Existing Chase customers can continue to earn 1% cashback on debit card spends beyond the standard 12-month period, but it means paying in triple the amount of money to your account.
The digital challenger has today announced a new ‘Everyday Cashback’ offer for existing customers, offering 1% on eligible debit card spends on an ongoing basis.
However, to continue to earn 1% cashback beyond the introductory first year or at the end of their monthly cashback offer, customers will need to pay in £1,500 per month to their Chase account. This needs to be paid in a month before you’ll earn cashback. For example, in order to qualify for cashback in May, you’d need to pay in £1,500 in April.
But Chase confirmed that this figure is tied to the calendar month, so you could pay it in on the last day of the month and qualify to earn cashback for the next month, ie the next day.
Further, as part of the shake-up, Chase confirmed this can be spread across a customer’s current account and, for the first time, into a Chase Saver account, to give flexibility. You can pay the amount in full or in instalments.
From £500 to £1,500 pay in requirement
For existing customers, this £1,500 minimum pay-in amount may come as an unwelcome surprise. This is because, as of last year, some existing customers (those who activated cashback from September 2021 to March 2022) were already required to pay in £500 per month for the pleasure of earning cashback after the initial 12-month period.
For other existing customers who signed up from April 2023 onwards, while they didn’t have to pay in £500 per month to get the 1% cashback during the introductory period, they were expecting to pay this figure after the first year to continue earning 1% debit card cashback for a longer time.
As part of Chase’s new ‘Everyday Cashback’ offer, the amount you can earn is also capped at £15 per month (equivalent to spending £1,500 a month), allowing savers to earn up to £180 over the course of a year. See Chase’s debit card cashback FAQs for exclusions.
All customers coming to the end of their introductory 12-month offer will roll onto ‘Everyday Cashback’.
All new customers joining Chase continue to get 12-month, 1% cashback without needing to deposit into their Chase account. This is capped at £15 per month.
Chase also confirmed that fee-free overseas spending remains. Its current account pays 1% AER (1% gross) variable, paid monthly, and it offers 4.1% AER (4.02% gross) variable interest on the Chase Saver. Meanwhile, it also offers 5% AER on spending round-ups.
‘Cashback is hugely popular with our customers’
Victoria Tilney, head of daily banking at Chase, said: “Chase’s 1% cashback on everyday debit card spending continues to be hugely popular with our customers, in large part because they can earn a bit extra on many of the things they already buy every day.
“Cashback is just one part of the Chase offer – customers looking to make their money work even harder can also take advantage of a range of money management features, a competitive-rate easy-access saver account, and 5% interest on Chase’s small change round-up account.”
