Chase questions

km1500

you can transfer the cashback to your current account at any time

Band7

AmityNeon said:

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.

With my spending pattern, it honestly makes no sense to faff about with a debit card for the 1% cashback. As an example, I spent £1,270 last week in one transaction to buy a Currys voucher. Would have got 0% cashback at Chase, and got £6.35 on my cashback Barclaycard. In addition, I got the voucher at a 6% discount - a whopping £76.20. To match this sort of cashback at Chase, I need to spend £8,255. Clearly no contest. Even if I only compare the £6.35 vs the £0, it's no contest for me, and I am not prepared to do the trial and error to find out whether Chase pays any cashback at all. Sorry, not sorry for not being a Chase groupie.

AmityNeon

Band7 said:

AmityNeon said:

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.

With my spending pattern, it honestly makes no sense to faff about with a debit card for the 1% cashback. As an example, I spent £1,270 last week in one transaction to buy a Currys voucher. Would have got 0% cashback at Chase, and got £6.35 on my cashback Barclaycard. In addition, I got the voucher at a 6% discount - a whopping £76.20. To match this sort of cashback at Chase, I need to spend £8,255. Clearly no contest. Even if I only compare the £6.35 vs the £0, it's no contest for me, and I am not prepared to do the trial and error to find out whether Chase pays any cashback at all. Sorry, not sorry for not being a Chase groupie.

This isn't about being a 'groupie' or being limited by either or. Someone described how they and their friend utilise Chase's 1% cashback offering, and you claimed that whilst it was a perfectly valid approach, it wasn't half as profitable as spending on a cashback or 0% credit card.

In cases where purchase types are excluded from cashback, of course 0% cashback is going to be worse than 0.5%, but merely having a Chase debit card does not preclude one from the benefits of other cards and offers. There are also plenty of everyday spending categories (other than supermarket purchases) eligible for 1% cashback, and whilst inferior to stoozing, 1% is better than 0.5%.

Criticising Chase's "silly exclusions" and introducing a tangent regarding their savings rates gives the impression you're far more interested in justifying why Chase, as a whole, isn't currently suitable for you, especially when you dismissively sign off with not being a "Chase groupie".

inflationbuster

I like the chase account for doing small transactions.  £142 spent so far this month and got £9.10 in the round-up and £1.40 in cashback.   Very nice.

Band7

inflationbuster said:

I like the chase account for doing small transactions.  £142 spent so far this month and got £9.10 in the round-up and £1.40 in cashback.   Very nice.

You didn’t “get” £9.10 in your roundup account - you just had £9.10 transferred from your current account to your roundup. 

The absolute maximum interest you will earn on this amount, if you leave the £9.10 in the roundup account for a year, is 4.5 pence. I know about pennies and pounds and little acorns and oaks but this roundup scheme won’t make you rich.