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Chase to Expand Rewards Programme with Monthly Cashback Offer and Introduction of Interest on Current Account Balances
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Chase, part of JPMorgan Chase (NYSE: JPM), has announced a new monthly cashback offer and interest on current account balances. Existing customers will earn 1% cashback on eligible debit card spending for an additional twelve months, effective April 1, 2023. Customers must deposit £500 monthly to qualify for up to £15 cashback. New customers will also enjoy the same cashback offer. Additionally, both new and existing customers will earn 1% AER interest on current account balances with no fees or minimum deposits. This initiative aims to enhance customer rewards and optimize their banking experience.
Positive
Launch of 1% monthly cashback on debit card spending for existing customers for an additional 12 months.
New customers also eligible for 1% cashback on eligible spending.
Introduction of 1% AER interest on current account balances starting in April, with no fees or minimum deposit requirements.
Negative
None.
Existing customers can continue to earn 1% cashback on their everyday debit card spending
All Chase customers will soon be able to earn 1% interest on their current account balance
Introduction of current account interest complements Chase’s cashback offer, competitive rate saver account, and interest on small change round-ups, with customers rewarded when they spend, save, or just for having money in their account
LONDON--(BUSINESS WIRE)--
Digital bank, Chase, has today unveiled a new monthly cashback offer for existing customers.
Following the success of Chase’s introductory 12-month 1% cashback offer*, customers will be able to earn 1% cashback on all eligible everyday debit card spending for an additional 12 months after the expiry of their initial offer, as part of its new monthly cashback offer**.
In addition, Chase will introduce interest on its current accounts for all new and existing customers, which is set to start in April. Customers will be able to earn 1% AER interest*** on all their current account balances, with no fees from Chase or minimum monthly deposits, and customers can pay-in as much as they like.
Shaun Port, Managing Director for Everyday Banking at Chase, said: “We’re expanding our rewards programme so our customers can continue to enjoy cashback on their everyday debit card spending. At a time when everyone wants their money to work harder, the introduction of 1% interest on current accounts adds another way in which customers can be rewarded for banking with Chase.”
Complementing its soon to be introduced interest on current accounts, and new monthly cashback offer, Chase also provides 5% AER interest**** on its round-up account which is used for small change round-ups.
The Chase saver, which is linked to its current account, pays 3% AER*****. Customers can open multiple saver accounts and deposit up to £500,000, with no fees from Chase for accessing their money.
New monthly cashback offer
Chase’s 1% cashback on eligible everyday debit card spending was developed in line with U.K. consumer debit card spending habits so that customers could benefit from rewards on many of the things they already buy every day.
That includes, but is not limited to groceries, travel, meals, entertainment, fashion, homewares, electronics, as well as flights and holidays. Customers can also earn cashback when they spend abroad, with no fees from Chase, and a highly competitive exchange rate.
Under the monthly cashback offer - which is available to existing customers after the expiry of their initial 12 month offer - customers will need to pay in £500 to their Chase current account (excluding internal transfers) each month to qualify for cashback in the following month. Cashback will be capped at £15 per month.
The new offer will come into effect for existing customers from 1 April 2023. Customers who are due to come to the end of their initial 1% cashback offer at the end of February or in March can continue to earn 1% cashback until the 31 March, so they can seamlessly take advantage of the new offer.
New customers joining Chase will continue to enjoy its introductory 12-month 1% cashback offer on eligible everyday debit card spending, without needing to deposit into their Chase account. For customers joining Chase from 1 May, cashback will be capped at £15 per month.
1% interest on current account balances to be introduced
Starting in April, Chase customers will be able to earn 1% AER interest on all of their current account balances, as the bank offers another way to help customers make more of their money. There will be no minimum monthly deposit or direct debit requirements and it will apply across all Chase current accounts. Interest will accrue daily and be paid on the first day of each month.
Customers can set up multiple current accounts via the Chase app, each with a unique account number, which has been designed to make it easier for customers to manage their money in a way that works for them.
*Cashback exceptions apply, available for first 12 months.
**Qualification criteria, exceptions and T&Cs apply.
***1% AER/gross variable, paid monthly. T&Cs apply.
****5% AER (4.89% gross) variable, paid monthly. Round-up account balance transfers to elected Chase account on anniversary of account opening. T&Cs apply.
*****3% AER (2.96% gross) variable, paid monthly, maximum of 10 saver accounts. T&Cs apply.
Summary of changes:
Existing customers
1% monthly cashback on eligible everyday debit card spending for 12 months
To qualify, customers need to pay in £500 into their Chase current account(s) each month
£15 per month cashback
New customers joining Chase
1% cashback on eligible everyday debit card spending for 12 months
£15 per month cashback limit (from 1 May)
New and Existing customers
Interest on current account balances to launch in April
Chase is the consumer banking business of JPMorgan Chase & Co (NYSE: JPM), a leading global financial services firm with assets of $3.7 trillion and operations worldwide.
The U.K. bank is designed specifically to meet the needs of customers in the country, providing a range of banking products and features. In the U.K., Chase is a trading name of J.P. Morgan Europe Limited. J.P. Morgan Europe Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. For more information, go to www.chase.co.uk.
What is Chase's new cashback offer for existing customers in 2023?
Chase's new cashback offer allows existing customers to earn 1% cashback on eligible debit card spending for an additional 12 months, starting April 1, 2023.
How much cashback can customers earn with Chase's new offer?
Customers can earn up to £15 cashback per month under the new offer.
What interest rate will Chase offer on current accounts?
Chase will offer 1% AER interest on current account balances starting in April 2023.
Are there any requirements to earn cashback with Chase?
To qualify for the cashback, customers must deposit £500 into their Chase current account each month.
When does Chase's new monthly cashback offer start?
The new cashback offer for existing customers starts on April 1, 2023.
