Reserve. I’m going to do a product change at renewal time as I’m not a fan of the increased fee.
Are you downgrading to a Preferred? I am hopeful they will give the $100 credit they were giving earlier in the year since the card is more or less worthless in terms of perks at the moment.
I think so. I have to look at my options. I already have a Freedom Unlimited and a Freedom.
If you are, you could make the argument, and I would, that holding onto the UR probably makes sense,

bmr12
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Re: What to do with Chase Ultimate Rewards points?

Post by bmr12 » Tue May 12, 2020 10:10 pm

If you are going to product change from the CSR to CSP, and have 800,000 points you want to redeem for travel: Going from 1.5 x cash value to 1.25 x cash value is a loss of value of $2,000. Pays a lot of incremental annual fees, likely beyond the major COVID hit.

If you are only going to redeem for 1.0x cash value for a statement credit, then it doesn’t matter.

BeneIRA
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Re: What to do with Chase Ultimate Rewards points?

Post by BeneIRA » Tue May 12, 2020 10:13 pm

bmr12 wrote:
Tue May 12, 2020 10:10 pm
If you are going to product change from the CSR to CSP, and have 800,000 points you want to redeem for travel: Going from 1.5 x cash value to 1.25 x cash value is a loss of value of $2,000. Pays a lot of incremental annual fees, likely beyond the major COVID hit.

If you are only going to redeem for 1.0x cash value for a statement credit, then it doesn’t matter.
If they are going to transfer to travel partners, then there would be no loss of value.

02nz
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Re: What to do with Chase Ultimate Rewards points?

Post by 02nz » Thu May 28, 2020 10:02 am

(Posted in another thread viewtopic.php?f=2&t=300020&p=5279543#p5279543 but relevant to this one) Redeem through Sep 30 at travel portal rates (1.5 cent/point for Reserve, 1.25 cent/point for Preferred) for statement credits of purchases at grocery stores, dining (incl. delivery/takeout), and home improvement.

UnLearnYourself
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Re: What to do with Chase Ultimate Rewards points?

Post by UnLearnYourself » Thu May 28, 2020 10:22 am

totallynotsure wrote:
Mon May 11, 2020 8:52 pm
Wife and I have a baby on the way and are house hunting.

We both work and have decent savings and retirement funds. We also have ~500K Chase UR points.

We had been hoarding them for an epic vacation but given our current life circumstances, not to mention the worldwide impact of COVID, that seems like a distant reality.

Obviously the best bang for the buck by far is using the points for travel but I’m now contemplating just cashing them in.

Thoughts, input and advice appreciated!
You can still travel with your baby. We flew from MA to FL when our 1st baby was just 3 months old, then from MA to DC when she was 7 months old, then from MA to Turks & Caicos when she was 11 months old - total champ. My wife would breastfeed her during takeoff and landing (the sucking motion is similar to adults eating a piece of gum or popping ears), and also during the few times she got a little fussy. I'm guessing on purpose we had little babies in front and behind us as well and honestly they were all well behaved. The majority of people on the flight who have had kids understand them and won't have an issue even if the kid cries a bit here and there...and if they do have a problem, well that's what ear plugs are for!

If you like to travel, keep doing it. You'll be better parents overall for doing things for yourselves that help you thrive. And getting your kid used to travel early will pay dividends down the road when they're already used to the process by the time you're willing to take larger trips.

Obviously Covid is the big outlier here. Hopefully things turn around soon. Good luck either way you go! (But as an avid traveler I say keep moving!)

onourway
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Re: What to do with Chase Ultimate Rewards points?

Post by onourway » Thu May 28, 2020 10:38 am

02nz wrote:
Thu May 28, 2020 10:02 am
(Posted in another thread viewtopic.php?f=2&t=300020&p=5279543#p5279543 but relevant to this one) Redeem through Sep 30 at travel portal rates (1.5 cent/point for Reserve, 1.25 cent/point for Preferred) for statement credits of purchases at grocery stores, dining (incl. delivery/takeout), and home improvement.
This. They are allowing the $300 credit against the annual fee to be covered by grocery stores and gas stations as well.

You can effectively turn at least some of these points to cash at 1.5c/point this way. I'll be using as many of our points as possible.

van_sun_38
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Re: What to do with Chase Ultimate Rewards points?

Post by van_sun_38 » Thu May 28, 2020 11:22 am

02nz wrote:
Thu May 28, 2020 10:02 am
(Posted in another thread viewtopic.php?f=2&t=300020&p=5279543#p5279543 but relevant to this one) Redeem through Sep 30 at travel portal rates (1.5 cent/point for Reserve, 1.25 cent/point for Preferred) for statement credits of purchases at grocery stores, dining (incl. delivery/takeout), and home improvement.
Did you mean exchanging for gift cards? I have the Chase preferred and I don't see the options to redeem directly for purchases at grocery stores, dining, and home improvement.

02nz
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Re: What to do with Chase Ultimate Rewards points?

Post by 02nz » Thu May 28, 2020 11:24 am

van_sun_38 wrote:
Thu May 28, 2020 11:22 am
02nz wrote:
Thu May 28, 2020 10:02 am
(Posted in another thread viewtopic.php?f=2&t=300020&p=5279543#p5279543 but relevant to this one) Redeem through Sep 30 at travel portal rates (1.5 cent/point for Reserve, 1.25 cent/point for Preferred) for statement credits of purchases at grocery stores, dining (incl. delivery/takeout), and home improvement.
Did you mean exchanging for gift cards? I have the Chase preferred and I don't see the options to redeem directly for purchases at grocery stores, dining, and home improvement.
See the blog post I linked in the other thread for details. No you don't redeem for gift cards, you make regular purchases at the grocery or home improvement store and redeem points for a statement credit on Chase's website.

van_sun_38
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Re: What to do with Chase Ultimate Rewards points?

Post by van_sun_38 » Thu May 28, 2020 2:47 pm

02nz wrote:
Thu May 28, 2020 11:24 am
van_sun_38 wrote:
Thu May 28, 2020 11:22 am
02nz wrote:
Thu May 28, 2020 10:02 am
(Posted in another thread viewtopic.php?f=2&t=300020&p=5279543#p5279543 but relevant to this one) Redeem through Sep 30 at travel portal rates (1.5 cent/point for Reserve, 1.25 cent/point for Preferred) for statement credits of purchases at grocery stores, dining (incl. delivery/takeout), and home improvement.
Did you mean exchanging for gift cards? I have the Chase preferred and I don't see the options to redeem directly for purchases at grocery stores, dining, and home improvement.
See the blog post I linked in the other thread for details. No you don't redeem for gift cards, you make regular purchases at the grocery or home improvement store and redeem points for a statement credit on Chase's website.
Thanks for the link but I still can't find it in my portal. I wonder b/c I downgraded the Preferred card to no annual fee last year?

02nz
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Re: What to do with Chase Ultimate Rewards points?

Post by 02nz » Thu May 28, 2020 3:05 pm

van_sun_38 wrote:
Thu May 28, 2020 2:47 pm
02nz wrote:
Thu May 28, 2020 11:24 am
van_sun_38 wrote:
Thu May 28, 2020 11:22 am
02nz wrote:
Thu May 28, 2020 10:02 am
(Posted in another thread viewtopic.php?f=2&t=300020&p=5279543#p5279543 but relevant to this one) Redeem through Sep 30 at travel portal rates (1.5 cent/point for Reserve, 1.25 cent/point for Preferred) for statement credits of purchases at grocery stores, dining (incl. delivery/takeout), and home improvement.
Did you mean exchanging for gift cards? I have the Chase preferred and I don't see the options to redeem directly for purchases at grocery stores, dining, and home improvement.
See the blog post I linked in the other thread for details. No you don't redeem for gift cards, you make regular purchases at the grocery or home improvement store and redeem points for a statement credit on Chase's website.
Thanks for the link but I still can't find it in my portal. I wonder b/c I downgraded the Preferred card to no annual fee last year?
Right, the no-annual-fee Sapphire card (to which I also downgraded last year from the Reserve, and which isn't available to new customers) doesn't get the 25% or 50% extra value on the travel portal that the Sapphire Preferred and Reserve get, so it also doesn't get that extra redemption value for grocery store/home improvement/restaurant spend.

gabbar
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Re: What to do with Chase Ultimate Rewards points?

Post by gabbar » Sat Jun 06, 2020 1:29 pm

You can redeem points now at 1.5 cents each for groceries and restaurants. Seems like a recent perk!! Check out the “pay yourself back” feature.

BogleMelon
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Re: What to do with Chase Ultimate Rewards points?

Post by BogleMelon » Sat Jun 06, 2020 2:35 pm

gabbar wrote:
Sat Jun 06, 2020 1:29 pm
You can redeem points now at 1.5 cents each for groceries and restaurants. Seems like a recent perk!! Check out the “pay yourself back” feature.
Thanks for bringing that up! I have just used it and it is better than redeeming as cash.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

gabbar
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Re: What to do with Chase Ultimate Rewards points?

Post by gabbar » Sat Jun 06, 2020 2:41 pm

Agreed. I drained my entire Chase points balance against grocery purchases. Unless you travel first/business class on personal travel, you are not getting better than 1.5 cents per point. It’s a no-brainer for me.

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Re: What to do with Chase Ultimate Rewards points?

Post by anon_investor » Sat Jun 06, 2020 3:05 pm

gabbar wrote:
Sat Jun 06, 2020 1:29 pm
You can redeem points now at 1.5 cents each for groceries and restaurants. Seems like a recent perk!! Check out the “pay yourself back” feature.
Thanks for the heads up! I have a Sapphire Preferred card and just redeemed some pts at 1.25 cents. I hope they keep this perk around as I probably will not doing any traveling for a while.

UpperNwGuy
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Re: What to do with Chase Ultimate Rewards points?

Post by UpperNwGuy » Sat Jun 06, 2020 3:20 pm

I'm cashing mine in as fast as I can using the new Pay Yourself Back program.

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Re: What to do with Chase Ultimate Rewards points?

Post by anon_investor » Sat Jun 06, 2020 3:37 pm

UpperNwGuy wrote:
Sat Jun 06, 2020 3:20 pm
I'm cashing mine in as fast as I can using the new Pay Yourself Back program.
Do you have enough qualifying expenses to use up all your UR pts? I can only eat and go to Home Depot so much... :|

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ohboy!
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Re: What to do with Chase Ultimate Rewards points?

Post by ohboy! » Sat Jun 06, 2020 3:42 pm

gabbar wrote:
Sat Jun 06, 2020 1:29 pm
You can redeem points now at 1.5 cents each for groceries and restaurants. Seems like a recent perk!! Check out the “pay yourself back” feature.
This! You can even cover past grocery purchases

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Re: What to do with Chase Ultimate Rewards points?

Post by gabbar » Sat Jun 06, 2020 3:43 pm

If you don’t have enough past spend, buy Amazon gift cards at local grocery store. It will count towards 5% grocery shopping spend. Now use this “generated” spend towards reducing your chase points total. Amazon spend is easy for me 😎 unfortunately. Lol.

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anon_investor
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Re: What to do with Chase Ultimate Rewards points?

Post by anon_investor » Sat Jun 06, 2020 3:47 pm

gabbar wrote:
Sat Jun 06, 2020 3:43 pm
If you don’t have enough past spend, buy Amazon gift cards at local grocery store. It will count towards 5% grocery shopping spend. Now use this “generated” spend towards reducing your chase points total. Amazon spend is easy for me 😎 unfortunately. Lol.
Are there any surcharges on Amazon GC sold at grocery stores? I have not bought any in a long time, I remember there used to be for some GCs.

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Re: What to do with Chase Ultimate Rewards points?

Post by gabbar » Sat Jun 06, 2020 3:53 pm

There is no surcharge for Amazon gift cards. Or for that matter, any company gift card - Best Buy, Lowes, etc. the surcharge only applies for generic Visa/MC cards.

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anon_investor
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Re: What to do with Chase Ultimate Rewards points?

Post by anon_investor » Sat Jun 06, 2020 4:29 pm

gabbar wrote:
Sat Jun 06, 2020 3:53 pm
There is no surcharge for Amazon gift cards. Or for that matter, any company gift card - Best Buy, Lowes, etc. the surcharge only applies for generic Visa/MC cards.
Ah good to know. Amazon GC would be basically good as cash for me too.

UpperNwGuy
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Re: What to do with Chase Ultimate Rewards points?

Post by UpperNwGuy » Sat Jun 06, 2020 7:44 pm

anon_investor wrote:
Sat Jun 06, 2020 3:37 pm
UpperNwGuy wrote:
Sat Jun 06, 2020 3:20 pm
I'm cashing mine in as fast as I can using the new Pay Yourself Back program.
Do you have enough qualifying expenses to use up all your UR pts? I can only eat and go to Home Depot so much... :|
I've already "paid myself back" on my restaurant purchases from March 1 to 13. That used up about 18,000 points. I haven't purchased food from a restaurant since March 13, so no more redemption opportunities in the dining category for the time being. Maybe by July I'll be willing to enter a restaurant again.

Groceries will be my main "Pay Yourself Back" category (as soon as I use up my $300 travel credit on grocery purchases). I think I can use up most of my points on groceries. Whatever is left over I may cash out at the regular penny a point rate.

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Re: What to do with Chase Ultimate Rewards points?

Post by MikeG62 » Sun Jun 07, 2020 7:13 am

gabbar wrote:
Sat Jun 06, 2020 2:41 pm
...Unless you travel first/business class on personal travel, you are not getting better than 1.5 cents per point. It’s a no-brainer for me.
My experience has been different. I have used UR points several times at Hyatt properties at in excess of 3 cents per point (and even once at a Marriott property). This has translated to over 10% cash back on the spend giving rise to those points.

Having said that, I took a $1,000 pay yourself back statement credit using ~66,000 points last week (to monetize some of my points at the 1.5 cent per point rate). Still have ~275,000 points remaining which I continue to sit on for the time being (feel it is more likely than not that I can do better in the future with a transfer to a travel partner). I'll decided later this summer whether to hold all of those points or utilize more through the pay yourself back option depending on how things look with Covid-19 and travel at the time.
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Re: What to do with Chase Ultimate Rewards points?

Post by gabbar » Sun Jun 07, 2020 12:25 pm

Agree with the Hyatt argument. You can get some good deals. But I cannot justify (personal choice) paying more than $300 per night on a hotel room. At $0.03 per point, it will limit you to Hyatt categories 1, 2 and 3. The deals are harder within these lower tier (but still excellent) properties.

Similar to first class air travel, better deals are available if you are able to pay for premium properties.

Also, don’t ignore vrbo/Airbnb when you’re ready to pay up. They might offer better value vs a Hyatt house.


MikeG62 wrote:
Sun Jun 07, 2020 7:13 am
gabbar wrote:
Sat Jun 06, 2020 2:41 pm
...Unless you travel first/business class on personal travel, you are not getting better than 1.5 cents per point. It’s a no-brainer for me.
My experience has been different. I have used UR points several times at Hyatt properties at in excess of 3 cents per point (and even once at a Marriott property). This has translated to over 10% cash back on the spend giving rise to those points.

Having said that, I took a $1,000 pay yourself back statement credit using ~66,000 points last week (to monetize some of my points at the 1.5 cent per point rate). Still have ~275,000 points remaining which I continue to sit on for the time being (feel it is more likely than not that I can do better in the future with a transfer to a travel partner). I'll decided later this summer whether to hold all of those points or utilize more through the pay yourself back option depending on how things look with Covid-19 and travel at the time.

jgalt133
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Re: What to do with Chase Ultimate Rewards points?

Post by jgalt133 » Fri Jun 12, 2020 10:59 am

I saw the pay yourself back option as well, but I'm having difficulty with the idea of charging my Sapphire card for groceries just for the reimbursement option when I can get 1.5x points by charging to my Freedom Unlimited.

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Re: What to do with Chase Ultimate Rewards points?

Post by mageedge » Fri Jun 12, 2020 11:09 am

jgalt133 wrote:
Fri Jun 12, 2020 10:59 am
I saw the pay yourself back option as well, but I'm having difficulty with the idea of charging my Sapphire card for groceries just for the reimbursement option when I can get 1.5x points by charging to my Freedom Unlimited.
Just to note Sapphire has a temporary boost for groceries through June 30th. Up to $1500/month in groceries will earn 5 points per $. Earn the points then use the 'pay yourself back' option - nets out at 7.5% casah back equivalent.

ronno2018
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Re: What to do with Chase Ultimate Rewards points?

Post by ronno2018 » Fri Jun 12, 2020 11:25 am

Used some for an iPhone 11 birthday gift for my daughter (she did great keeping her iPhone 7 working for a long time).

atdharris
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Re: What to do with Chase Ultimate Rewards points?

Post by atdharris » Fri Jun 12, 2020 11:28 am

I was wondering what to do with the 600k Amex points I have too. Unfortunately, their cash value is much lower than Chase. I ended up deciding to keep them as Covid (hopefully) won't be around forever.

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Re: What to do with Chase Ultimate Rewards points?

Post by AerialWombat » Fri Jun 12, 2020 12:14 pm

Similar boat. Since the travel side of my business is suddenly dead in the water, I transferred all UR points to my Ink card. Closed the Sapphire account. Converted UR points to statement credit for the biz. Done.
Last edited by AerialWombat on Fri Jun 12, 2020 12:15 pm, edited 1 time in total.

EnjoyIt
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Re: What to do with Chase Ultimate Rewards points?

Post by EnjoyIt » Fri Jun 12, 2020 12:15 pm

UpperNwGuy wrote:
Sat Jun 06, 2020 7:44 pm
anon_investor wrote:
Sat Jun 06, 2020 3:37 pm
UpperNwGuy wrote:
Sat Jun 06, 2020 3:20 pm
I'm cashing mine in as fast as I can using the new Pay Yourself Back program.
Do you have enough qualifying expenses to use up all your UR pts? I can only eat and go to Home Depot so much... :|
I've already "paid myself back" on my restaurant purchases from March 1 to 13. That used up about 18,000 points. I haven't purchased food from a restaurant since March 13, so no more redemption opportunities in the dining category for the time being. Maybe by July I'll be willing to enter a restaurant again.

Groceries will be my main "Pay Yourself Back" category (as soon as I use up my $300 travel credit on grocery purchases). I think I can use up most of my points on groceries. Whatever is left over I may cash out at the regular penny a point rate.
As pointed out above, you can buy Home Depot, Best Buy, Amazon, or wherever gift cards at the grocery store and then redeem at 1.5 cents per point afterwards. Essentially getting those gift cards at a 1.5% discount. I’m sure there is some store that you use regularly enough to make such a transaction reasonable.
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Re: What to do with Chase Ultimate Rewards points?

Post by EnjoyIt » Fri Jun 12, 2020 12:16 pm

atdharris wrote:
Fri Jun 12, 2020 11:28 am
I was wondering what to do with the 600k Amex points I have too. Unfortunately, their cash value is much lower than Chase. I ended up deciding to keep them as Covid (hopefully) won't be around forever.
Open up a Schwab Amex platinum card and then convert those points at 1.25 cents each.
A time to EVALUATE your jitters. | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418

UpperNwGuy
Posts: 3649
Joined: Sun Oct 08, 2017 7:16 pm

Re: What to do with Chase Ultimate Rewards points?

Post by UpperNwGuy » Fri Jun 12, 2020 2:16 pm

EnjoyIt wrote:
Fri Jun 12, 2020 12:15 pm
UpperNwGuy wrote:
Sat Jun 06, 2020 7:44 pm
anon_investor wrote:
Sat Jun 06, 2020 3:37 pm
UpperNwGuy wrote:
Sat Jun 06, 2020 3:20 pm
I'm cashing mine in as fast as I can using the new Pay Yourself Back program.
Do you have enough qualifying expenses to use up all your UR pts? I can only eat and go to Home Depot so much... :|
I've already "paid myself back" on my restaurant purchases from March 1 to 13. That used up about 18,000 points. I haven't purchased food from a restaurant since March 13, so no more redemption opportunities in the dining category for the time being. Maybe by July I'll be willing to enter a restaurant again.

Groceries will be my main "Pay Yourself Back" category (as soon as I use up my $300 travel credit on grocery purchases). I think I can use up most of my points on groceries. Whatever is left over I may cash out at the regular penny a point rate.
As pointed out above, you can buy Home Depot, Best Buy, Amazon, or wherever gift cards at the grocery store and then redeem at 1.5 cents per point afterwards. Essentially getting those gift cards at a 1.5% discount. I’m sure there is some store that you use regularly enough to make such a transaction reasonable.
Good news! I have now redeemed all but 10,000 of the 60,000 UR points that I had two weeks ago. At this rate, I will have used them all by the end of the month. (Thanks for your suggestion about the gift cards, but I don't do gift cards in general, I haven't done business with Home Depot or Best Buy in several years, and I rarely use Amazon.)

Now I'm hoping that Chase will announce decent Freedom reward categories for the third quarter of 2020.

jgalt133
Posts: 82
Joined: Fri Feb 24, 2017 4:50 pm

Re: What to do with Chase Ultimate Rewards points?

Post by jgalt133 » Fri Jun 12, 2020 2:45 pm

mageedge wrote:
Fri Jun 12, 2020 11:09 am
jgalt133 wrote:
Fri Jun 12, 2020 10:59 am
I saw the pay yourself back option as well, but I'm having difficulty with the idea of charging my Sapphire card for groceries just for the reimbursement option when I can get 1.5x points by charging to my Freedom Unlimited.
Just to note Sapphire has a temporary boost for groceries through June 30th. Up to $1500/month in groceries will earn 5 points per $. Earn the points then use the 'pay yourself back' option - nets out at 7.5% casah back equivalent.
Interesting! These days I use Instacart and Amazon Prime Now. With Prime Now I get 5% cash back equivalent (with Sapphire Preferred, it's only 3x plus 25% points boost so only 3.75 cashback equivalent). I see that Instacart gets captured as groceries. Will have to start doing that until June 30. Where do I get notifications for these offers? I had not been aware of it.

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