Chase UK discussion

where_are_we

I am weighing up  the benefits of the 1% cashback debit card compared to my present 1/2% cashback credit card. On an annual credit card spend of £6000 there would be a cashback gain of 1/2% = £30 for first 12 months. However payments from a DC are taken immediately from your current account, whereas CC payments are delayed for a number of weeks and a direct debit in full once a month is easily managed. I would have to keep sufficient balance in Chase CA to cover the flow of DC payments but not too high a balance because no interest is being earned. I suppose the cashback on my CC could be pulled at any time whereas this 1% DC cashback is guaranteed for first 12 months. The round up account wouldn`t provide much unless I did multiple purchases of £1.01 items!

Nick_C

where_are_we said:

I am weighing up  the benefits of the 1% cashback debit card compared to my present 1/2% cashback credit card. 

If you shop in Sainsbury's, Argus, or on eBay, you should consider getting a free Amex card.  You can convert Membership Rewards or Avios to Nectar Points, giving you 0.8% cashback (if you value Nectar points at 0.5p).

crumpet_man

where_are_we said:

I am weighing up  the benefits of the 1% cashback debit card compared to my present 1/2% cashback credit card. On an annual credit card spend of £6000 there would be a cashback gain of 1/2% = £30 for first 12 months. However payments from a DC are taken immediately from your current account, whereas CC payments are delayed for a number of weeks and a direct debit in full once a month is easily managed. I would have to keep sufficient balance in Chase CA to cover the flow of DC payments but not too high a balance because no interest is being earned. I suppose the cashback on my CC could be pulled at any time whereas this 1% DC cashback is guaranteed for first 12 months. The round up account wouldn`t provide much unless I did multiple purchases of £1.01 items!

What's your average monthly spend and what interest rate is that money getting before the direct debit is paid?

For example, £1k spend per month which sits in current account earning 0.5% is about £5 a year.  If you transfer £1k per month to the Chase account to cover spending then you lose the £5 interest but gain some cashback.

ronbell101

I use my Nat West reward credit card for all my spending @ 0.5% per transaction...so the chase 1% is a good earner for me...I was thinking of trying to change any DD on my current account (once switched to chase) to monthly card payments using the Chase Debit card as the payment method.... trying to  "maximize" my 1% cashback...but not sure if its doable 
any advice guys ?

gt94sss2

Just be aware of the long list of exclusions to the Chase cashback offer.

jim1999

Yeah, I'm interested but it feels like so many options are blocked with their MCC restrictions that it won't be worthwhile.

Shakin_Steve

Whichever account you use, the interest/cashback is buttons. Better than nothing, but not worth spending much time on.

Daliah

gt94sss2 said:

Just be aware of the long list of exclusions to the Chase cashback offer.

If you are using Curve to front your cards, you can move any purchases that don’t get the 1% from Chase to your 0.5% credit card (assuming you have one).

pmduk

My only issue, so far, with the Chase account is that they don't yet support Direct Debits.

older_wiser

got the email code at 830am after having problems with my id and selfie i had to redo it

i then got the we shall be in touch within the hour afew minutes later it was completed while the 1% doesn't really excite me as 
i have cards that pay me 1% i'm hoping they launch further products like savings and maybe a CC with perks at some point