Chase cashback account and alternitives?

jay_ftw

I opened a chase account about a year ago, simply for the cashback. I use it for most of my purchases and since opening I have accrued close to £100...so not to be sniffed at!

However the new rules which come into effect from April will mean you won't be eligible for cashback unless you deposit a minimum of £1,500 a month. The way I was using the account was, I would simply transfer the amount I was spending to the chase account. Quite laborious and my wife always always took the mickey but easy enough!

My questions is, are there any other similar debit card accounts out there which offer this? I'd rather not use a credit card, I suppose I could use it in the same manner but if anyone knows of anything I'm missing I'm all ears :-)

surreysaver

Why don't you just deposit £1,500 a month into the account? Any money you're not going to spend just take out again.
Alternatively, get a 0% on purchases credit card, and the money you're not using to pay it off put into an easy access savings account which pays ~5% interest. That'll earn you more than £100

ColdIron

Why not just transfer the money, it's easy enough. There are a few accounts/debit cards that give cashback for utility bills and some with supermarkets, and others for 'selected retailers' (though I find these far less useful) but not much for general spending like Chase (although even they have a long list of exclusions)

If you can get past your reluctance to use credit cards Santander's Edge gives 2% cashback (with very few exclusions) or stoozing with 0% interest. I've mostly stopped using Chase cashback

surreysaver

ColdIron said:

If you can get past your reluctance to use credit cards Santander's Edge gives 2% cashback (with very few exclusions) or stoozing with 0% interest. I've mostly stopped using Chase cashback

I've practically stopped using it too. Far more profitable with a 0% credit card since interest rates went up

jay_ftw

So would transferring in £1,500 then almost immediately transferring it out still qualify me for the cashback?

The money I transfer out is already in a 5.11% easy access.

I suppose I could use an AMEX credit card in the same way I guess, transfer the money onto it then purchase? One thing I don't want is to use it as a standard credit card and build up debt even if the intention is to pay it off 100% each month, I just don't want that.

I already have a s S123 account which my wife and I use for household bills etc, this is just for personal spending. 

la531983

Really dont understand how people can describe transferring money between accounts in this day and age as "laborious", but each to their own.

And the answer to the question above is yes.

surreysaver

jay_ftw said:

So would transferring in £1,500 then almost immediately transferring it out still qualify me for the cashback?

That's what I do, and every other account I have that requires a minimum funding for whatever rewards. There's nothing that says you have to keep the money in the account.

surreysaver

la531983 said:

Really dont understand how people can describe transferring money between accounts in this day and age as "laborious", but each to their own.

And the answer to the question above is yes.

I remember the days you had to go to the branch to take the money out and take it to the branch of the other bank to pay it in 

ColdIron

jay_ftw said:

So would transferring in £1,500 then almost immediately transferring it out still qualify me for the cashback?

Yes, simple as that. It only needs to be there for a shake of a nanny goat's tail

Once the money is received you've satisfied the conditions. You could even send £500 (or whatever) in and out several times like the Hokey Cokey

surreysaver

jay_ftw said:

I suppose I could use an AMEX credit card in the same way I guess, transfer the money onto it then purchase? One thing I don't want is to use it as a standard credit card and build up debt even if the intention is to pay it off 100% each month, I just don't want that.

That's not how credit cards work. Indeed, its usually against the T&Cs to put them in credit. With a credit card, you buy things. Then once a month they send you a bill. You then pay the bill off by the due date. Or with a 0% purchases credit card you pay the minimum amount shown on the bill by the due date.

jay_ftw

Great to know thanks guys!