Chase tweaks rules for earning cashback

If you have a bank account with Chase you’ll now need to pay more into your account every month to qualify for 1% cashback. 

The Chase current account by JP Morgan launched with a bang back in 2021, offering uncapped cashback for 12 months, fee-free debit card spending abroad and interest on round-ups. But we’ve seen several shake-ups to the scheme since. 

Here, Which? explains the account change and the types of spending that won't qualify for cashback.

How does Chase's cashback deal work?

The challenger bank account offers 1% cashback on everyday spending for 12 months. Cashback is added to a rewards pot which can be transferred into another account at any time. 

In April 2023, Chase capped the cashback new customers could earn to £15 a month. 

Existing customers who are out of their 12-month promotional period were rolled onto a new scheme called Monthly Cashback for one year. 

This allowed customers to keep earning cashback, providing they paid a minimum of £500 into the account each month. This cashback was also capped at £15 a month.

• Find out more: best bank accounts for cashback

What's changing?

Existing customers must now pay a minimum of £1,500 into a Chase account to qualify for cashback. 

This is part of Chase’s new Everyday Cashback scheme, which replaces Monthly Cashback and will run on an ongoing basis. 

Cashback will continue to be capped at £15 a month. 

However, there is some new flexibility as you can add the £1,500 to your linked Chase savings account instead of your Chase current account and still qualify for cashback.

• Find out more: best bank accounts 2024

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When will the change kick in?

New customers who joined within the last 12 months are unaffected by the changes and won’t need to deposit a minimum amount into their Chase account until their promotional period ends. 

After this, they’ll be rolled into the new Everyday Cashback scheme and must hit the new criteria to continue earning cashback. 

Existing customers with a Chase account older than 12 months will be notified when they’ll be moved from the Monthly Cashback scheme to the new Everyday Cashback scheme.

What doesn't count as everyday spending?

Although Chase says you’ll earn 1% on everyday spending, there are some restrictions it’s worth watching out for. 

For example, there are standard exceptions you wouldn't usually earn cashback on, such as cash withdrawals, cryptocurrencies, debt repayments, gambling transactions and money transfers. 

There are some specific types of spending, such as antique shops, car and van and motorcycle dealers that are also excluded. 

Here’s the full list of the 32 restrictions: 

Chase said merchants get a specific code based on the types of things they sell. This is called a Merchant Category Code. Chase uses this code to work out whether you’ll get cashback or not.

Chase said that because it doesn’t control what type of code a merchant is given, in some cases a merchant might sell something that seems eligible for cashback, but the transaction isn’t eligible because of the code. 

What other perks do you get with Chase?

Cashback isn’t the only reason Chase is popular. Here are some of the other perks: 

Fee-free spending abroad

There are no fees for spending abroad on a Chase debit card, including making ATM cash withdrawals.

• Find out more: best debit cards to use abroad 2024

1% interest on balances 

Chase will pay you 1% AER on the money in your current account. Interest will be calculated daily, based on your current account balance, and paid at the start of the next month. 

Linked savings offering 4.1%

Chase customers can open a Chase saver account, which pays 4.1% AER. Interest is paid on the first calendar day of the month and is calculated on a daily basis. 

• Find out more: best savings accounts 2024

Numberless debit card

Chase doesn't have a number on its card. Instead, your details are stored in the app. This is supposed to give greater security. 

Is Chase a good banking provider?

Chase achieved a customer score of 79% in our most recent survey of the best banks, leaving it 4th out of 21 providers. 

It scored five stars for its customer service in general, its application process, how it deals with complaints and its mobile banking.

It scored four stars for contacting customer services by phone. Although Chase received an excellent customer score, its product score was below average, meaning it missed out on becoming a Which? Recommended Provider in 2024. 

You can also see how the providers stack up for customer service in our guide to the best and worst bank accounts.

Best accounts for cashback

Chase isn’t the only bank account that offers cashback on everyday spending. 

We’ve compared 11 in our table comparing the best bank accounts for cashback, with some offering up to £30 a month.