Chase Cashback sanity check

snarffie

Hi,

I just wanted to see if I could get a bit of a sanity check from the forum for a big purchase (£15k) within the next few weeks paid from my Chase bank account.

I have had the Chase account for over a year so I think my Cashback is limited to £15 per month as I’ve rolled over to the new Cashback deal where I deposit £500 per month. That’s not great.

To maximise Cashback, I am thinking that my wife could open her own Chase account and qualify for unlimited Cashback which should get us £150. Is that likely to be the best Cashback deal at the moment? Hopefully, Chase are reasonably quick to set up the account as we need to pay within about three weeks.  I don’t think there’s an introductory offer for me to recommend her, but the Cashback would be great at £150 anyway!

Does that all sound like a decent plan?

Thanks,

Snarffie

wiseonesomeofthetime

Tbh, if I was making a £15k purchase, I would want at least a few pence of it paid via credit card for the extra s.75 protection.

I would also definitely make sure that your intended purchase is not one of the  categories with Chase excluded from cashback beforehand too.

snarffie

Thanks wiseonesomeofthetime. Yes, I made a deposit on my credit card for s75 protection. I don’t think Chase have any exclusion for the purchase. 

I’m probably more concerned about Chase blocking a large early payment as they seem to have some form on this!

Also, is the Cashback unlimited for new accounts?

dealyboy

Hi @snarffie ... I've just been all over the Chase website including the cashback calculator ... £15,000 purchase, eligible for cashback by buying category, gives £150 ... so you have a second opinion, it is unlimited. I don't know if there are better rewards elsewhere though.

geordiejon

have a look on the website as there are a few exclusions to what you can use the rewards for.
all depends on what you buy.
also check

Merchants get given a specific code based on the type of things they sell. This is called a Merchant Category Code (MCC). We use the MCC to work out whether you can earn cashback on a transaction.

We don’t control what type of code a merchant gets given. So, in some cases, a merchant might sell something that seems eligible for cashback. But because of the merchant’s category code, the transaction isn’t eligible.

Ballard

dealyboy said:

Hi @snarffie ... I've just been all over the Chase website including the cashback calculator ... £15,000 purchase, eligible for cashback by buying category, gives £150 ... so you have a second opinion, it is unlimited. I don't know if there are better rewards elsewhere though.

After the first year this is the offer so it would probably need to be their wife who pays with a newly opened account. 

Pay in at least £500 to your Chase current account by the end of the month to qualify (excludes internal transfers.) Once qualified, you can then earn 1% cashback – up to £15 a month – on your everyday debit card spending the following month, for up to 12 months. Exceptions and T&Cs apply.

For example, if you pay in £500 between 1 and 30 April, you can get cashback on May’s eligible debit card spending.

snarffie

Thanks all for taking time to reply.
Really helpful, as usual!

baser999

Subject to what you’re buying check out Top Cashback or similar sites

wiseonesomeofthetime

snarffie said:

Thanks wiseonesomeofthetime. Yes, I made a deposit on my credit card for s75 protection. I don’t think Chase have any exclusion for the purchase. 

I’m probably more concerned about Chase blocking a large early payment as they seem to have some form on this!

Also, is the Cashback unlimited for new accounts?

Yes, they will likely block it initially until you respond to the call from their fraud team.

I know this for fact as I bought a car for £15k. Deposit on credit card, balance on bank transfer, which I know equal 0% cashback, but was excluded category anyway. Debit card likely to raise same block.

The call took place on the Wednesday, yet the payment wasn't received by the dealership until the Friday 🤷‍♂️

That was April 2022. I don't know if they've streamlined it since.

Oh, and I'd been a Chase customer since UK launch, Sep 2021.

datz

snarffie said:

I just wanted to see if I could get a bit of a sanity check from the forum for a big purchase (£15k) within the next few weeks paid from my Chase bank account.

For a purchase that large, depending on the retailer, one consideration should be an Amex card (check Amex is accepted by the merchant). For example, the American Express Platinum Cashback credit card will offer you:

• 5% cashback for first 3mths (max £125)
• 0.75% cashback on first £10,000 spend
• 1.25% cashback on spend over £10,000
• subtract £25/year fee

Apply through Quidco for the card (for example) and you can add another £35 cashback for the above card.

If the merchant allows split payments, then apply for a card in your name and your partner's name for 2 introductory bonuses (and two Quidco bonuses) - put £2500 onto each for £125 cashback on each, and the rest through something like Chase at 1%.

If I am not mistaken that would be £370 in cashback (including fees) - but remember to cancel the cards before their anniversary.

It's late, so feel free to correct my premise, or maths.

WillPS

datz said:

snarffie said:

I just wanted to see if I could get a bit of a sanity check from the forum for a big purchase (£15k) within the next few weeks paid from my Chase bank account.

For a purchase that large, depending on the retailer, one consideration should be an Amex card (check Amex is accepted by the merchant). For example, the American Express Platinum Cashback credit card will offer you:

• 5% cashback for first 3mths (max £125)
• 0.75% cashback on first £10,000 spend
• 1.25% cashback on spend over £10,000
• subtract £25/year fee

Apply through Quidco for the card (for example) and you can add another £35 cashback for the above card.

If the merchant allows split payments, then apply for a card in your name and your partner's name for 2 introductory bonuses (and two Quidco bonuses) - put £2500 onto each for £125 cashback on each, and the rest through something like Chase at 1%.

If I am not mistaken that would be £370 in cashback (including fees) - but remember to cancel the cards before their anniversary.

It's late, so feel free to correct my premise, or maths.

If you cancel the card before its anniversary the cashback earned will be forfeit (it's paid yearly *after* the anniversary).

Annual fee is refundable pro rata tho, so you could wait.

Cashback would be:
£1000 @ 5% = £125

£9000 @ 0.75% = £67.50

£5000 @ 1.25% = £62.50

So a total of £255, minus the £25 annual fee and whatever you'd need to pay in Y2 before you could cancel.

Worth pointing out that this is one of the least rewarding routes Amex offer (their Nectar card would leave you more than £100 better off, albeit with the payout in points usable at Sainsburys, Argos or Ebay rather than cash), and also that you'd be limited by whatever credit limit Amex offered unless you could pay in installments (and I'd be weary of doing that on a brand new credit card...).