Major online bank Chase is updating its cashback rewards program starting July 1, offering customers the chance to earn more money back on their spending. Under the new rules, Chase debit and credit card holders will receive 2% cashback on purchases, up from the previous 1% rate. However, the enhanced rate comes with additional qualifying conditions.
New Criteria for Cashback Eligibility
To qualify for cashback each month, customers must complete at least 15 card transactions or direct debit payments and maintain a minimum balance of £1,000 across one or more Chase savings accounts throughout the calendar month. For those holding both a Chase debit and credit card, the 15 transactions can be split between the two cards.
Chase's terms specify that the £1,000 minimum must be present in savings accounts "each day for the entire calendar month." Existing customers who have been with Chase for over 12 months have already been subject to these rules since June 1. New customers, defined as those in their first year with Chase, have a grace period in June but must meet the new criteria from July 1 to continue receiving 2% cashback the following month.
Expanded Cashback Categories
Previously, Chase's cashback program required only a monthly deposit of at least £1,500 into a current or savings account. While customers now face two requirements instead of one, the offer has been broadened. In addition to existing eligible categories like UK groceries, transport, and fuel, cashback is now available on spending at most UK restaurants, cafes, and takeaways. This includes independent and chain establishments, as well as restaurant takeaway and delivery services.
The maximum monthly cashback has also increased from £15 to £20, translating to an annual maximum of £240, up from £180.
Tips to Meet the Transaction Requirement
MoneySavingExpert recommends using Martin Lewis's 'banana trick' to meet the 15-transaction minimum. This involves buying low-cost items, such as bananas, in separate transactions to increase transaction count. Chase does not impose a minimum spend per transaction.
