New Chase Ink Pay Yourself Back Categories: Internet, Phone, and More

New Chase Ink Pay Yourself Back Categories Chase Ink cardholders can redeem points through Pay Yourself Back toward internet, cable, and phone services through September 30, 2021. d3sign/Getty Images

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• Chase has added useful new Pay Yourself Back categories to its Ink Business cards.
• Through September 30, they include internet, cable, and phone service purchases.
• Existing Ink Business Preferred® Credit Card categories have been extended through the same date.
• Read Insider's guide to the best rewards credit cards.

The Chase Pay Yourself Back program was launched early in the pandemic to give cardholders another way to get more value from their Ultimate Rewards points without having to book travel. Even as the world is opening up again, the Pay Yourself Back feature is still going strong, offering redemptions at a higher rate toward eligible everyday expenses.

If you have the Ink Business Preferred® Credit Card or Ink Business Plus® Credit Card (no longer available to new applicants), you now have more ways to use your rewards through Pay Yourself Back. Through September 30, 2021, cardholders can redeem points with 25% more value (1.25 cents per point) toward eligible internet, cable, and phone service purchases.

Read more: How to use Chase Pay Yourself Back

This is in addition to the existing Chase Ink Pay Yourself Back categories of home improvement stores and shipping, which were to expire on June 30, 2021. Those categories are now extended through September 30, 2021 — and eligible charity purchases are still a category until December 31, 2021, as well.

Meanwhile, no-annual-fee Ink Business Unlimited® Credit Card and Ink Business Cash® Credit Card cardholders aren't being left out. They, too, will get a bonus on internet, cable, and phone service Pay Yourself Back redemptions, but it's 10% (1.1 cents per point) instead of the 25% bonus offered to Ink Business Preferred® Credit Card and Ink Business Plus® Credit Card members.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

New Pay Yourself Back categories

Adding internet, cable, and phone service purchases as Pay Yourself Back categories on the Chase Ink cards is very helpful if you want to reduce your out-of-pocket costs on these common expenses. 

Chase's definition of these services is quite broad and includes:

• Internet
• Cable
• Satellite television and radio
• Cellular
• Wireless data
• Landlines 

However, it's important to note that if you pay for these services at a merchant's store, it might not code as a service and wouldn't be eligible as a Pay Yourself Back redemption (for example, if you pay your AT&T bill at an AT&T store instead of online or by mail).

Read more: The best Chase credit cards in 2021

The new categories on the Chase Ink cards are a nice complement to the Pay Yourself Back categories on other Chase cards like the Chase Sapphire Reserve®, Chase Sapphire Preferred® Card, Chase Freedom Unlimited®, and Chase Freedom Flex℠. Sapphire cardholders can redeem points toward grocery, dining, and home improvement store purchases, and Freedom cardholders get a 10% bonus on up to $250 in dining purchases for a limited time.

Here's a summary of all the options available right now:

There's no activation required to redeem points through Pay Yourself Back. Once an eligible charge posts to your account, you can "erase" the purchase by signing into your Chase account online and applying points to cover all or some of the transaction.

How to use Chase Pay Yourself Back

1. Log into your Chase account online
2. Navigate to the Chase Ultimate Rewards landing page
3. Click on "Pay Yourself Back" under the "Earn/Use" dropdown menu
4. From there, you'll be taken to a list of your purchases from the last 90 days that qualify for Pay Yourself Back
5. Select any purchases you'd like to redeem points for
6. You'll be asked to enter the cash value of points you want to use, since you can use points to cancel out a portion of a purchase, in addition to redeeming points for the full purchase value
7. Hit "Confirm & Submit" to complete your points redemption

Keep in mind the Ink Business Preferred® Credit Card already earns 3x points on internet, cable, and phone services (on up to $150,000 per year, combined with travel, advertising on social media, and shipping, then 1x). And the Ink Business Cash® Credit Card earns 5x points (5% back) on up to $25,000 annually on internet, cable, phone services, and at office supply stores (then 1x).

Chase Ultimate Rewards points are worth, on average, 1.8 cents each based on Insider's latest points and miles valuations — in part because of the ability to transfer to travel partners and get outsized value when you have certain Chase cards.

Using your eligible Ink card for these expenses is a win-win, because you'll still earn rewards on the purchases you erase with Pay Yourself Back.

Read more: How to earn, redeem, and maximize Chase Ultimate Rewards points

That said, if you have the Ink Business Preferred® Credit Card (or Chase Sapphire Preferred® Card or Chase Sapphire Reserve®), you also have the ability to transfer points to Chase's airline and hotel partners or redeem points through the Chase Travel Portal at an improved rate. If you've got travel plans coming up, you may be better off saving your points for award flights or hotel bookings and skipping the Pay Yourself Back option.

Jasmin Baron is an associate editor at Personal Finance Insider, where she helps readers maximize rewards and find the best credit cards to fit their lifestyles. She has covered credit cards, points and miles, and loyalty programs for over seven years, and she's a Certified Educator in Personal Finance (CEPF).

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