Chase Pay Yourself Back Q1 categories

The “Pay Yourself Back” tool was once the golden child of the Chase ecosystem, allowing us to liquidate points at high value for groceries and home improvement. In 2026, the reality is different. Chase has tightened the belt, shifting the focus primarily toward charitable giving and niche quarterly rotations.

However, dismissing this program entirely is a mathematical error. For Sapphire Reserve holders, the 1.5 cents per point (cpp) redemption rate on charities remains one of the only ways to “cash out” points at a premium without booking travel. If you are sitting on a mountain of Ultimate Rewards points and have no flight redemptions planned, this feature is your liquidity lever.

Below, I break down the exact Q1 2026 categories, the math behind when you should (and shouldn’t) use them, and why the Aeroplan card might quietly be the new MVP of this program.

The Q1 2026 Categories: Complete List

Chase splits its Pay Yourself Back offers by card family. It is critical to log in to your specific card account to verify, as offers can be targeted. Here is the standard lineup for Q1 2026.

1. Chase Sapphire Reserve® (CSR)

The Reserve card continues to offer the highest floor for redemption value, with a notable improvement this quarter: the return of Gas Stations.

• Select Charities: 1.50 cents per point. (e.g., 10,000 points = $150 credit).
• Gas Stations: 1.25 cents per point.
• Annual Fee: 1.25 cents per point.
• Gym Memberships & Fitness Clubs: 1.25 cents per point.

2. Chase Sapphire Preferred® (CSP)

The Preferred card sees a slight bump in non-charity redemption rates (up from 1.0¢ to 1.1¢), though transferring to partners remains the superior choice.

• Select Charities: 1.25 cents per point. (e.g., 10,000 points = $125 credit).
• Annual Fee: 1.1 cents per point. (e.g., 10,000 points = $110 credit).
• Gym Memberships: 1.1 cents per point.

3. Ink Business Cards (Preferred, Cash, Unlimited)

For business owners, the options have narrowed significantly since the removal of the “Internet & Shipping” categories in late 2024.

• Select Charities: 1.25 cents per point.

4. Chase Aeroplan® Card

This co-branded card is the sleeper hit of 2026. While it earns Aeroplan points, not Ultimate Rewards, its PYB feature is surprisingly robust for general travel costs.

• Travel Purchases: 1.25 cents per point. Applies to flights, hotels, car rentals, and more.
• Limit: Annual cap of 200,000 points (or $2,500 value) for this rate.
• Everyday Spend (Dining/Gas/Grocery): 0.8 cents per point (Poor value—avoid this).

5. Other Co-Branded Cards (United, Southwest, Disney)

Chase has expanded PYB to airline specific cards, largely focusing on offsetting the annual fee.

• United Airlines Cards: 1.50 – 1.75 cents per mile toward the Annual Fee (Excellent value).
• Southwest Airlines Cards: 1.0 cents per point toward the Annual Fee.
• Disney Premier Visa: 1.0 cents per point toward Airline purchases.

The Math: When to Use PYB vs. Transfer Partners

As an efficiency-driven traveler, I treat points as a currency with a floating exchange rate. You should never redeem points for 1.25 cents if you can easily get 2.0+ cents elsewhere. However, “value” is subjective to your cash flow needs.

Let’s look at the math for a Sapphire Reserve holder considering a $300 redemption.

Scenario A: The Charity Redemption (PYB)

You donate $300 to the American Red Cross using your CSR.
Cost in Points: 20,000 Ultimate Rewards points.
Value: 1.5 cents per point.
Result: You feel good, and you saved cash with a decent floor value.

Scenario B: The Hyatt Transfer (High Upside)

You transfer those same 20,000 points to World of Hyatt for a stay at a Category 5 hotel (e.g., Grand Hyatt or Andaz).
Cash Price of Room: $550 + tax.
Value: $550 / 20,000 = 2.75 cents per point.
Result: You unlocked nearly double the value compared to PYB.

The Verdict: Only use Pay Yourself Back if:

• You have more points than you can spend on travel in the next 12 months.
• You need to offset a specific cost (like the $550 annual fee) to keep your cash flow positive.
• You are donating to charity anyway and want to use points to subsidize the donation at a 1.5x rate.

For a deeper dive into valuation, check our guide on the Chase Ultimate Rewards: The Complete 2026 Guide, which breaks down the 1:1 transfer math in detail.

Step-by-Step: How to Redeem

Chase often hides this feature behind multiple menus. Here is the efficient path to locate it on Desktop or Mobile.

1. Login to Ultimate Rewards: Go to the official Chase Ultimate Rewards portal and select your card.
2. Locate the Menu: On desktop, click the “Earn / Use” dropdown and select “Pay Yourself Back.” On the mobile app, scroll down to the “Benefits & Rewards” section.
3. Select Transactions: You will see a list of eligible transactions from the last 90 days. If a purchase isn’t there, it either didn’t code correctly or is too old.
4. Apply Points: Check the box next to the transaction. You can choose to cover the entire cost or just a portion.
5. Confirm: The screen will display the “Points needed” and the “Statement Credit” amount. Verify the math ensures you are getting the 1.25x or 1.5x rate.

Eligible Charities List 2026

The “Select Charities” category is the most stable part of this program. Chase partners with major non-profits. As of Q1 2026, the updated list includes:

• American Red Cross
• American Heart Association
• Equal Justice Initiative
• Feeding America
• GLSEN
• Habitat for Humanity
• International Medical Corps
• Make-A-Wish America
• NAACP Legal Defense and Educational Fund
• United Way
• World Central Kitchen

Donating to these organizations via PYB is a “double win” strategy: you get the tax deduction for the cash donation (consult your tax professional, as you charged it to your card), and you reimburse yourself with points at a premium rate.

Is the Aeroplan Card the New King of PYB?

While everyone focuses on the Sapphire cards, the Chase Aeroplan® Card has quietly become a powerhouse for “eraser” style redemptions. Unlike the Sapphire cards, which restrict you to charities or rotating categories, the Aeroplan card allows you to erase travel purchases.

This mimics the functionality of the Capital One Venture card but with a twist: you can redeem Aeroplan points at 1.25 cents each toward travel expenses (up to 200,000 points per year). This is incredibly useful for expenses that can’t be covered by traditional award tickets, such as:

• Taxes and fees on award tickets (which can be $100+).
• Boutique hotels not in a major chain.
• Train tickets or budget airline flights.

If you are debating between ecosystems, it’s worth comparing this feature against other “eraser” cards. See our comparison: Amex vs. Chase: Which Ecosystem is Better?.

Common Mistakes & “Gotchas”

I have seen too many people burn points inefficiently because they didn’t read the fine print. Avoid these errors.

1. Waiting Too Long

The 90-day lookback window is strict. If you made a purchase 91 days ago, it disappears from the list. I recommend checking your PYB eligibility once a month, perhaps when you pay your bill, to ensure you don’t miss a reimbursable expense.

2. Assuming All “Groceries” Count

When the “Grocery” category is active (currently targeted or 0.8¢ on Aeroplan), it notoriously excludes massive retailers like Walmart, Target, and wholesale clubs like Costco (unless specifically stated). It generally applies to traditional supermarkets like Kroger, Publix, or Whole Foods. Always do a small test transaction if you are unsure.

3. Ignoring Opportunity Cost

If you redeem 100,000 points for $1,500 in cash, you feel rich today. But if you wanted to fly Business Class to Europe later this year, that same 100,000 points could have bought a ticket worth $4,000+. Before you cash out, use our Points vs. Cash Calculator to ensure you aren’t shortchanging your future travel.

Conclusion

For Q1 2026, Chase Pay Yourself Back is no longer the “print money” feature it was during the pandemic, but it remains a potent tool for the right user. The 1.5 cpp valuation for charities on the CSR is the standout winner, offering a floor value that beats almost any other cashback setup in the market. Furthermore, the return of the Gas Station category for Reserve holders adds significant utility for daily drivers.

If you have the Sapphire Reserve, check your “Gas” and “Gym” spend for January—it’s an easy way to recoup some holiday spending. For everyone else, keep your points hoarded for high-value transfer partners unless you strictly need the cash liquidity.