Chase increases cashback to 2%

EarthBoy

Chase are increasing the cashback to 2%, but with significant conditions.

You'll now need to keep £1000 in a Chase savings account at all times, and you'll need to make 15 payments each month by debit card, or credit card, or direct debit.

https://becleverwithyourcash.com/chase-increases-cashback-to-2/

On the plus side, you can now earn cashback on your credit card spending, as well as debit card spending, and you can earn it at restaurants, cafes, and takeaways, as well as groceries, transport, and fuel.

la531983

Nothing in my app yet saying any of this.

wiseonesomeofthetime

An interesting read, however, unlikely to encourage me to significantly change how I spend my money and with which card tbh.

The £1k in savings is the breaker for me. Poor rate, as an existing customer from day one in the UK

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82004378#Comment_82004378

On their website

https://www.chase.co.uk/gb/en/product/2-percent-cashback/

https://forums.moneysavingexpert.com/discussion/comment/82004379#Comment_82004379

Yep, that £1k is the killer, holding that at 2.25% rather than 4.5% elsewhere is an effective charge of £22.50/yr to trigger the cashback, or ~£1.90/mth off the cashback.

I'd be far happier if I were a new customer getting 4.5% in their saver.

Making 15 debit card payments would be a faff too.

GrubbyGirl_2

https://forums.moneysavingexpert.com/discussion/comment/82004378#Comment_82004378

Mine does, but no mention of it being 2%. I'm still within my first year so maybe it will only kick in when that finishes on 20th July

winkowinko

Nothing in my app, and I've been with them for more than 12 months.

Have never been offered their £50 refer a friend bonus either.

flaneurs_lobster

Ah sod it, running the numbers on my usual monthly card spend means that I can make an extra tenner-ish by moving to Chase as my daily spender. Just applied for/granted a credit card so I don't need to keep a credit balance in the current account.

Can't see if the need to pay in £1500 a month for cashback has been superseded by the £1k held in savings requirement.

My local Tesco Metro will be selling me a lot of single carrots come month-end if I've not made the 15 transactions.

HedgehogRulez

just had the email through from them - looks unattractive proposition

alanwsg

Haven't had the Email yet, but are these conditions just what's needed to qualify for the increased 2% cashback.

i.e. if you don't meet them, do you still get the old 1% cashback?

Or is it qualify for 2% or nothing?

miller

I assume this runs in parallel to the existing cashback scheme for new/newish customers. They could have made that clearer (the new customer email looks identical to the existing customer email).

I'd already shifted most spend to Amex for their 5% intro. Would need to put £100 ish through Chase just to recover the lost interest on the £1k as it stands.

superleeds27

Just had the email.

Only using the savings account at new customer rate. Bought a few train tickets through them for the 1% cashback, but having the 15 payments via card a month with now kill this for me.

Any other banks out there that offer cashback on travel/train etc and don't have hoops to jump through?