Chase Cashback changing

WillPS

flaneurs_lobster said:

Anyone happen to know if Costco spend will activate Chase cashback under the new rules? Ditto Costco fuel spend?

Seem to remember from somewhere that Costco might be classed as a "Club" rather than a food retailer.

Costco indeed does not use an MCC which would typically indicate they are a grocer/supermarket, instead it's a 'wholesaler' or 'warehouse club' as you say.

Fuel normally goes through under a more routine MCC though, I managed to get 10% back on Costco fuel in the HSBC autumn promotion.

n15h

RedImp_2 said:

n15h said:

For me, the appeal of Chase being my main daily spend a/c will be gone when the new cashback rules take effect.
I'll go back to using Santander 123 credit card which gives cashback of 1% on supermarkets and 3% cashback on petrol stations/train travel, and wont need to transfer in/out £1500 every month.
Will just keep the Chase a/c as a back up with a few ££ balance in case they improve their savings/cashback rates in future.

I see this is no longer available.  The Edge credit card pays 1% (well 2% for a year) I have a 123 current account, I presume I’m eligible.

@RedImp_2 yes, its an old c/card i opened many years ago and hasn't been available to new customers for some time. Not sure what the eligibility is for an Edge c/card but I doubt a 123 c/a makes you ineligible.

MalC4

It seems that Chase have achieved their goal of tapping into the UK market and now that they have a large customer base they are paring back on the incentives that encouraged us to open an account with them. Cashback is just one example. I noticed that their savings account (that tracks BELOW the BoE base interest rate) has been changing (i.e. increasing the % difference). Recently they (again) dropped the interest rate on the savings account and at the same time increased the tracked rate difference below BoE, meaning a pretty instant double whammy drop of 0.5%. There are better interest rate accounts out there. I've  emptied my Chase savings account and even the cashback is no longer a sweetener for me. MSE helps us understand that loyalty doesn't pay. This is just another example, but if people don't vote with their feet then we've allowed banks such as Chase to insult our intelligence and our pockets. 

Lee_Howden

I'm another disappointed customer. I've held one for nearly two and a half years, mainly for my own spending. After April, only about 30-40% of my transactions will fall into the categories eligible for cashback. I'm still trying to decide what I'll do after April, though, as it was handy to segregate my spending away from our joint current account and my current account, where my salary is paid.  I want to replicate that part after April, but I'm unsure if Chase is the answer.

Like others have advised, I'll keep a small amount in my account if I stop using it.  It may still be handy to have in the arsenal of cards and accounts.

ronbell101

Have used Chase as my main bank account since it allowed DD's to be set up on the account..as the perks they offer slowly dwindled away I'm now considering going back to using my nat west rewards card for everything and voting with my feet and switching to monzo but "change" is not easy after around 3-4 years with Chase 

[Deleted User]

Maybe I'm fortunate but most of my debit card spending IS groceries, fuel etc.

All my DDs qualify for cashback with Santander so I'm not losing vast amounts by any stretch, I've shifted my EA savings elsewhere but thats it.

barnehurst

n15h said:

For me, the appeal of Chase being my main daily spend a/c will be gone when the new cashback rules take effect.
I'll go back to using Santander 123 credit card which gives cashback of 1% on supermarkets and 3% cashback on petrol stations/train travel, and wont need to transfer in/out £1500 every month.
Will just keep the Chase a/c as a back up with a few ££ balance in case they improve their savings/cashback rates in future.

Bombard the chase twitter account with protests like I did !

barnehurst

Gerry1 said:

Ian82s said:

Just very annoying as going Abroad was the main reason I got the card, as that got a good amount of cashback over the 2 weeks. Any suggestions on a new card to use abroad?

https://forums.moneysavingexpert.com/discussion/comment/81330129/#Comment_81330129

Me too. need a cashback card with a good foreign exchange rate

TeaBee72

Is it time to try out the Trading 212 Spending Card? 

Only 0.5% cash back versus Chase’s 1%

But 0.5. > 0!

seems to have the same benefits of no FX fees etc 
thoughts anyone? 

wiseonesomeofthetime

TeaBee72 said:

Is it time to try out the Trading 212 Spending Card? 

Only 0.5% cash back versus Chase’s 1%

But 0.5. > 0!

seems to have the same benefits of no FX fees etc 
thoughts anyone? 

I have opened one this morning. Chose the virtual card, to save on a £4.95 physical card production and delivery fee, though obviously means I cannot withdraw from ATMs, but not an issue for me.

Linked an account via TrueLayer and the deposit appeared instantly.

Connected an account and did a Faster Payment Transfer - expect to see it in two business days.

Added card smoothly to Google Wallet. Will try it out later.

What I cannot see is any reference to the 4.6% interest on the screen. Perhaps there is no separate reference, just an "interest earned" transaction at the appropriate time.

Gives options for spare change and/or cashback to be invested in a pie - toggled OFF for me.