Update 11/20/23: New categories (both 0.8¢ per point):
Groceries for personal
Gas for business
Again this is an awful deal. Hat tip to _big-fudge_
Update 4/12/23: Now available through 6/30/2023, limit of $300 in statement credits for restaurants, including takeout and eligible delivery services categories.
On the heels of adding the Pay Yourself Back cashout feature to the Aeroplan card, Chase has now added the feature to Southwest credit cards as well. Pay yourself back at the following rates:
1 cent per point toward cover the annual fee.
.8 cents per points to cover dining. This option is limited to $200 in statement credits. For now it shows an end-date of 3/31/23.
Most people will get more value from their Southwest points when redeeming for flights, but I still love when they make a cashout option for someone who has too many miles or whose travel situation changes.
You can find it within your Chase login: credit card -> More -> rewards dashboard -> “Your dashboard” button -> scroll down, and find ‘New! Pay Yourself Back“.
There’s a similar feature on the Chase United cards whereby you can pay yourself back for the annual fee using your United miles at 1.5 cents per point.