How To Redeem Chase Ultimate Rewards For Cash Back – Forbes Advisor

With Chase Ultimate Rewards®, cardholders have options for all types of credit card rewards. While variety is great, sometimes the best choices are the simplest. Cashback can be used for anything, anytime. Here’s how to exchange your rewards for cash back online.

Step by Step Guide To Redeem Grand Prize For Cash Back

Step 1: Login to your Chase Ultimate Rewards Online Account

To initiate cashback redemption, you must be logged in to your Chase online account that earned the Grand Prize. This includes cards from the Freedom, Sapphire and Ink families.

When you get to the grand prize homepage, you will find a blue button at the top of the screen labeled Earn/Use with available balance. Once you click on this button, another menu with your prize redemption options will appear. Towards the center of the screen, you will see the option we are looking for: Cash Back.

Step 2: Determine Your Redemption Size

Turning your points into cash is an easy process. The scoring is easy to remember—one point is worth 1 cent—and there’s no minimum redemption amount required. If you want, you can cash out a penny. Or cash out your entire balance (or anything in between).

Step 3: Choose Between Credit Statement or Account Deposit

As you scroll down the page, you will see that you have two options on how to receive your cash back gift. Choose from a credit statement or a deposit to your bank account.

If you choose statement credit, the credit must be applied to the card you redeemed your points from. Credits are usually sent to your account within three business days and will deduct your total card balance. But keep in mind, you still have to make a minimum payment every month even if you have redeemed a cash back prize.

Depositing cash back into the bank account is your other option. Most likely, you already have a bank account linked to your credit card account to pay your bills. That account will be shown as an option for a cashback deposit. However, you can add a new account if you wish.

Similar to a statement credit, you’ll see your cashback reward in your bank account within three business days.

Both types of cash back prize redemption are final: once you submit a request, it cannot be cancelled.

Alternatives for Cash Back Exchange

While cash back gives you complete flexibility in how to spend your credits, Ultimate Rewards provides several other redemption options similar to cash. In some cases, these alternatives can earn more than a penny per point—so it’s worth the potential loss of versatility.

Exchange the Grand Prize for a Gift Card

Ultimate Rewards has a long list of gift card rewards to choose from. Some of these are purchased at the same rate as gift cards (1 cent per point). Others are available with up to 10% discount. For example, 900 Ultimate Rewards points would be worth $9 in cash, but could be worth $10 as a gift card.

At the time of writing, the sale gift card includes options such as Gap Brands (including Old Navy and Banana Republic), MGM Resorts, and Spa Finder. The exact deal is subject to change.

If you find a gift card for a business you shop at, this can be a way to get more value from your points.

Pay Yourself Back

The Ultimate Rewards Card also includes a redemption option known as Pay Yourself Back. This is another form of credit statement but only applies to certain types of purchases. The benefit here is that your points are worth more when traded this way—depending on the exact cards you’re holding, your points can be worth 1.25 or even 1.5 cents each instead of a penny.

Purchase categories rotate every three months and vary by card. For example, at the end of 2022, points are worth 25% more, or 1.25 cents each, when applied to a Pay Yourself Back charity purchase on Chase Freedom Flex℠. At Chase Sapphire Reserve®, a second category, Airbnb, is also offered and points are worth 50% more, or 1.5 cents each.

Learn more about this redemption option in our Pay Yourself guide.

The main thing is

Cardholders interested in cash back will appreciate how easy 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 any cashout threshold which means you can reap your rewards whenever you want.