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Chase UK discussion

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  • northwalesd
    northwalesd Posts: 1,314 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    @dealyboy yes, I think so

    @km1500 yes, I was just being belt and braces in case I don't spend £500 over the month
  • With chase does the £500 need to go directly into the current account from the external account. I'm directly funding some of their saver accounts (5) via standing orders, I assume this won't count though?
  • With chase does the £500 need to go directly into the current account from the external account. I'm directly funding some of their saver accounts (5) via standing orders, I assume this won't count though?
    Yes, directly from an external a/c and then send it straight back if you want, but a payment in today will now only qualify for cashback in May.
  • Ok thanks.  My original 1 year term isn't up yet (I think it runs until May). I switched day to day spending over to a rewards credit card now anyway at the same rate but not capped. It seems a better idea keeping the money in an interest paying account until the bill due on the CC. I was trying to drip feed money into the current account for spending for a while but it was a bit too much hassle for me. Ideally I would pay the CC with the chase debit card for 1% cashback that way but I'm sure that'll be on the exclusions list.
  • Ok thanks.  My original 1 year term isn't up yet (I think it runs until May). I switched day to day spending over to a rewards credit card now anyway at the same rate but not capped. It seems a better idea keeping the money in an interest paying account until the bill due on the CC. I was trying to drip feed money into the current account for spending for a while but it was a bit too much hassle for me. Ideally I would pay the CC with the chase debit card for 1% cashback that way but I'm sure that'll be on the exclusions list.
    Indeed it is. 0% cashback for paying your credit card bill.

    As a matter of interest, what is the 1% credit card??
  • masonic
    masonic Posts: 27,158 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 1 April 2023 at 8:27PM
    Ok thanks.  My original 1 year term isn't up yet (I think it runs until May). I switched day to day spending over to a rewards credit card now anyway at the same rate but not capped. It seems a better idea keeping the money in an interest paying account until the bill due on the CC. I was trying to drip feed money into the current account for spending for a while but it was a bit too much hassle for me. Ideally I would pay the CC with the chase debit card for 1% cashback that way but I'm sure that'll be on the exclusions list.
    Indeed it is. 0% cashback for paying your credit card bill.

    As a matter of interest, what is the 1% credit card??
    Presumably this one: https://www.moneysavingexpert.com/credit-cards/best-credit-card-rewards/#amexeveryday
    Good option if you spend £10k+ on things that wouldn't qualify for Chase cashback and can find enough retailers that take Amex
  • SanguineOnSaturn
    SanguineOnSaturn Posts: 81 Forumite
    Second Anniversary 10 Posts
    edited 1 April 2023 at 9:34PM
    I'm using the nectar amex one. Technically not cash but since it can be spent like cash on fuel or shopping it's as good as imo. £1 spend is 2 points which is worth 1p. 20,000 bonus points when you hit £2000 spend in first 3 months (£100). Amex is a lot more widely accepted than I was expecting. Only greggs so far has been refused, all supermarkets ok. £25 fee after a year though so I might switch it up again then if there are better options.

    I'm keeping the cash in Kroo atm at 3.33% and paying the cc bill from there.  It also means if I find a place amex won't work I can use the Kroo card. No cashback on kroo though.

  • SanguineOnSaturn
    SanguineOnSaturn Posts: 81 Forumite
    Second Anniversary 10 Posts
    edited 2 April 2023 at 4:58AM
    Doing sone quick maths I'm still better off even with the fee.

    We're spending about £2000 per month on the amex card which is £20 in nectar points. Interest on the cash kept in interest paying account is £5.50 per month ish.

    £300 per year less 25 fee =275. With chase cap the most I can earn is £180 with no interest atm. It works better for me too as I can have a card for the wife on amex and chase don't do joint accounts.
  • masonic
    masonic Posts: 27,158 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Doing sone quick maths I'm still better off even with the fee.

    We're spending about £2000 per month on the amex card which is £20 in nectar points. Interest on the cash kept in interest paying account is £5.50 per month ish.

    £300 per year less 25 fee =275. With chase cap the most I can earn is £180 with no interest atm. It works better for me too as I can have a card for the wife on amex and chase don't do joint accounts.
    On a £24,000 per year (£2,000 per month) spend, the fee effectively reduces the reward to 0.9% of the spend or £215 per year.
    Compare that to you and your wife each having a Chase account and spending on the debit card, where the spending split would need to be anywhere from 50:50 to 75:25 per month to maximise cashback, and you'd have 1% of the spend coming in as cashback or £240 per year.
    The opportunity cost of missing out on an interest free credit period is now probably a bit more than £5.50 per month (but may be subject to tax), and could be even higher if you were to take up stoozing. It's also fair to factor in that not all spending on the Chase card will qualify for cashback. All of this will tip the scales in favour of a credit card.
    It's worth also bearing in mind that with interest rates at higher levels, a 0% spending card with a high enough credit limit may beat both options. There are also clever tricks you can do by combining reward credit cards and no fee 0% balance transfer cards.
  • eastcorkram
    eastcorkram Posts: 907 Forumite
    Part of the Furniture 500 Posts Name Dropper
    edited 2 April 2023 at 11:40AM
    With chase does the £500 need to go directly into the current account from the external account. I'm directly funding some of their saver accounts (5) via standing orders, I assume this won't count though?
    Yes, directly from an external a/c and then send it straight back if you want, but a payment in today will now only qualify for cashback in May.
    Presumably it doesn't need to be £500 in one transaction? So £200 a week would still qualify for the next month?
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