topic Chase Cashback Check vs. "Pay Myself Back" in Credit Cards

Chase Cashback Check vs. "Pay Myself Back"

Anonymous — Tue, 31 May 2011 19:03:52 GMT

Is it faster to choose to get a check by mail or to "pay myself back" with Chase Freedom rewards? The reason I ask is because the "pay myself back" option says it takes 2-3 business days to post, but the credit takes 1-2 statement periods to show up.

Re: Chase Cashback Check vs. "Pay Myself Back"

Anonymous — Tue, 31 May 2011 19:48:41 GMT

@Anonymous wrote:
Is it faster to choose to get a check by mail or to "pay myself back" with Chase Freedom rewards? The reason I ask is because the "pay myself back" option says it takes 2-3 business days to post, but the credit takes 1-2 statement periods to show up.

When I got my bonus, I chose a gift card. I don't like going to banks, so receiving a check by mail wasn't an option. The way the "pay myself back' work is, you have to let Chase know when you plan to buy something, and they credit your account. It took about 7 days for my to receive the gift card.

Re: Chase Cashback Check vs. "Pay Myself Back"

Anonymous — Tue, 31 May 2011 20:56:35 GMT

I'm like DI ... never used those method to redeem my pts. I like the Gift Card too But, It may not be bad idea to redeem the pts to check or credit.

Example;

1. You get a gift card for $50 at Restaurant ... total due at restaurant was $60,

you use $50 gift card and $10 charge on your Freedom.

You will earn the pts on $10 charge.

2. You get a check of $50 and cashed it out ... total due at restaurant was $60

you charge $60 on your Freedom

you will earn the pts on $60 charge

Pay Yourself Back

1. Enter a purchase: Log in within 60 days of your purchase and enter the date and amount below.

2. See points needed: Calculate points total to pay yourself back.

3. Receive a credit: We will credit your account.

Rewards Name: Pay Yourself Back

Item Number: PP0003

Description:

The minimum amount that can be redeemed is $20 or 2000 points. Credits may take up to 2-3 business days to process and post to your account. Credit will appear on your monthly Chase statement within 1-2 statement cycles. Credits cannot be cancelled or returned once you place your order. Reward credits are not applied towards your minimum payment due to your billing statement.

The Cash Back is like a gift card, receive it in the mail.

The Pay Myself Back is sort of refund but you kept the product/service. This one is quicker than Cash Back. Just on the statement wise, it takes longer.

I think I will going to redeem my pts with Cash Back or Pay Myself Back from now on!! OP, thanks for this post!

Re: Chase Cashback Check vs. "Pay Myself Back"

trumpet-205 — Wed, 01 Jun 2011 01:03:26 GMT

While I don't have a Chase card, given the opportunity, I always choose Statement credit (similar to Pay myself back). With statement credit, you earn cashback on top of balance that is covered by statement credit.

With giftcard, you don't earn cashback.