Chase uk app

pantaiema

How is the Chase rounding up is actually working? Say you spend £2.51 on your Debitcard so 49p will go to rounding up wallet. What do we actually get from Chase is 49p or just 5% of this 49p?

ForumUser7

pantaiema said:

How is the Chase rounding up is actually working? Say you spend £2.51 on your Debitcard so 49p will go to rounding up wallet. What do we actually get from Chase is 49p or just 5% of this 49p?

In total, £3.00 would debit your current account (once the transaction clears, and across 2 transactions). £2.51 to the merchant, £0.49 to your savings account. Chase would then pay you 5% AER on the £0.49 in the round up account, but the £0.49 itself comes from your own Chase current account from which you made the purchase - it is not something they give you.

35har1old

ForumUser7 said:

pantaiema said:

How is the Chase rounding up is actually working? Say you spend £2.51 on your Debitcard so 49p will go to rounding up wallet. What do we actually get from Chase is 49p or just 5% of this 49p?

In total, £3.00 would debit your current account (once the transaction clears, and across 2 transactions). £2.51 to the merchant, £0.49 to your savings account. Chase would then pay you 5% AER on the £0.49 in the round up account, but the £0.49 itself comes from your own Chase current account from which you made the purchase - it is not something they give you.

+ £0.03 cash back

ForumUser7

35har1old said:

ForumUser7 said:

pantaiema said:

How is the Chase rounding up is actually working? Say you spend £2.51 on your Debitcard so 49p will go to rounding up wallet. What do we actually get from Chase is 49p or just 5% of this 49p?

In total, £3.00 would debit your current account (once the transaction clears, and across 2 transactions). £2.51 to the merchant, £0.49 to your savings account. Chase would then pay you 5% AER on the £0.49 in the round up account, but the £0.49 itself comes from your own Chase current account from which you made the purchase - it is not something they give you.

+ £0.03 cash back

Yes - @pantaiema unless you purchase from an ineligible merchant (https://www.chase.co.uk/gb/en/legal/Cashback-Exclusions/) (or have already had the cashback offer and it's expired and not renewed etc.) you'll get £0.03 cashback (1%, and they round to the nearest penny). So:
- £2.51 debit from current account to merchant 
- £0.49 debit from current account to round up account
- £0.03 credit from chase to 'reward' account

@35har1old - thanks for pointing this out, it slipped my mind as the query was just about the round up part, but the cashback is important to mention

Band7

pantaiema said:

How is the Chase rounding up is actually working? Say you spend £2.51 on your Debitcard so 49p will go to rounding up wallet. What do we actually get from Chase is 49p or just 5% of this 49p?

You get 1/365th of 5% of your 49p for every 
day your 49p is in the Roundup account.  

Unfortunately, the Roundup account only lasts for 12 months from the day you first activate Roundup. So for most of your roundups, you get  less than the full 365 days worth of the 5%.

In other words, you will almost certainly only make a tiny amount of money from Roundups over each year. Most of the money in the Roundup account is what has been transferred from your current account. It’s effectively a regular saver account with very severe limitations on the amount of money you will be able to pay into it. You can just call it a gimmick - though some people like it as their “change” can add up to a nice sum that they - rightly or wrongly - believe they would otherwise not put to one side.

RedImp_2

Just a heads up on something I must admit I hadn’t totally appreciated just in case others have been as dumb as I am.
So my 1% cash back finishes 2nd April and I had realised about paying in £500 to have this continue but I hadn’t quite understood it needs to be in the previous month.  So to get the cashback to continue in April I need to pay in £500 this month.

ToastLady

RedImp_2 said:

Just a heads up on something I must admit I hadn’t totally appreciated just in case others have been as dumb as I am.
So my 1% cash back finishes 2nd April and I had realised about paying in £500 to have this continue but I hadn’t quite understood it needs to be in the previous month.  So to get the cashback to continue in April I need to pay in £500 this month.

Yes, that's correct as I understand it. My cash back finishes 18th April, so have already transferred into current account this month. I then moved it into savings the following day. Hope this doesn't go against their t's and c's, couldn't find anything about that. Will just have to wait and see after 18th April.

km1500

You can transfer your cashback at any time from your rewards account to your current account, and from there to any other account you want including savings

km1500

RedImp_2 said:

Just a heads up on something I must admit I hadn’t totally appreciated just in case others have been as dumb as I am.
So my 1% cash back finishes 2nd April and I had realised about paying in £500 to have this continue but I hadn’t quite understood it needs to be in the previous month.  So to get the cashback to continue in April I need to pay in £500 this month.

yes, and it has to be from an extermal account ie transferring £500 from savings won't count.

homestraight

ThisRedImp_2 said:

Just a heads up on something I must admit I hadn’t totally appreciated just in case others have been as dumb as I am.
So my 1% cash back finishes 2nd April and I had realised about paying in £500 to have this continue but I hadn’t quite understood it needs to be in the previous month.  So to get the cashback to continue in April I need to pay in £500 this month.

This just reminded me. Thank you. 
I did an online transfer just now and got a phone notification instantly telling me that I had qualified for cashback. 
Will move to savings for now. 
Thanks