The 1% rate now won’t end after 12 months.
Good news for anyone who signed up for Chase Bank’s current account as the 1% cashback will be extended – though you’ll need to add more money to your account each month. Here’s what you need to know.
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When will Chase’s cashback now end?
Since launch, Chase Bank has offered new account holders 1% cashback for 12 months, which is activated when you open the account.
It’s already been extended twice. Those who opened the account before 1 March 2022 were able to keep earning cashback until 28 February 2023, and then last year another year was added on to at least 31 March 2024.
And now it will continue indefinitely, now called “Everyday cashback”. It applies to all customers, new and old, though it only begins once your current offer ends.
You’ll still be capped at £15 of cashback a month, but there are changes to the qualifying conditions this time around.
How to extend your Chase cashback
You don’t need to activate the offer in the app as it’ll automatically start when your current 12 month offer ends. For those who’s cashback is due to end on 31 March 2024, you’ll keep earning as normal until the end of the month as long as you deposited £500 in February.
But from 1 March that monthly requirement is going to increase to £1,500 a month. As long as you do this, you’ll earn your 1% cashback on spending in April. You’ll then need to add the same amount in April to get cashback in May, and so on.
If your offer doesn’t end until later, say 18 September 2024, then the new rules will apply from 19 September 2024, meaning you’ll need to have paid in the higher £1,500 in August.
The money has to come from an external source, and can’t be an internal transfer between your different sub-Chase accounts. Refunds also won’t count.
This time it can also be added to your Chase savings account as well or instead of the current account. At the moment this pays 4.1%, which is decent but can be beaten with more than 5% available elsewhere.
Don’t worry if you don’t have £1,500 a month to add in one go as the terms and conditions don’t state this must be a single payment (we’ve had this confirmed by Chase too). That means you’ll be able to hit this threshold in increments. In fact, you could add a smaller amount, withdraw it to a different account, and pay it in again, and both deposits would count towards the total.
This will apply to all existing customers once their existing cashback offer ends. However, new customers signing up won’t have to do this until their first year is complete.
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How much cashback can you earn?
The 1% rate remains the same, as does the £15 monthly cap. This means you’ll only get it on spending of up to £1,500 each month. That’s pretty generous for most everyday spending as there are already some exclusions.
However, you will likely miss out if you are making a large purchase – though since it’s often wise to use a credit card for anything really expensive to get additional consumer protection.
Where 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.
Use our best buy tables to get the best rate on your savings.
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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.
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What do u guys spend 1500 pounds on. I have rent which is a bank transfer and not accepted which is 1500 funny enough. Bills are included so I can’t add that. Rest is food and fuel which doesn’t cover the 1500 so unable to make the full 15 cashback. Any tips except spend more on shopping which I don’t need?
Would I be correct in saying the cashback earned is deposited into the account linked to the debit card and when does othe cashback get credited to the account. Is it at the end of the month once the required amount of £1500 is deposited?
Thanks
This is very confusing! I can’t find any record that I have to pay in £500 and I have been getting the cashback – was this always supposed to be the case?
Also, they messaged me a few days ago and said that part of the new T+Cs will be to have 2 direct debits setup as well as the £1500 pay in – why have you not mentioned this?
PS. Be warned – the cashback exclusion list is long and I would have lost over £100 in cashback if I had not checked the list a few months ago when I bought a car and insurance (I used another cashback card instead which does not exclude these).
I have just checked with Chase (I love how I can get Chat support within 5 mins at 11pm on a Sunday!)…
My terms say I currently don’t have to pay in £500.
They told me that the new offer no longer requires 2 direct debits – so either they changed their mind for when it was officially launched or the previous person made a mistake.
Good news re 1% cashback extension but what about round-up is this continuing?
Algbra pays 1.5% with no qualifying hoops to jump through: any reason you don’t mention them?
No FSCS protection?
If you don’t put in the required £1500 per month for the cashback etc, can this card still be used for travel abroad for fee free withdrawals and transactions, bearing in mind that Chase have started previously that is you don’t use the Chase debit card frequently enough that they won’t issue you with another debit card when your current one past it’s use by dates.
Yep, it’s just the cashback these rules are for
can you deposit the £1500 required to qualify for cashback then withdraw £1000 leaving the £500 that is currently required and still qualify?
Yes you can
You can deposit the £1500 and withdraw the £1500 and still qualify.
I have set up a standing order from an external current account to my Chase account, and another standing order on my Chase account sends the money back the next day to where it came from.
Do you know whether you can close your account with chase and open another before 1st May and be classed as a ‘new’ customer to get a year’s 1% cashback restriction free?
No, you cannot.
You have only one shot with them – if you close your account then you are out for good (for ever…). They will reject your application as they do not accept returning customers.
Not quite. I closed my a while ago… big mistake… but rejoined using a new mobile number. Once the account was set up it was easy to move the app to my existing phone. For info I used my work mobile then put the app on my personal mobile.
I passed all the due diligence and am currently switching into chase
AmEx Platinum Cashback card is 1.25% cashback over 10K spend so beats Chase, except for foreign transactions where it adds 2.99%. I usually get about £700 a year back from it.