As of today, you can redeem your Sapphire Reserve Ultimate Rewards points to offset any dining, grocery store, or home improvement purchases at a rate of 1.5 cents per point or you can redeem your Sapphire Preferred Ultimate Rewards points at a rate of 1.25 cents per point.
This limited time promotion will expire on 9/30.
Other limited time Chase promotions include:
- A $100 Sapphire Reserve statement credit upon renewals, this is being transitioned to a $450 annual fee from July-December
- An additional 3 months to earn a signup bonus for cards opened in January-March.
- An additional 3 months to earn a 2nd tier signup bonus for cards opened in October-March.
- Bonus points for spending on groceries through June.
- Bonus points for spending on Doordash and Tock through 5/31, on top of the new Doordash statement credits on Sapphire Reserve
- Redeeming United miles at a value of 1.5 cents each to pay your Chase United annual fee.
- Between 6/1-12/31 you will get automatically reimbursed for gas and groceries with your Sapphire Reserve $300 travel credit.
You have 90 days after a purchase to redeem points for a statement credit against it. The site tells you how many days you have left to redeem points and it also works for restaurant and grocery delivery services:
You can choose to redeem points against all or part of a purchase:
Interestingly, it even allows you to redeem points against purchases that were covered by card benefits. For example this Doordash purchase was automatically reimbursed by Sapphire Reserve’s $60 annual Doordash benefit, but is still eligible for reimbursement a 2nd time by redeeming points:
That should mean that you can get a 2nd statement credit for groceries that are already refunded as part of the Sapphire Reserve’s expanded $300 travel credit, which is valid for purchases on gas and groceries between 6/1-12/31.
If you, a household member, or an additional user business co-owner have points on other cards you can combine them together to redeem them with your Sapphire card.
You can do that by clicking here to go to the combine points page. Just click on the card you want to transfer points to and from or click to add a household card account.
You can also upgrade your Freedom, Freedom Unlimited, Sapphire, or Sapphire Preferred card to a Sapphire Preferred or Sapphire Reserve to take advantage of this promotion. Or you can apply for a new Sapphire Reserve or Sapphire Preferred card
Of course the real question is should you do this? If you redeem points for paid travel at a rate of 1.5 cents each then it’s a no-brainer to claim as many statement credits as you can during this time period. Redeeming points via Chase for travel means that you have to book via the Chase portal, which means you lose out on benefits like hotel elite perks and free baggage on United for United cardholders when using a United card.
If you use points for mileage transfers, this is much trickier. Those points can be worth much more than 1.5 cents each when you redeem for valuable redemptions. But with mileage programs devaluing their points and heading towards dynamic point redemption, who knows how much longer outsized redemptions will stick around. We can hope that airlines and hotels realize they need to offer aspirational redemptions at a good value to keep people from switching to cashback cards, but the trend has not been good.
Some people may start maximizing their dining, grocery store, or home improvement purchases. For example you can buy gift cards for hundreds of stores at those stores that you can get reimbursed at a rate of 1.5 cents per point.
But it’s also perfectly OK to just use it for regular purchases to take some chips off the table and leave yourself with enough points to still use for your trips. You can also set aside the cash redeemed to use on future travel when transferring points aren’t advantageous over paid travel.
If you need the cash now, then cashing out your points in this manner is easy to recommend. There’s certainly zero shame in redeeming Chase points for 1.5 cents cash and the extra cash can help people get through these difficult times. Plus credit card points are considered a purchase rebate, so you won’t owe any taxes on these points.
I also think it’s great that groceries is a valid category for this promotion as well as the expanded $300 travel credit promotion, as that is easily redeemable and can really help people that were hit hard financially by COVID-19. Plus many grocery stores also offer rewards for gas, which can mean that you’ll get even more perks for your reimbursed grocery purchases.
Personally I’m torn. I typically transfer points to miles where I get a value of 2 cents or more per point. Having Chase points means I can transfer them on demand when I figure out exactly which airline or hotel will give me the best value for my points. But it becomes more difficult to justify that strategy when points can be cashed out at 1.5 cents each!