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.
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.
