Chase increases cashback to 2%

wiseonesomeofthetime

I managed £13.27 via my Chase CC and normal course of spending, with non-eligible transactions made on a cashback CC with another provider.

I'll carry on, for now, between Chase CC and Lloyds Ultra (now that has arrived) and review next month.

HillStreetBlues

https://forums.moneysavingexpert.com/discussion/comment/82088158#Comment_82088158

When calculating, do you account for lost of interest paying via debit card than a credit card?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82088349#Comment_82088349

All spend has been on the Chase CC so no need to account for lost interest.

Good point though, to max out the cashback on a debit card you'd need to find £1k, albeit not all in one go, so that's probably £2-4 in lost interest @ 5%.

Suddenly that £20/mth isn't.

HillStreetBlues

https://forums.moneysavingexpert.com/discussion/comment/82088361#Comment_82088361

When I did the sums I couldn't make it pay for me, which I didn't mind. Getting the 15 transactions would be a pain also remembering which card to use and keep topping up current account are another couple.
If others can make it pay, then good luck 😀

surreysaver

Odd thing for me - pay on the bus, I get cashback. Pay via the bus company's app, I don't!

When calculating whether cashback outweighs losing interest, have others taken into account the fact you'd pay tax on the interest, whereas you wouldn't on the cashback? That might make the figures better.

So, for a 20% taxpayer, with an easy access account paying 5%, I'd lose 2.75% keeping £1k in a Chase savings account, so £2.29pm, but after tax I'm only really losing £1.83

adindaspantai

I am aware there is a new term for 2% cashback. But the requirement to make at least 15 payments each month with your debit card, credit card or via Direct Debit is not easy to achieve.

If you do not meet this 15 payments each month, do people still get 1% cash on groceries ?

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/82099850#Comment_82099850

No, it's the 2% or nothing.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82099854#Comment_82099854

I'd normally suggest making several payments towards a credit card bill to get your count up but Chase pulled me up yesterday on payment 3 inside an hour to Lloyds.

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/82099850#Comment_82099850

Open a Direct Saver account with NS& I and make some payments via debit card

adindaspantai

https://forums.moneysavingexpert.com/discussion/comment/82100246#Comment_82100246

Thanks for this tricks. So if my understanding is correct, the 15 payments each month with your debit card, credit card or via Direct Debit does not need to come all from groceries ?

https://www.chase.co.uk/gb/en/support/where-can-i-earn-cashback/#

So If my understanding is correct. To be eligible for cash back:

• The 15 payments eligibility could come from any of this: debit card, credit card or via Direct Debit
• From this 15 payments only those from this list https://www.chase.co.uk/gb/en/support/where-can-i-earn-cashback/ not all of them will earn cashback, the other are just for fillers to meet minimum 15 payments.
• So say you just make 5 Debit card payments from the list above (Such as from groceries), and the 10+ is achieved via debitcard payment for the saving account such as Direct saver with NS&I, DD. You will still get Casback from this 5 Debit card payments on groceries because you meet 15 payment.

Is my understanding correct ??