Chase is continuing to add new temporary benefits to their Sapphire Reserve and Sapphire Preferred cards to make up for the travel slowdown caused by COVID-19. Registration for these offers is not required.
Chase previously announced that they would continue offering the popular Pay Yourself Back program on Sapphire cards through 4/30/21. That allows you to offset any dining, grocery store, or home improvement purchases at a rate greater than 1.25 or 1.5 cents per point.
Chase previously announced that you will get automatically reimbursed for gas and groceries with your Sapphire Reserve $300 travel credit. Chase announced today that the gas and groceries reimbursement has now been extended through 6/30/21!
Chase also announced today that new and existing Sapphire cardholders will earn a bonus on grocery spending from 11/1/20-4/30/21. Sapphire Reserve will earn 3 points per dollar and Sapphire Preferred will earn 2 points per dollar, both with a $1,000 monthly spending cap.
That’s excellent as grocery spending is a Pay Yourself Back category and you get to keep the points on those purchases when you reimburse yourself for them!
In other words, if you spend $300 on groceries or dining on Sapphire Reserve, you can use 20,000 points to offset that purchase and make it free. Plus, you’ll still earn the 900 points for groceries or dining, so you effectively used 19,100 points to offset the purchase. That means your points were actually worth 1.57 cents each!
At that value grocery store purchases effectively earn 3 points per dollar at 1.57 cents per point, or 4.71% back.
Plus, grocery purchases are eligible for the $300 travel credit through 6/30/21, and you can actually offset grocery purchases twice, once with the $300 travel credit, and again with points! That means if you make a $300 grocery purchase during your 2020 or 2021 travel credit year, you can use 19,100 points to offset it and you will get back $600 in credits!
The grocery spending benefits are not quite as strong as they are for new Freedom Flex and Freedom Unlimited cardholders, but they’re certainly a great addition to the Sapphire cards. Here’s hoping they become a permanent addition!