What happened
Chase lowered Pay Yourself Back on the Sapphire Reserve to 1.15 cents per point for grocery and wholesale clubs on October 1, 2026. Doctor of Credit reports a further cut after Q3 2026, when the typical cashout was 1.20%.
Department stores remain at 1.20 cents per point, and annual-fee credits still redeem at 1.25 cents per point. Select charities remain at 1.5 cents per point. Doctor of Credit assumes other Chase cards' Pay Yourself Back lists are unchanged unless readers report otherwise.
Everyday cashouts are now worth less than earlier in 2026. Travel redemptions and transfers look relatively stronger than grocery or wholesale-club statement credits.
Cash out against select charities or the annual fee, or redeem the points for travel.
- Starts
- Oct 1, 2026
- Numbers
- 1.15%: main Pay Yourself Back cashout rate for Q4 2026
- 1.15 cents per point: grocery Pay Yourself Back rate
- 1.15 cents per point: wholesale clubs Pay Yourself Back rate
- 1.20 cents per point: department stores Pay Yourself Back rate
- 1.25 cents per point: annual fee Pay Yourself Back rate
- 1.5 cents per point: select charities Pay Yourself Back rate
- 1.20%: typical Pay Yourself Back cashout rate in Q3 2026
- Who qualifies
- Chase Sapphire Reserve cardholders
- Takeaway
- If cashing out Sapphire Reserve points, prefer select charities or the annual fee over grocery and wholesale clubs, or redeem for travel instead.