With Chase Ultimate Rewards®, cardholders have options to all types of credit card rewards. While variety is nice, sometimes the best option is the simplest. Cash back can be used for anything, anytime. Here’s how to redeem your rewards for cash-back online.
Step-by-Step Guide To Redeeming Ultimate Rewards for Cash Back
Step 1: Log Into Your Online Chase Ultimate Rewards Account
To get started with a cash-back redemption, you’ll need to login to an online Chase account that earns Ultimate Rewards. This includes cards from the Freedom, Sapphire and Ink families.
When you’ve arrived on your main rewards homepage, you’ll find a blue button on the top of your screen labeled Earn / Use with your available balance. Once you click on this button, another menu with your reward redemption options will appear. Toward the middle of the screen, you’ll see the option we’re looking for: Cash Back.
Step 2: Determine the Size of Your Redemption
Converting your points to cash is a straightforward process. The valuation is simple to remember—one point is worth 1 cent—and there is no minimum redemption amount required. If you wish, you can cash out a single penny. Or, cash out your full balance (or anything in-between).
Step 3: Choose Between a Statement Credit or Account Deposit
As you scroll down the page, you’ll see you have two options on how to receive your cash-back rewards. Choose from a statement credit or a deposit into your bank account.
If choosing a statement credit, the credit must be applied to the card you are redeeming your points from. Credits typically post to your account within three business days and will reduce the total balance on your card. Keep in mind, though, you’re still required to make a minimum payment each month even if you’ve redeemed cash-back rewards.
Depositing cash back into a bank account is your other option. Most likely, you’ll already have a bank account linked to your credit card account in order to pay your bill. That account will show as an option for cash-back deposits. However, you can add a new account if you prefer.
Similar to statement credits, you should see your cash-back reward in your bank account within three business days.
Both types of cash-back reward redemptions are final: once you submit your request, it cannot be reversed.
Alternatives to Cash-Back Redemptions
While cash back gives you complete flexibility in how you spend your credit, Ultimate Rewards provides a few other redemption options similar to cash. In some cases, these alternatives may yield more than one penny per point—making it worth the potential loss of versatility.
Redeem Ultimate Rewards for Gift Cards
Ultimate Rewards has a long list of gift card awards to choose from. Some of these are purchased at the same rate as gift cards (1 cent per point). Others are available at up to a 10% discount. For example, 900 Ultimate Rewards points would be worth $9 in cash but could be worth a $10 gift card instead.
As of the time of this writing, sale gift cards included choices like Gap Brands (including Old Navy and Banana Republic), MGM Resorts and Spa Finder. The exact deals are subject to change.
If you find gift cards to businesses you shop with anyway, this can be a way to get more value from your points.
Pay Yourself Back
Ultimate Rewards cards also include a redemption option known as Pay Yourself Back. This is another form of statement credit but it only applies to select types of purchases. The benefit here is that your points are worth more when redeemed in this fashion—depending on the exact card you hold, your points could be worth 1.25 or even 1.5 cents each instead of a single penny.
Purchase categories rotate quarterly and vary by card. For example, in late 2022, points were worth 25% more, or 1.25 cents each, when applied toward Pay Yourself Back charity purchases on the Chase Freedom Flex℠. On the Chase Sapphire Reserve®, a second category, Airbnb, was also offered and points were worth 50% more, or 1.5 cents each.
Learn more about this redemption option in our Pay Yourself Back guide.
Bottom Line
Cardholders interested in cash back will appreciate how simple it is to redeem Chase Ultimate Rewards for statement credits or bank deposits. It only takes a few minutes to submit your redemption and rewards are processed quickly. Plus, Chase doesn’t require cash-out minimum thresholds which means you reap your rewards at any time of your choosing.
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