Chase UK discussion

soulsaver

adindas said:

You can not get sizeable cashback from buying investment using debit card, paying credit card balance. So, it seems to me rounding up is much better than cash back for people who determine to maximize it 
Spring to mind what about buying1-5p item just to get round up 95-99p for each purchase ??
You could easily do that in quiet supermarket by paying each single item you buy with debit card rather than paying the whole shopping in one go. Also there are reasonable number of similar items on eBay you could get for this purpose.
Has anyone tried it ??

Only the people who think that Chase is paying for the round up.

k_man

soulsaver said:

adindas said:

You can not get sizeable cashback from buying investment using debit card, paying credit card balance. So, it seems to me rounding up is much better than cash back for people who determine to maximize it 
Spring to mind what about buying1-5p item just to get round up 95-99p for each purchase ??
You could easily do that in quiet supermarket by paying each single item you buy with debit card rather than paying the whole shopping in one go. Also there are reasonable number of similar items on eBay you could get for this purpose.
Has anyone tried it ??

Only the people who think that Chase is paying for the round up.

I didn't want to go down that route again.

Sensory

adindas said:

You can not get sizeable cashback from buying investment using debit card, paying credit card balance. So, it seems to me rounding up is much better than cash back for people who determine to maximize it 
Spring to mind what about buying1-5p item just to get round up 95-99p for each purchase ??
You could easily do that in quiet supermarket by paying each single item you buy with debit card rather than paying the whole shopping in one go. Also there are reasonable number of similar items on eBay you could get for this purpose.
Has anyone tried it ??

Why? That's an extreme amount of effort, for literal pennies.

northwalesd

Daliah said:

northwalesd said:

Just launched the Chase app and was presented with a message that soon they'll require me to change my (login) PIN, and that I'll need to take a selfie and picture of my ID to prove it's me. Anyone else seen it?

Please ask Chase what this message is about, and please update us in their answer

OK, I've actually just spoken to Chase support on the phone. It's not something the CS agent I spoke to was aware of. He did suggest it may be a 'glitch' due to the large volume of new customers they are onboarding.

I must reiterate that I saw the message only after I had logged into the app, it wasn't just some spurious message that popped up on my phone. I haven't changed my PIN, as I was able to just back out of the message. Nothing has happened with either my current account or savings accounts. I'll just keep an eye on things.

Wheres_My_Cashback

k_man said:

Aside from the potential risk of account/benefit suspension, you are unlikely to get rich on 5% interest on the roundups (after 12 months).

So:
Spending lots of 1p to 5p on eBay to make... not even 5p on each one (after 12 months)
Or going through multiple supermarket checkout and pay processes, to make... up to 5p for each one (after 12 months)

ETA: round up account balance is transferred out annually, so 5% is the theoretical maximum AER, for round ups on day 1.

Potential risk based upon anecdotal hearsay on a public forum only. You may as well have quoted from the Daily Star/Mail.

RG2015

Wheres_My_Cashback said:

k_man said:

Aside from the potential risk of account/benefit suspension, you are unlikely to get rich on 5% interest on the roundups (after 12 months).

So:
Spending lots of 1p to 5p on eBay to make... not even 5p on each one (after 12 months)
Or going through multiple supermarket checkout and pay processes, to make... up to 5p for each one (after 12 months)

ETA: round up account balance is transferred out annually, so 5% is the theoretical maximum AER, for round ups on day 1.

Potential risk based upon anecdotal hearsay on a public forum only. You may as well have quoted from the Daily Star/Mail.

I had this discussion with @daliah a few days ago (maybe even on this thread).

The Chase reports were on Reddit, and I see no reason to dispute them but the point is why would anyone do it for pennies.

If they did, I doubt that a potential fear of Chase suspending them would stop them. 

Daliah

People on Facebook discussing roundup 

ccluedo

Oh..if only Andrew was correct 

k_man

Wheres_My_Cashback said:

k_man said:

Aside from the potential risk of account/benefit suspension, you are unlikely to get rich on 5% interest on the roundups (after 12 months).

So:
Spending lots of 1p to 5p on eBay to make... not even 5p on each one (after 12 months)
Or going through multiple supermarket checkout and pay processes, to make... up to 5p for each one (after 12 months)

ETA: round up account balance is transferred out annually, so 5% is the theoretical maximum AER, for round ups on day 1.

Potential risk based upon anecdotal hearsay on a public forum only. You may as well have quoted from the Daily Star/Mail.

It seems we have different interpretations of the term potential risk

Mine was
a thing that has the possibility of occuring, but with no indication of probability

RG2015

k_man said:

Wheres_My_Cashback said:

k_man said:

Aside from the potential risk of account/benefit suspension, you are unlikely to get rich on 5% interest on the roundups (after 12 months).

So:
Spending lots of 1p to 5p on eBay to make... not even 5p on each one (after 12 months)
Or going through multiple supermarket checkout and pay processes, to make... up to 5p for each one (after 12 months)

ETA: round up account balance is transferred out annually, so 5% is the theoretical maximum AER, for round ups on day 1.

Potential risk based upon anecdotal hearsay on a public forum only. You may as well have quoted from the Daily Star/Mail.

It seems we have different interpretations of the term potential risk

Mine was
a thing that has the possibility of occuring, but with no indication of probability

Surely the point is that it is based on hearsay, not the possibility or probability of it occurring.