Chase ends 1% interest on debit card balances

HillStreetBlues

Johntea said:

Yes thanks for that 5.1% tip I wouldn't have even looked if I hadn't just read that post

Same here.

friolento

Gerry1 said:

friolento said:

Ballard said:

I’m a little surprised that people are so down on losing the 1% interest. I'd have thought that majority of customers would open a 4% account with them and move excess cash there.

Chase has become my main overseas account because of the cashback and while that's still on offer I'll stick with it. The 1% interest is irrelevant to me. 

Currently, nearly everyone can get the boosted 5.1% Chase Saver

...except loyal customers who have more  than £500 in their savings account.👺

Please locate the thread about the 5.1% account and follow the guidance given in there. You can very easily get the account 😎

Davejura68

 One thing I did successfully to keep the 1% cashback was transfer £1500 from another bank then transfer it straight back. I did well off the CB when it first came out as we were building our house and got well over £600. I wonder how long until they start charging foreign transaction fees?

SaintAlf

Thanks again for the 5.1% tip!  I complained about not having access when it came out and they suggested it might be coming to everyone.  I've found their customer service to be excellent but it would have been good to have received a follow up from them.  I really like the app and will continue to use Chase as it's so easy.  However not for large online purchases due to the reduced protections for debit vs credit cards.

Gerry1

friolento said:

Gerry1 said:

friolento said:

Currently, nearly everyone can get the boosted 5.1% Chase Saver

...except loyal customers who have more  than £500 in their savings account.👺

Please locate the thread about the 5.1% account and follow the guidance given in there. You can very easily get the account 😎

Thanks, I did that and opened my account yesterday !

35har1old

Gerry1 said:

It was fun while it lasted but it turned out to be Bait & Switch.  From 5 August they won't pay any interest.

I'll keep the card for overseas use as a backup to Barclaycard Reward (which pays 0.25% on purchases and doesn't charge fees or interest on cash withdrawals) but apart from the odd purchase to stop it being closed I won't be using Chase any more.

Don't carry a large balance on the current account as its is possible to get 5.1% in the savings account and only takes a few minutes to transfer between.
Do you only get 0.25% with Barclays because I receive 0.5%

35har1old

steven141 said:

The part about limiting the number of accounts you can have sounds like they are on to the people who are using them as “burner” accounts. 

steven141 said:

TadleyBaggie said:

la531983 said:

Gerry1 said:

It was fun while it lasted but it turned out to be Bait & Switch.  From 5 August they won't pay any interest.

I'll keep the card for overseas use as a backup to Barclaycard Reward (which pays 0.25% on purchases and doesn't charge fees or interest on cash withdrawals) but apart from the odd purchase to stop it being closed I won't be using Chase any more.

So you aren't using it for the 1% cashback then? Seems a bit cut your nose off to spite your face 

I thought the cashback was only for the first year?

It was then they extended it and made it so that you have to pay in £500 per month to get it and limited how much you can receive.  Now they have upped the amount to £1,500 per month minimum pay in I think (I’m still on the £500 offer). It’s not clear if this will renew after that or not. 

I’m not sure it’s worth me having it anymore as I now use Santander Edge Credit Card 2% cashback for the first year then 1% after that and I also have savings accounts 5.2% and above APR.

As you have to pay a fee the second year isn't worth it given you have to spend £300 to break even and then go onto spend £1500 to gain £12 profit 0.8% and will you hit the maximum every month.
Where as with Chase its not costing you anything and you are receiving 
1% on your spend and it doesn't matter if you don't hit the limit
Did you open the credit card before 21st May or after if its the latter you will receive a bonus of £18 if you setup DD from  Edge account 

danco

Yes, but Chase is a debit card, not credit. This  might make a difference if anything goes wrong with the purchase.

steven141

35har1old said:

steven141 said:

The part about limiting the number of accounts you can have sounds like they are on to the people who are using them as “burner” accounts. 

steven141 said:

TadleyBaggie said:

la531983 said:

Gerry1 said:

It was fun while it lasted but it turned out to be Bait & Switch.  From 5 August they won't pay any interest.

I'll keep the card for overseas use as a backup to Barclaycard Reward (which pays 0.25% on purchases and doesn't charge fees or interest on cash withdrawals) but apart from the odd purchase to stop it being closed I won't be using Chase any more.

So you aren't using it for the 1% cashback then? Seems a bit cut your nose off to spite your face 

I thought the cashback was only for the first year?

It was then they extended it and made it so that you have to pay in £500 per month to get it and limited how much you can receive.  Now they have upped the amount to £1,500 per month minimum pay in I think (I’m still on the £500 offer). It’s not clear if this will renew after that or not. 

I’m not sure it’s worth me having it anymore as I now use Santander Edge Credit Card 2% cashback for the first year then 1% after that and I also have savings accounts 5.2% and above APR.

As you have to pay a fee the second year isn't worth it given you have to spend £300 to break even and then go onto spend £1500 to gain £12 profit 0.8% and will you hit the maximum every month.
Where as with Chase its not costing you anything and you are receiving 
1% on your spend and it doesn't matter if you don't hit the limit
Did you open the credit card before 21st May or after if its the latter you will receive a bonus of £18 if you setup DD from  Edge account 

After the 21st May. I did set up a direct debit but not from my edge account. 

Wheres_My_Cashback

Gerry1 said:

It was fun while it lasted but it turned out to be Bait & Switch.  From 5 August they won't pay any interest.

I'll keep the card for overseas use as a backup to Barclaycard Reward (which pays 0.25% on purchases and doesn't charge fees or interest on cash withdrawals) but apart from the odd purchase to stop it being closed I won't be using Chase any more.

Who in their right mind would keep anything in an account paying 1% AER when they have easy immediate access to an account paying 4.1% or 5.1%.

It's absolutely no loss whatsoever.