Chase UK discussion

masonic

You'd only get a warning when setting up as a new payee. I've seen nothing to suggest Chase has implemented Confirmation of Payee. It would be remiss of them not to make an announcement as it is a frequently requested feature in their community group.

k_man

COP paying into Chase has been working for a while, (it was identified on a different thread a few weeks ago)

https://www.chase.co.uk/gb/en/support/confirmation-of-payee/

Does Chase use Confirmation of Payee when I add a new payee?

No, but it's coming soon.

Does Chase use Confirmation of Payee when someone pays me from another bank?

Yes we do. If someone is paying you it's important to give them your full and correct account details, This way, they can get immediate confirmation that the payment is OK to send.

 

phillw

Marchitiello said:
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.

 

You balance transfer every month to a 0% no fee card?
At the risk of going OT, which rewards cards are better now & what card has an open ended balance transfer?

Using chase debit card for buying currency is a good call though, I hadn't considered it because buying currency is becoming quite niche these days.

I'm not saying there is nobody that chase 1% doesn't work out the best for them, but the idea is often being pushed here that 1% cashback on a debit card is the best in terms of money saving you can get

k_man

k_man said:

COP paying into Chase has been working for a while, (it was identified on a different thread a few weeks ago)

https://www.chase.co.uk/gb/en/support/confirmation-of-payee/

Does Chase use Confirmation of Payee when I add a new payee?

No, but it's coming soon.

Does Chase use Confirmation of Payee when someone pays me from another bank?

Yes we do. If someone is paying you it's important to give them your full and correct account details, This way, they can get immediate confirmation that the payment is OK to send.

 

Although not working this morning from TSB (when setting up new payee):

Recipient verification

We weren't able to check the account details.

The details may be correct but please check with the recipient. If you're confident they're correct, then you may continue below.

Marchitiello

phillw said:

Marchitiello said:
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.

 

You balance transfer every month to a 0% no fee card?
At the risk of going OT, which rewards cards are better now & what card has an open ended balance transfer?

Using chase debit card for buying currency is a good call though, I hadn't considered it because buying currency is becoming quite niche these days.

I'm not saying there is nobody that chase 1% doesn't work out the best for them, but the idea is often being pushed here that 1% cashback on a debit card is the best in terms of money saving you can get

Maybe I should have explained this better, but as I put through quite a considerable sum every month though my Credit Card (have to claim many business expenses) for me within one or two month I would have the maximum allowed balance to transfer to a 0% card and would therefore have the maximum amount into a saving or short investment account for the full 12/11/9 months instead of building it up month by month.. and at the same time I would have earned rewards on my regular credit cards on top of that.

I have accrued just short of 1 million Avios just in the last year between spend, sign up bonuses, bank account, etc. Most of my spend goes through my BAPP card and about 5-7% through other cards, including some on my Amex Platinum where I get Statement credit or particular promotion. And as stated, when I book £ks worth of premium airfare for a fraction of the price, the Avios return is several multiple more then the 0.8p value given via Nectar.

having shared my Case Study, I realised that many on MSE would not be in the same situation, but as stated in my original response to you regarding the “poor value”, there are many reasons for one not to want or be able to stooze and 1% cashback return immediately is as good as it get… even for those who stooze, they may have already maximise the balance available, so can continue to spend at 1% cashback, again as the outside of my particular Case Study where I easily get new cards with limits in the 5 digits, many MSEs will only get fairly small credit limits 

masonic

phillw said:

Marchitiello said:
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.

 

You balance transfer every month to a 0% no fee card?

I've done this in the past. The combination of a cashback credit card, and 0% BT card with no fee that allows BTs over the full promotional period is a little better than a 0% card for new spending. Such cards are few and far between.

n1guy

Have they ever fixed being able to save reference when send payments ? So for instance, wanted to pay rent every month via faster payments, but each time I had to enter all reference etc, it was a pain so gave up using them.

phillw

Marchitiello said:
but as stated in my original response to you regarding the “poor value”, there are many reasons for one not to want or be able to stooze and 1% cashback return immediately is as good as it get… even for those who stooze, they may have already maximise the balance available, so can continue to spend at 1% cashback, again as the outside of my particular Case Study where I easily get new cards with limits in the 5 digits, many MSEs will only get fairly small credit limits 

It is poor, you just keep listing reasons why someone might have to fall back on such a poor rate. For example if someone maximized their credit limit on one 0% card, but is unable to obtain another card.

km1500

Maybe this has already been answered - if so apologies - but my Chase savings account is still showing 1.5%

do I have to do anything to activate it or change it to 2.1% thanks

Chase chat said to force stop the app and then restart it I did that and it made no difference

wmb194

km1500 said:

Maybe this has already been answered - if so apologies - but my Chase savings account is still showing 1.5%

do I have to do anything to activate it or change it to 2.1% thanks

Chase chat said to force stop the app and then restart it I did that and it made no difference

Patience. There's a message in the app today saying the rate is now 2.1% but it might take a while for it to be shown correctly in the app.