The 1% rate won’t end after 12 months for some customers.
Good news for anyone who signed up for Chase Bank’s current account in late 2021 and early 2022, as the 1% cashback will be extended. Here’s what you need to know.
When will Chase’s cashback end?
Chase Bank offers new account holders 1% cashback for 12 months, that activates when you open the account.
If you opened the account before 1 March 2022, Chase has extended that cashback earning period until 28 February 2023.
For those, like me, who applied for the account in September last year that’s an extra five and a half months.
However it you’ve only had the account since the start of March 2022, you’ll still get just the 12 months.
Of course this could change again for all or some customers.
How to earn cashback with Chase
You’ll get 1% back on most purchases made with your debit card, but there are some exceptions.
You won’t get the money back from financial transactions, such as clearing credit card bills, paying tax bills, buying crypto and cash withdrawals.
Also exempt are things like hospital bills and vehicle purchases. You can see the full list here.
Can the cashback be beaten?
The 1% rate is the best rate out there for most purchases. Though you might get a slightly better rate on retailer specific cards, they tend to offer much lower cashback when you spend elsewhere.
The only other card offering the same 1% is the American Express Nectar card, offering 2 points per £1, with each point worth 0.5p at Sainsbury’s, eBay and Argos. However in year two this card has an annual fee that needs to be factored in.
It’s also worth checking if you’re eligible for any welcome bonuses that could make your spending much more rewarding. Personally I’d wait until these are boosted so you earn even more, though you might also need to time them for when you have larger amounts of spending.
Cashback credit cards can also be better when you’re buying items costing more than £100 as you’ll get improved consumer protections.