Major bank Chase is handing customers up to £280 in cashback after a rule change that took effect in June. To qualify for cashback with Chase previously, customers had to pay a minimum of £1,500 into either their Chase current or savings account once per month. However, as of Monday 1 June, that minimum monthly pay-in requirement no longer applies.
New Cashback Criteria
Starting from July, Chase debit or credit card users will be able to earn 2% cashback on their spending. The cashback rate has doubled from the previous 1%, and the monthly cap has increased from £15 to £20. This means customers can earn up to £240 a year in cashback, up from £180 a year.
Money Saving Expert, founded by BBC and ITV star Martin Lewis, commented: "The cashback rate is doubling, the monthly cap on cashback is rising, and you will be able to earn cashback across more spending categories, so Chase's new cashback scheme clearly offers customers a chance to earn more. But there are now more steps you have to take in order to qualify for the cashback, such as making 15 card transactions or Direct Debits."
Eligible Spending Categories
Customers will be able to earn cashback on spending at most UK restaurants, cafes and takeaways, as well as on UK groceries, transport and fuel. The new categories include independent and chain restaurants and cafes, though restaurants or cafes that are owned and operated by a venue are likely to be excluded. It also includes takeaways from restaurants and delivery services.
How to Open a Chase Account
To bank with Chase, you need to be 18 or older, a UK resident, have a smartphone and a UK mobile number, be a tax resident of the UK, and meet credit history criteria. A soft credit search will be conducted to confirm eligibility. Chase states: "To open an account with us, just head to the App Store or Google Play and download the Chase UK app. Go to the app and follow the instructions given to open your Chase account. You'll be pleased to know you can open an account with us free of charge."
The new cashback scheme offers a significant opportunity for customers to earn more on their everyday spending, with the removal of the monthly pay-in requirement making it more accessible.
