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Chase sent an email to Ink cardholders saying that the bank now offers the ability to cash out points to PayPal. However, the rate is only 0.8¢ per point on your Ultimate Rewards. Here are the details and why you definitely shouldn’t utilize this redemption option.
The Offer
Chase notified some Ink cardholders via email that among other ways to use points it now offers the ability to cash out via PayPal.
The email itself has a link to start the process and also some fine print. It’s only when you move further into the process that you see the cash-out rate of just 0.8¢ per point.
Why We Recommend Passing on This Offer
Having more flexibility with your points and various ways to use them is awesome. We’re fans of that. However, you should always seek to maximize the value of your points. Typically, that comes with using Chase’s transfer partners to book travel via loyalty program redemptions.
Conversely, if you’re interested in getting cash back, there are still better options than the ability to cash out from Chase to PayPal at 0.8¢ per point. You can redeem your points for select categories with Pay Yourself Back and get a value of up to 1.25¢ per point. You can also cash out your points at 1¢ each and get a statement credit or direct deposit in your checking account.
Thus, this PayPal redemption offer is actually one of the lowest-value uses of your Ultimate Rewards points. So, we recommend that you not utilize it.
Read more: All of the various ways to use your Ultimate Rewards points
Bottom Line
Chase now offers the option for those with Ink business credit cards to cash out points to PayPal. On the surface, it sounds interesting. However, the cash-out rate is one of the lowest-value redemption options for your points — worse than just getting a statement credit or direct deposit in your bank account. We want you to be informed about this offer so you can understand that the best uses of your points lies elsewhere.
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