Chase new 1% cash back offer from 1st March 2024

ZeroSum

voddyman said:

When the "hack "is to deposit £500 into the Chase then take it back out then repeat this until you have deposited the necessary £1500 [I would leave in the last £500 in the Chase account as I use it for all my spending groceries etc],

So, can this be done all on the same day and at the same time or does it have to be over say money in one day and the money out the next and repeat until the necessary £1500 has been deposited into the Chase bank?

The reason I'm asking is as I'm a pensioner it's very rare that I would have a balance of £1500 available to transfer in/out at any given time of the month.

Normally it can be all done in a single day, but chase have a tendency to put a hold on transfers out for fraud checks I've noticed (I've had it 2 or 3 times, never had it with other banks). Payment goes out eventually, but can take a couple of hours. So it might be worth just spreading them out a bit. As long as its done within the months it doesn't matter.

friolento

I got myself the Santander Edge Credit Card. It costs £3 a month but pays 2% cashback in the first year, up to £15 a month (£12 after the monthly fee). No faffing about with minimum monthly deposits, and no funny exclusions like with Chase. After the first year, cashback rate drops to 1% which still sounds OK but who knows whether there might be another 2% offer from another provider by then.

If you don’t have a pre-req Santander current account, you could probably open one for £25 cashback via Topcashback.

crumpet_man

friolento said:

I got myself the Santander Edge Credit Card. It costs £3 a month but pays 2% cashback in the first year, up to £15 a month (£12 after the monthly fee). No faffing about with minimum monthly deposits, and no funny exclusions like with Chase. After the first year, cashback rate drops to 1% which still sounds OK but who knows whether there might be another 2% offer from another provider by then.

If you don’t have a pre-req Santander current account, you could probably open one for £25 cashback via Topcashback.

You may find that the transactions which Chase exclude from cashback:

- will not be possible at all with a credit card e.g. paying a credit card bill which is possible with a debit card but not a credit card 

- will incur a cash advance fee and interest charges when a credit card is used e.g. council/government fees, solicitor fees.

Santander list the following transactions as not eligible for cashback:

Balance transfers and money transfers.
Buying foreign currency or travellers’ cheques.
Withdrawing cash from a cash machine or over the counter at a bank.
Gambling, including internet gambling and buying lottery tickets.

In my experience, there has only been a couple of instances where Chase didn't pay cashback on a transaction but a reward credit card did.

friolento

crumpet_man said:

friolento said:

I got myself the Santander Edge Credit Card. It costs £3 a month but pays 2% cashback in the first year, up to £15 a month (£12 after the monthly fee). No faffing about with minimum monthly deposits, and no funny exclusions like with Chase. After the first year, cashback rate drops to 1% which still sounds OK but who knows whether there might be another 2% offer from another provider by then.

If you don’t have a pre-req Santander current account, you could probably open one for £25 cashback via Topcashback.

You may find that the transactions which Chase exclude from cashback:

- will not be possible at all with a credit card e.g. paying a credit card bill which is possible with a debit card but not a credit card 

- will incur a cash advance fee and interest charges when a credit card is used e.g. council/government fees, solicitor fees.

Santander list the following transactions as not eligible for cashback:

Balance transfers and money transfers.
Buying foreign currency or travellers’ cheques.
Withdrawing cash from a cash machine or over the counter at a bank.
Gambling, including internet gambling and buying lottery tickets.

In my experience, there has only been a couple of instances where Chase didn't pay cashback on a transaction but a reward credit card did.

Appreciate that there are certain differences between credit and debit cards but these don't matter for me. I don't use Chase to pay credit card bills (why would I? Not getting cashback for it), and I don't use Chase abroad as I prefer using my Halifax credit card. Basically, I prefer a credit card to a debit card any day.

Chase are also annoying me with their arbitrary exclusions. For example, I paid my garden rubbish bin with my Chase debit card the other day and didn't get cashback. I paid a local roofer a while ago for some roof repairs with my Chase debit card and didn't get cashback. Just had it with the gamble of whether I get the cashback, especially since I have better alternatives.

crumpet_man

All fair points that you make and I'm not advocating for Chase instead of a credit card.  The 2% offer with Santander is very good.

I'd be interested to know if you make those same transactions again but use the Santander card and see if they qualify for cashback.

voddyman

ZeroSum said:

voddyman said:

When the "hack "is to deposit £500 into the Chase then take it back out then repeat this until you have deposited the necessary £1500 [I would leave in the last £500 in the Chase account as I use it for all my spending groceries etc],

So, can this be done all on the same day and at the same time or does it have to be over say money in one day and the money out the next and repeat until the necessary £1500 has been deposited into the Chase bank?

The reason I'm asking is as I'm a pensioner it's very rare that I would have a balance of £1500 available to transfer in/out at any given time of the month.

Normally it can be all done in a single day, but chase have a tendency to put a hold on transfers out for fraud checks I've noticed (I've had it 2 or 3 times, never had it with other banks). Payment goes out eventually, but can take a couple of hours. So it might be worth just spreading them out a bit. As long as its done within the months it doesn't matter.

Thank you for your reply, much appreciated 👍👍

TheBanker

crumpet_man said:

friolento said:

I got myself the Santander Edge Credit Card. It costs £3 a month but pays 2% cashback in the first year, up to £15 a month (£12 after the monthly fee). No faffing about with minimum monthly deposits, and no funny exclusions like with Chase. After the first year, cashback rate drops to 1% which still sounds OK but who knows whether there might be another 2% offer from another provider by then.

If you don’t have a pre-req Santander current account, you could probably open one for £25 cashback via Topcashback.

You may find that the transactions which Chase exclude from cashback:

- will not be possible at all with a credit card e.g. paying a credit card bill which is possible with a debit card but not a credit card 

- will incur a cash advance fee and interest charges when a credit card is used e.g. council/government fees, solicitor fees.

Santander list the following transactions as not eligible for cashback:

Balance transfers and money transfers.
Buying foreign currency or travellers’ cheques.
Withdrawing cash from a cash machine or over the counter at a bank.
Gambling, including internet gambling and buying lottery tickets.

In my experience, there has only been a couple of instances where Chase didn't pay cashback on a transaction but a reward credit card did.

None of the Santander exclusions are really purchases as such, with the possible exception of lottery tickets - but if you want cashback on your lottery tickets, buy them at the supermarket or corner shop. They'll just go through as normal shopping and you'll get your 3p back

VXman

friolento said:

Appreciate that there are certain differences between credit and debit cards but these don't matter for me. I don't use Chase to pay credit card bills (why would I? Not getting cashback for it), and I don't use Chase abroad as I prefer using my Halifax credit card. Basically, I prefer a credit card to a debit card any day.

Chase are also annoying me with their arbitrary exclusions. For example, I paid my garden rubbish bin with my Chase debit card the other day and didn't get cashback. I paid a local roofer a while ago for some roof repairs with my Chase debit card and didn't get cashback. Just had it with the gamble of whether I get the cashback, especially since I have better alternatives.

Why do you prefer to use Halifax abroad?

Chase exchange rates are the same but you have the benefit of cashback. Also you have the advantage of being able to withdraw cash on the chase card whereas you will get charged interest on an y cash withdrawals with Halifax (unless you repay it immediately which is a hassle)

I have Halifax Clarity and other good foreign use cards but for mw it's always Chase when abroad.

friolento

VXman said:

friolento said:

Appreciate that there are certain differences between credit and debit cards but these don't matter for me. I don't use Chase to pay credit card bills (why would I? Not getting cashback for it), and I don't use Chase abroad as I prefer using my Halifax credit card. Basically, I prefer a credit card to a debit card any day.

Chase are also annoying me with their arbitrary exclusions. For example, I paid my garden rubbish bin with my Chase debit card the other day and didn't get cashback. I paid a local roofer a while ago for some roof repairs with my Chase debit card and didn't get cashback. Just had it with the gamble of whether I get the cashback, especially since I have better alternatives.

Why do you prefer to use Halifax abroad?

Chase exchange rates are the same but you have the benefit of cashback. Also you have the advantage of being able to withdraw cash on the chase card whereas you will get charged interest on an y cash withdrawals with Halifax (unless you repay it immediately which is a hassle)

I have Halifax Clarity and other good foreign use cards but for mw it's always Chase when abroad.

I prefer the convenience of a  credit card because I don't like to have money sitting in current accounts, and possibly not having enough in the account for a purchase I want to make. I don't like shuffling money about when I have no, or only a dodgy Internet connection.

Granted, if I need to withdraw cash when abroad, a debit card makes more sense. But I rarely ever need any cash. I have had around 100 USD and 100 Euro in cash forever, and not found much reason to use it. Everybody accepts cards / contactless these days, even in remote parts of the world.

Another main, general, aversion to the Chase debit card is the randomness of cashback. I have missed out on a fair amount of cashback when I paid (in the UK) with the Chase card instead of my RBS Reward or my old Barclaycard.

Zopa_Trooper

This is weird, I've never been refused cashback on ANY transactions with CHASE, not that I try and fiddle it paying bills, they come out of my Santander account where I do get cashback on regular bills.

Anyway, I think we can all agree the SANTANDER 2% offer is very good and should be use for the initial £750 of spend.