Can I pay my credit card bill with reward points? | Chase (2024)

FAQs

Can I pay my credit card bill with reward points? | Chase? ›

Chase Pay Yourself Back is a points redemption option that gives select Chase cardholders the opportunity to redeem points for a statement credit to cover eligible purchases. The exact rate of redemption depends on the purchase type and the specific Chase credit card you hold.

For some cards, accumulated reward points can be used towards your next credit card payment. In some cases, redemption options include requesting your reward points as cash payment through a check or direct deposit, which you can then use to pay for your next credit card payment.

In fact, you can use your credit card to fund the majority of bill payments, rent, business utility bills, and many other recurring expenses. Maximizing the benefits of earning points while paying bills is a case of timing and using the right card for the right payment.

Apply them to your bill: Ultimate rewards points can be used as a statement credit applied to your monthly balance. They convert at the rate of one cent per point. Pay Yourself Back^® program: This was introduced during the COVID-19 lockdown of 2020 and is available for Freedom, Sapphire and Ink cards.

Rewards cannot be used as a form of payment. Payments are accepted from your checking or savings account. However, rewards can be redeemed for a statement credit to reduce your overall credit card balance.

You should only redeem points or miles for statement credits when they are worth at least $0.01 each. So in this scenario, it would be best to redeem rewards for an alternative, such as airfare.

Yes, few credit card providers allow their customers to convert credit card reward points into cash. If you have a credit card from those providers, you can convert your credit card reward points into cash.

This program allows Amex cardholders to earn points that can be used for travel, shopping, or even paying off their credit card bills.

Rewards credit cards

Many rewards credit cards give back each time you spend money, whether cash back, travel rewards, or discounts. However, using them to make your car payment can come with monthly fees.

Pay Yourself Back

If you're a Rapid Rewards Credit Cardmember, you can redeem your Rapid Rewards points for a statement credit. Use points to reimburse yourself for your annual Rapid Rewards Credit Card⁴ fee or other eligible transactions.

Can you convert Chase reward points into cash? ›

All Chase credit cards allow you to redeem those points for cash back, travel, gift cards and Amazon or Apple purchases. In some cases, you may even be able to redeem your points for special experiences or access exclusive events. Many people enjoy using their points to help pay for travel.

Chase Pay Yourself Back can offer good value for your points when redeemed for eligible purchases. Pay Yourself Back can only be used on certain expenses such as charitable donations and annual fees. Read Business Insider's guide to the best credit cards.

Key takeaways

To get the most value from your points, redeem them for high-value options like travel or points transfers to airline and hotel partners.

You can check the same on your card issuer's official website. Can I use credit card points to pay credit card bills? On redeeming your credit card reward points, you can get cash credit into your statement. The amount credited will be adjusted against your credit card bill when the statement is generated.

To redeem rewards for actual cash, you'll have to link a savings or checking account to your credit card account so that you have a place to deposit that money. That will require inputting the routing and account numbers for the destination bank, and this option, too, will involve a wait time of a few days.

Rewards: You may be able to earn rewards like cash back, points or miles when you pay bills with a rewards credit card. Flexibility: Whether you choose to pay online, over the phone or in person, you can generally use a card. Protection: Credit card statements can act as proof of payment in a dispute.

This program allows Amex cardholders to earn points that can be used for travel, shopping, or even paying off their credit card bills. Depending on how you redeem those points, they can be worth anything from 0.5 to two cents per point.

Online redemption is the most convenient ways to redeem your Reward Points as it can be done without calling up the bank's customer care department. Most banks offer you home delivery for products purchased online against Reward Points. You can also convert these points into air miles and use them to buy air tickets.

Yes, you can choose to redeem your rewards points as a statement credit on Synchrony's e-servicing site at www.syncbank.com/amazon.

A good redemption value for credit card travel points is typically around 1 cent per point. Credit card travel points can be redeemed in a variety of ways including for travel, merchandise, gift cards, statement credits and cash back.