Home Credit Cards Why I Told My Dad To Cash Out His Chase Ultimate Rewards

Why I Told My Dad To Cash Out His Chase Ultimate Rewards

by joeheg

For years, my father has been listening to me tell stories about how Sharon and I go on amazing trips with the help of points we get through credit cards. He was a bit skeptical at first, but once he was able to book a trip to Southeast Asia using his AMEX Membership Rewards he was hooked.

This also meant I had to reign him in a bit when he got too excited and started signing up for every offer out there. I never imagined that I’d have to explain to my dad why he shouldn’t have signed up for the Home Depot card for the $50 discount.

He’s definitely enjoying his retirement and has let me share some stories about his travels:

They had a bunch of travel planned in 2020 that was all canceled so they were looking forward to 2021. Unfortunately, things don’t always go as planned and my dad currently has a health issue that will prevent him from traveling for quite a while.

While talking with his wife, she mentioned that she has a good amount of Ultimate Rewards from the Sapphire Reserve card and read an email about the Chase “Pay Yourself Back” feature. She wondered if I thought it would be a good idea to use their points this way since they’re not traveling.

I immediately said yes (and then wondered why I didn’t mention it to them.) Since she has a Sapphire Reserve, points are worth 1.5 cents each to pay for dining, grocery store and home improvement store purchases (Sapphire Preferred cardholders get 1.25 cents per point.)  Since they might need to make some changes to their house, using points to pay off the charges will be a good thing for them to handle the unforeseen expenses. They won’t be cashing all of their points because they still have loyalty accounts with airlines and hotels and their Membership Rewards points.

There have been several posts recently about whether or not the “Pay Yourself Back” program will be changing or even going away in a few months, but right now that’s are only speculation, based on changes to the program website. It still means that if they’re going to use this option, it makes sense to do it sooner than later.

Want to comment on this post? Great! Read this first to help ensure it gets approved.

#stayhealthy #staysafe #washyourhands #wearamask

Like this post? Please share it! We have plenty more just like it and would love it if you decided to hang around and get emailed notifications of when we post. Or maybe you’d like to join our Facebook group – we have 18,000+ members and we talk and ask questions about travel (including Disney parks), creative ways to earn frequent flyer miles and hotel points, how to save money on or for your trips, get access to travel articles you may not see otherwise, etc. Whether you’ve read our posts before or this is the first time you’re stopping by, we’re really glad you’re here and hope you come back to visit again!

This post first appeared on Your Mileage May Vary

Leave a Comment