Chase ends 1% interest on debit card balances

Gerry1

As previously explained, it's a debit card not a credit card so you need to keep a balance in it to avoid going overdrawn.  They've also introduced hurdles before you qualify for cashback on purchases.

Similarly, they also disqualified existing loyal customers from getting the higher rates, although they've since backtracked.

Wheres_My_Cashback

Gerry1 said:

As previously explained, it's a debit card not a credit card so you need to keep a balance in it to avoid going overdrawn.  They've also introduced hurdles before you qualify for cashback on purchases.

Similarly, they also disqualified existing loyal customers from getting the higher rates, although they've since backtracked.

Of course, so you make it work for you. Move enough each morning from the savings account to see you through each day and then put it back if you don't spend it. Time spent 90 seconds. 

Ballard

I only really use the current account for overseas spending and leave between £100-200 in the account as a general ‘float’ when abroad. Now that this account will no longer accrue interest it’ll cost less than thruppence per day in lost interest which is more than covered by the 1% cash back. 

RedImp_2

I’m wondering if the OP is thinking the 1% cashback is ending by the wording and the odd thread title.

crumpet_man

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 

But the first year is definitely worth it with 2% cashback.  Spend over £300 each month and it's more cashback earned than with Chase..

Milito22

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.

Same situation. I still have a Santander Zero (no fees abroad) and until it lasts I use that when travelling abroad; leaving a couple of hundred£ on Chase, just in case when travelling.
For daily UK expenses (commute, lunch, supermarket) I use a basic BA Amex, where I get Avios. 
Re Chase savings account, I moved everything to Vanguard S&S ISA which is currently giving a much higher return tax free and I don't have to think of £500 personal savings cap.