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At 1.25 cents per point, it’s much less attractive in comparison to transferring to travel partners. The ability to redeem Ultimate Rewards points at 1.5 cents each was one of the main reasons that I’ve held onto the Sapphire Reserve for years (along with a Priority Pass membership that includes restaurants). Interestingly, there’s no change in redemption values or categories for any of the Ink cards. Chase has also changed up the categories significantly, adding grocery stores and gas stations for both the Sapphire Reserve and Preferred and taking away restaurants and AirBnB. The only categories that are still holding onto the old, higher redemption rates are select charities and travel booked via the Chase Travel Portal. Chase Sapphire Preferred cardholders are losing their 25% bonus completely and, going forward, all PYB redemptions will be at a measly 1cpp. PYB redemptions for Sapphire Reserve cardholders have been reduced to 1.25 cents each from the original 1.5.

As we feared, Chase has dealt a massive blow to the value of the “Pay Yourself Back” program.