Chase UK discussion

wiseonesomeofthetime

That's how I meet the criteria at other banks, such as Barclays, Halifax and Lloyd's, so I don't see why Chase would be any different tbh.

SanguineOnSaturn

My question was more to do with if it still counted going directly into a chase saver and then moved to the current account when I wanted to spend it. Technically still 500 from an external source. I don't think it does though so I'll have to transfer the 500 into the current to qualify and then move to saver until needed.

masonic

SanguineOnSaturn said:

My question was more to do with if it still counted going directly into a chase saver and then moved to the current account when I wanted to spend it. Technically still 500 from an external source. I don't think it does though so I'll have to transfer the 500 into the current to qualify and then move to saver until needed.

It would be an easy thing to check by going to the active offers section after making one of these payments to see if it has counted towards the limit.

SanguineOnSaturn

masonic said:

SanguineOnSaturn said:

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.

Actually we do both have chase accounts but the spending split can vary quite a bit. We would both probably need 75% of total to be sure or I'm back to monitoring and transfering money around quite a bit. The stoozing, 0% purchase cards and balance transfers I get. Esentially trying to get as much free credit into interest paying accounts for as long as possible. I may do a bit of this at some point, I think I've looked into this before. I recently had to do a mortgage change so I was a bit wary of applying for too much stuff on the credit report. It's all done now so I'm free to mess it up some more if I want.

Wheres_My_Cashback

eastcorkram said:

Wheres_My_Cashback said:

SanguineOnSaturn said:

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?

Doesn't matter what combo of payments in as long as it all adds up to £500 or more.

Rheumatoid

I thought when they announced the convoluted new rewards structure that they were going to start paying interest on current account balances (?1%) provided you transferred in your £500 in the previous month. Did I imagine this?

Marchitiello

Rheumatoid said:

I thought when they announced the convoluted new rewards structure that they were going to start paying interest on current account balances (?1%) provided you transferred in your £500 in the previous month. Did I imagine this?

https://www.moneysavingexpert.com/news/2023/02/chase-cashback-changes/

Band7

Rheumatoid said:

I thought when they announced the convoluted new rewards structure that they were going to start paying interest on current account balances (?1%) provided you transferred in your £500 in the previous month. Did I imagine this?

You are not the only one who thinks they were going to pay 1% interest on their current account. According to MSE, this was meant to get paid on the current account balance, without conditions. But this was either a misunderstanding from the outset, or chase have had a quiet change of mind, going by the information on their support page

MSE_James

The email I received as a Chase customer said:

"Starting in April, you'll earn 1% AER interest on all your current account balances. It's another way for you to get more from your money – as part of our promise of rewarding banking. We'll let you know when it's ready."

- it doesn't say that it starts on 1 April.

Rheumatoid

MSE_James said:

The email I received as a Chase customer said:

"Starting in April, you'll earn 1% AER interest on all your current account balances. It's another way for you to get more from your money – as part of our promise of rewarding banking. We'll let you know when it's ready."

- it doesn't say that it starts on 1 April.

At least I'm not going nuts then - although wife might disagree