Chase increases cashback to 2%

danny13579

gt94sss2

Wonder if Chase is already regretting their cashback changes..

New credit card offer from Santander

That 3% cashback is only for petrol, diesel, LPG, EV, trains, trams, TfL, buses, taxis, restaurants, cafes, takeaways/food delivery (and only certain brands in these categories, and only for the first year), everything else is 0.25% cashback.

Gambler

https://forums.moneysavingexpert.com/discussion/comment/82023730#Comment_82023730

I was just about to reply to say I'll go for that instead then noticed groceries are only 0.25%

gt94sss2

https://forums.moneysavingexpert.com/discussion/comment/82023739#Comment_82023739

Yes, it all depends on your spending patterns.

Though there is also no need to do a minimum of 15 transactions/month or keep money in a substandard savings account which may also appeal to some

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82021211#Comment_82021211

I tried to do that calculation but ran out of room on my fag packet - do you have a number, maybe per 1k of credit limit on CC?

Newbie_John

https://forums.moneysavingexpert.com/discussion/comment/82023741#Comment_82023741

Sure, but most supermarkets have giftcards with around 4% discount. Even Aldi can be purchased like that through one of those multi access giftcards, can't remember which one, lifestyle?

So Santander sounds better.

dcs34

https://forums.moneysavingexpert.com/discussion/comment/82024577#Comment_82024577

Plus cashback can be earned on many giftcard providers.

Although my 4% cashback was nearly all but eaten up when Tesco tried charging "cash transaction fees" when I used the credit card to buy giftcards, although they've now agreed to waive them " as a one-off "; might be an issue with how Giftcards.com code the transaction?

bioboybill

I think it's definitely worth a look for most people. Yes, you lose about £1.87 interest a month on 2.25% interest on £1K compared to 4.5%, but 15 transactions should be easy enough. I've already completed 15 this month. Last month I earned just over £6 cashback, and with the slightly wider categories that apply from July then an extra £6 makes up for the loss on interest. Besides, you can try it for one month and if it doesn't suit your spending ditch it

TheDriver0987

It's not even 2% actually.

By leaving £1000 in the saving account with poor rate, you are missing out on much better interest elsewhere, like Zopa for example.

Speaking of Zopa, I've set up my credit card direct debit on a Zopa current account and I'm getting 2% back on these bills. Sure, there's a monthly limit, so it's not for big spenders, but neither is Chase.

If you have some credit card with 1% cashback and you pay it off by direct debits on Zopa, you'll basically get 3% cashback.

flaneurs_lobster

It's not even 2% actually.

By leaving £1000 in the saving account with poor rate, you are missing out on much better interest elsewhere, like Zopa for example.

Point I made in the 4th post of this thread - that £1000 in the Chase saver requirement is an effective £2/mth off the £20 max.

The Zopa deal is good - but only available to new savers.

PixelPound

https://forums.moneysavingexpert.com/discussion/comment/82036727#Comment_82036727

A lot of the posts on this thread are about the number of card transactions now needed to get the cashback, but to me the killer is the £1000 in savings. As you said at 2.25% it means the first £2 of cashback just covers the lost interest if you pull it from a 4.5% savings account. If it's from a savings account with higher rate, it's more than £2.

Easy to just think of this now as no cashback on the first £200 eligible spend per month.