Chase questions

brucefan_2

Zopa_Trooper said:

I presume you could transfer the £500 into the current, then move it again into the 3% savings pot, transferring it back when you need to spend any of it?

Zopa_Trooper said:

I presume you could transfer the £500 into the current, then move it again into the 3% savings pot, transferring it back when you need to spend any of it?

Exactly - I would imagine this is how most people already use the account (obviously using sums other than the soon to be implemented £500 requirement).

I rarely have more than £1 sitting in the current account and just transfer in some from the savings account before I head out.

I have one friend who literally transfers  from the savings to the current account in the supermarket queue

Band7

brucefan_2 said:

Zopa_Trooper said:

I presume you could transfer the £500 into the current, then move it again into the 3% savings pot, transferring it back when you need to spend any of it?

Zopa_Trooper said:

I presume you could transfer the £500 into the current, then move it again into the 3% savings pot, transferring it back when you need to spend any of it?

Exactly - I would imagine this is how most people already use the account (obviously using sums other than the soon to be implemented £500 requirement).

I rarely have more than £1 sitting in the current account and just transfer in some from the savings account before I head out.

I have one friend who literally transfers  from the savings to the current account in the supermarket queue

This is a perfectly valid approach.

Though not half as profitable as spending on a cashback or 0% credit card, which is paid off appropriately from a 3% - or preferably better rate - savings account. No fiddling about with money transfers in the checkout queue, either, over potentially unsecured networks.

refluxer

35har1old said:

Cash back goes into a pot and i think on anniversary is is transferred into the current account

The best option is to transfer cashback manually into the 3% Chase Saver every now and again, otherwise it'll sit in the Reward account earning nothing. It's not going to amount to much extra for most people admittedly, but it's only a couple of clicks and takes a matter of seconds to do, so you might as well.

The Reward account keeps a separate tally of your total cashback so far, for anyone wanting to keep track of it.

jimexbox

Band7 said:

jimexbox said:

Band7 said:

RedImp_2 said:

The round up was automatic, might have had to opt in can’t remember but I’ve earned grand total of £2.13 in 10 months.
The other is literally 1% of what I spend so not sure what value you would get from knowing my figure.
Just be aware the comment about transferring £500 in and out again there was something in the t’s & c’s about using it normally (can’t remember the wording) which made me think they may not allow if you literally transfer in and straight out

Chase won't be able to stop people from paying in £500 and taking it straight out again. After all, it is a current account.

However, why would people do this? How are they planning on making their 1% cashback without money in their Chase account? Are people misunderstanding how the Chase cashback works?

They'd also need to deposit anything up to three times £500 if they wanted to maximise their monthly cashback.

Transfers between a savings pot and the spend account won't activate the cashback. So if you're spending money you already have deposited, you'll still need to transfer £500 in and out. 

I know that transfers from the saver account , or other Chase account, won't count towards the minimum monthly deposit. It's clearly spelt out in their T&Cs, and I have never suggested that an internal transfer would count.

Not sure what you mean by needing to transfer £500 out. There is no requirement for transferring anything out. If you want to earn cashback, you need to spend money from your current account, on your debit card, and with retailers which Chase aren't excluding from cashback.

I have plenty of cash in a 3% pot that I don't need to transfer funds into Chase every month for day to day spending. I would normally just transfer between a pot and my spend account. 

So if I don't intended transfering any money in Chase for whatever reason that month. I will need to transfer £500 in, then out. 

AmityNeon

Band7 said:

brucefan_2 said:

Zopa_Trooper said:

I presume you could transfer the £500 into the current, then move it again into the 3% savings pot, transferring it back when you need to spend any of it?

Exactly - I would imagine this is how most people already use the account (obviously using sums other than the soon to be implemented £500 requirement).

I rarely have more than £1 sitting in the current account and just transfer in some from the savings account before I head out.

I have one friend who literally transfers  from the savings to the current account in the supermarket queue

This is a perfectly valid approach.

Though not half as profitable as spending on a cashback or 0% credit card, which is paid off appropriately from a 3% - or preferably better rate - savings account. No fiddling about with money transfers in the checkout queue, either, over potentially unsecured networks.

Presumably they would be using mobile data and not public Wi-Fi, although mobile banking remains secure regardless. The approach may not be as good as stoozing, but it's at least as half as profitable as cashback credit cards unless there's a 2%+ cashback credit card somewhere that's easily accessible.

Band7

AmityNeon said:

Band7 said:

brucefan_2 said:

Zopa_Trooper said:

I presume you could transfer the £500 into the current, then move it again into the 3% savings pot, transferring it back when you need to spend any of it?

Exactly - I would imagine this is how most people already use the account (obviously using sums other than the soon to be implemented £500 requirement).

I rarely have more than £1 sitting in the current account and just transfer in some from the savings account before I head out.

I have one friend who literally transfers  from the savings to the current account in the supermarket queue

This is a perfectly valid approach.

Though not half as profitable as spending on a cashback or 0% credit card, which is paid off appropriately from a 3% - or preferably better rate - savings account. No fiddling about with money transfers in the checkout queue, either, over potentially unsecured networks.

Presumably they would be using mobile data and not public Wi-Fi, although mobile banking remains secure regardless. The approach may not be as good as stoozing, but it's at least as half as profitable as cashback credit cards unless there's a 2%+ cashback credit card somewhere that's easily accessible.

Not sure where the 2%+ cashback cimes into it, but it’s easy to get a 1% supermarket cashback credit card at RBS and Natwest. 

What gives you the best return depends much on your spending. I use my RBS credit card for all Supermarket spending, and a 0.5% cashback Barclaycard for all other spending. The latter pays me cashback on just about all my spending - no silly exclusions like Chase have. I buy a lot of vouchers at a Rewardgate employee site. Chase cashback = £0, Barclaycard = 0.5% (on top of the discount I get with the voucher, e.g. 7% at Currys, 4% at Argos, 4% at B&Q and so on). Chase cashback just doesn’t give me the best deal - and they also only ever gave me the best deal on savings for a short 8 weeks, when they had the then market-leading 1.5%. I am very happy to use Chase if they actually offer me something better than I can get elsewhere but I am not wedded to them (or to any other financial outfit). 

metrobus

I didn’t realise the cashback goes into a separate rewards account .Just taken a look and I have £35 in it.
When is the cashback added to this account at the end of each month or immediately after you’ve spent on the card?
Thank You.

metrobus

Double post 

brucefan_2

metrobus said:

I didn’t realise the cashback goes into a separate rewards account .Just taken a look and I have £35 in it.
When is the cashback added to this account at the end of each month or immediately after you’ve spent on the card?
Thank You.

It usually appears the following day. I've never kept exact timings but from a transaction to my energy company at just before 2 pm on Monday of this week, the cashback arrived in my account at 9:30 am on Tuesday.

So - less than 24 hours.

I can't recall ever having had an issue with cashback not having been credited in a timely fashion.

AmityNeon

Band7 said:

AmityNeon said:

Band7 said:

brucefan_2 said:

Zopa_Trooper said:

I presume you could transfer the £500 into the current, then move it again into the 3% savings pot, transferring it back when you need to spend any of it?

Exactly - I would imagine this is how most people already use the account (obviously using sums other than the soon to be implemented £500 requirement).

I rarely have more than £1 sitting in the current account and just transfer in some from the savings account before I head out.

I have one friend who literally transfers  from the savings to the current account in the supermarket queue

This is a perfectly valid approach.

Though not half as profitable as spending on a cashback or 0% credit card, which is paid off appropriately from a 3% - or preferably better rate - savings account. No fiddling about with money transfers in the checkout queue, either, over potentially unsecured networks.

Presumably they would be using mobile data and not public Wi-Fi, although mobile banking remains secure regardless. The approach may not be as good as stoozing, but it's at least as half as profitable as cashback credit cards unless there's a 2%+ cashback credit card somewhere that's easily accessible.

Not sure where the 2%+ cashback cimes into it, but it’s easy to get a 1% supermarket cashback credit card at RBS and Natwest.

What gives you the best return depends much on your spending. I use my RBS credit card for all Supermarket spending, and a 0.5% cashback Barclaycard for all other spending. The latter pays me cashback on just about all my spending - no silly exclusions like Chase have. I buy a lot of vouchers at a Rewardgate employee site. Chase cashback = £0, Barclaycard = 0.5% (on top of the discount I get with the voucher, e.g. 7% at Currys, 4% at Argos, 4% at B&Q and so on). Chase cashback just doesn’t give me the best deal - and they also only ever gave me the best deal on savings for a short 8 weeks, when they had the then market-leading 1.5%. I am very happy to use Chase if they actually offer me something better than I can get elsewhere but I am not wedded to them (or to any other financial outfit).

You said "not half as profitable" hence the doubling of the rate.

1% is also better than 0.5% for purchases that are eligible for cashback, so it's just a case of using whichever is best for each transaction as opposed to only 1% for supermarkets and 0.5% elsewhere.