Chase UK discussion

phillw

VXman said:
Presumably you mean if you then put the money you would have spent into an interest account paying more than 1%. I remember those days of juggling 0% interest credit cards and savings accounts. I really don't want to go there again. Just too much hassle!

Transferring your salary into a savings account and then pulling money out at the start of the month to cover your direct debits is hassle?

Daliah said:
For ongoing spending, e.g. on food and leisure, the return from the 0% card gets less and less the closer you get to the end date of the 0% period

If every 12 months you get another 24 month card, then it's not a problem. 
Which if you're paying off the minimum payment, you'll hit your credit limit way before the cash back becomes attractive.

NeedSomeHRadvice

How long does it take Chase to send out a card, heard there were delays a few months back (after the £20 referral offer). I am going on holiday in 10 days - any chance they'll get the card to me before I leave?

Astria

NeedSomeHRadvice said:

How long does it take Chase to send out a card, heard there were delays a few months back (after the £20 referral offer). I am going on holiday in 10 days - any chance they'll get the card to me before I leave?

7 - 10 days they quoted when I last lost my card, but it took about 5 days in reality, so it's a possibility.

Daliah

NeedSomeHRadvice said:

How long does it take Chase to send out a card, heard there were delays a few months back (after the £20 referral offer). I am going on holiday in 10 days - any chance they'll get the card to me before I leave?

You can add the card to ApplePay / GoogleWallet - you don't need to wait for the physical card. All the card data in the app.

Marchitiello

phillw said:

Daliah said:
I am still enjoying the 1% cashback on larger purchases but I don't bother now with things like supermarket spends as I get 1% on my RBS credit card for those, and I find spending on credit card so much easier than using a debit card as I don't have to worry about having enough money in the current account at the time of purchase.

1% cash back is particularly poor, if you can get a 0% purchases credit card.

Aside that there may be many reason for someone not to want to increase their credit utilisation even at 0% and stoozing at 2+ %, the cashback is immediate while the full % APR  will likely materialise in a longer timeframe

gt94sss2

NeedSomeHRadvice said:

How long does it take Chase to send out a card, heard there were delays a few months back (after the £20 referral offer). I am going on holiday in 10 days - any chance they'll get the card to me before I leave?

The timescales for delivery could also be affected by the ongoing Royal Mail strikes (including tomorrow).

I would expect you should receive it before your holiday though

phillw

Marchitiello said:
Aside that there may be many reason for someone not to want to increase their credit utilisation even at 0% and stoozing at 2+ %, the cashback is immediate while the full % APR  will likely materialise in a longer timeframe

It sounds like what you're saying is that for someone unwilling or unable to take advantage of 0% purchase cards & who desperately requires the 1% cashback now, that chase is a reasonable second choice.

While there is a greater lag between making a purchase and getting the interest, if you're constantly running with 0% purchase cards then it's only the initial delay that is important as you will be getting money back for previous stoozes.

There is a cost to getting money now rather than money in the future, and a cost to not taking advantage of all financial products available to you.

Marchitiello

phillw said:

Marchitiello said:
Aside that there may be many reason for someone not to want to increase their credit utilisation even at 0% and stoozing at 2+ %, the cashback is immediate while the full % APR  will likely materialise in a longer timeframe

It sounds like what you're saying is that for someone unwilling or unable to take advantage of 0% purchase cards & who desperately requires the 1% cashback now, that chase is a reasonable second choice.

While there is a greater lag between making a purchase and getting the interest, if you're constantly running with 0% purchase cards then it's only the initial delay that is important as you will be getting money back for previous stoozes.

There is a cost to getting money now rather than money in the future, and a cost to not taking advantage of all financial products available to you.

I am not a particular fan of using 0% purchase cards, as I normally use better return rewards card and then balance transfer at 0% fee if I want to Stooze.

I personally only use the Chase debit card for the 1% cashback on foreign currency purchases  (and temporarily put it aside this past summer when my Santander Zero Credit Card matched that), and for anything in GBP I get better return from my Amex and other Avios earning opportunities (I do travel in premium cabins and I get much better return that way).

but again, as I said before, I would not define the 1% cashback as particularly poor, as many people may not want to wait to get money in the future (and in your argument, it is an opportunity cost not applicable to everyone)  

BACKTOBACK

I have transferred money into Chase from other current accounts before and always get a warning from the bank sending the money as they are unable to verify the account name due to Chase not supporting confirmation of payee.

I transferred £6k from Halifax to Chase yesterday and the Halifax app said we are able to confirm the identity through confirmation of payee.

Just wondered if anyone else is now getting confirmation of payee name when transferring funds into Chase?

Marchitiello

I have just tried  from Santander and Barclays and did not get a warning but cannot remember if I did get it all the time or only when setting up the payee in the first place.

from my RBS list, the payee has a an orange marker as not verified, and by paying again, it has not updated, so again not sure if the verification is only done when setting up a payee for the first time rather then at every payment (from a saved payee list)