You’ll also be able to earn it via the credit card now
When it launched, Chase’s debit card cashback was market leading until just over a year ago it all changed. Restrictions were added which limited when you’d earn the money on your spending and it stopped being our best buy.
Now though there’s another revamp, increasing where you can earn the money and how much. Here’s everything you need to know.
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Chase’s new cashback rate
The rate you earn cashback when spending with Chase will increase from 1% to 2% this summer.
The cap on how much you can earn each month will also go up, from £15 to £20. That means there’s the chance to earn a further £60 over a year.
However, you’ll earning money on a lower spend. Previously you’d get the 1% on the first qualifying £1,500 spent each month. Now it’ll only be paid on the first £1,000. That means any additional spending above this won’t earn anything.
When the changes start
There are two dates for the new rate. If you’re a new customer, or one who is in the first 12 months, you’ll get the new offer from 1 June 2026.
However, existing customers who’ve been with the bank for longer than 12 months will need to complete the new qualifying requirements in June, in order to earn the new rate from 1 July 2026.
Where you’ll now earn cashback
Since April 2025, the cashback has only been payable when you spent on groceries, everyday transport, fuel and electric vehicle charging.
From June this will expand to include restaurants, cafes and takeaways. This will likely be tracked via the merchant category code (MCC) used for payment by each retailer, so if a business has multiple strands to what it offers, it could be you miss out. In particular here I’m thinking about Uber Eats takeaways, since Uber isn’t covered by the transport cashback.
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It’s now valid on Chase’s credit card
When Chase launched its credit card a year ago it was hoped we’d see some kind of cashback offer there, but sadly there wasn’t. From June though you’ll earn Chase cashback on spending via the debit or credit card.
This might seem like good news, but personally I was hoping for a separate cashback offering on the credit card, ideally with a welcome offer. Really, if you have the Chase credit card you also have the Chase debit card, so the addition doesn’t make any real difference to customers.
How to qualify for cashback
At the moment, customers not in their first year with Chase need to transfer £1,500 to their Chase current account in a month to earn cashback in the following month. This is where one of the bigger changes comes in to play from June.
You’ll now need to make at least 15 card (debit or credit) or direct debit payments on bills each month to qualify. You’ll also need to hold at least £1,000 in a Chase saving account. This criteria needs to be met in the month prior to the one you’ll earn cashback in.
From 1 June, only those in their first month with the bank don’t need to do this, while those still within their first year before the changes happened should also have until those initial 12 month are up.
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Is Chase’s cashback offer any good?
At 2%, you’re not going to earn more on your spending than via Chase. With 1% to 1.5% your best bet elsewhere, using Chase could be worth another £60 to £120 a year on the same spending.
However, there are still the spending limitations, even if they have been expanded. So any spending outside these areas will still not earn you anything at all.
That means to really maximise what you make from spending you’ll want to have at least one other card alongside Chase – you’ll just need to remember which one to use, depending on what you’re buying and whether you’re already over the £20 cashback earned monthly cap.
And there’s also the new qualifying criteria to take into account. I’m less bothered about the need to make 15 transactions a month as you’ll probably achieve this if you’re using it for supermarket shopping, petrol and commuting, let alone the new restaurant and cafe categories.
However, do make sure you hit this minimum as you’ll get nothing if you don’t hit or surpass the minimum. Until I actually see the small print, I can’t say if you’ll be able to hack this with ‘cheat’ direct debits, where you effectively send money to yourself. I’ll update this article once I know for sure.
The £1,000 in savings requirement is more annoying. New to Chase customers actually get a very good 4.5% rate for the first year, but for anyone who doesn’t qualify for that, it’s a much lower 2.25%. If we assume you could get 4.5% on that £1,000 elsewhere, there’s effectively a 2.25% penalty, or £22.50 annual charge, to trigger the cashback. And if you have more than £1,000 saved with Chase at the lower rate, this effective cost to you be even higher.
Of course, you might still think that’s worth paying as you’re going to get the higher 2% cashback rate – it’ll just reduce the extra money you make.
One final note. I’m keen to see if competitors respond. For instance, Trading 212 has offered a boosted rate of 1.5% on any spending for most of the last 12 to 18 months, and potentially it could look to match Chase’s rate.
