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Chase Account query

I've signed up to Chase and been using the 1% cash back offer.  I know there's the round up of 5% but I need to know what are the possible shortfalls of activating this offer?

I assume this is a 12 month offer and when activating I loose the 1% at the moment.  Anyone whos activated it tell me more if I need to know anything about it?
Thanks

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