Chase changes 1% cashback rules – find out how to qualify

Many existing Chase cashback customers will now need to deposit at least £1,500 per month to continue earning 1% cashback on their spending. Previously, existing customers only needed to deposit £500 per month to ensure they were eligible for the 1% cashback offer on most of their debit card spending.

The changes will primarily affect Chase cashback customers who have been with Chase for at least 12 months and no longer qualify for the new customer promotional offer. They will be moved from Chase's Monthly Cashback scheme to Chase's new Everyday Cashback offer which requires that they pay in £1,500 into the account each month to see the same benefits.

However, unlike the Monthly Cashback scheme which gave customers an extra 12 months of cashback, the new Everyday Cashback offer is indefinite.

The move comes after Chase introduced a cashback cap in 2023 where cashback was capped at £15 per month for new customers. Prior to this, new customers were able to receive unlimited cashback for the first 12 months.

How does Chase's cashback offer work?

With Chase, you can receive 1% cashback on eligible debit card or contactless purchases up to £15 per month. Initially, this was an introductory offer for new customers for the first 12 months with the bank. However, the new Everyday Cashback offer means that eligible customers can continue to earn cashback beyond the introductory offer.

The 1% cashback offer is only available on eligible purchases such as, for example, your weekly food shop, meals out, flights, and spending abroad. However, restrictions apply too. Spending that is excluded from the cashback offer includes:

• Debt repayments
• Gambling transactions
• Paying university fees
• Funding prepaid cards
• Purchases at antique shops, art galleries, and with art dealers
• Cash withdrawals
• Money transfers
• Cryptocurrencies
• Car and van dealers
• Precious metals
• Tax payments
• Bank fees

These are only some examples of the exclusions you need to be aware of, but a full list of Chase's cashback exclusions can be found on the bank's website.

If you earn cashback, your rewards balance will be credited after the relevant payments have been cleared. Your cashback will be rounded up to the nearest penny. If you want to redeem it, all you need to do is transfer the cash from your rewards balance to another account you hold with Chase.

It's worth keeping in mind that Chase can withdraw or change the current cashback offer at any time. If there are any significant changes, you will typically be given 30 days notice.

How will the new Chase Everyday Cashback offer affect Cashback customers?

All new Chase customers are eligible for 1% cashback on the first £1,500 they spend each month. They can receive up to £15 cashback on eligible everyday debit card spending and there are no minimum deposit criteria for the first 12 months. As such, the changes won't impact new customers right away as they won't be on the Everyday Cashback offer.

The rules for existing customers are slightly different depending on when they joined. Those who joined before May 9, 2023 and are still on their introductory 12 month cashback offer can earn unlimited cashback and there's no minimum deposit to qualify. Those who joined after May 9, 2023 can only earn up to £15 in cashback.

Previously, customers who no longer qualified for the introductory offer qualified for the Monthly Cashback offer for a further 12 months instead. As long as customers deposited at least £500 into their account every month, they could then earn up to £15 in cashback per month.

But the new changes mean that customers on the Monthly Cashback offer will now be transferred to the Everyday Cashback offer where they'll be able to get up to £15 per month as long as they deposit £1,500 into their account every month instead. This is an indefinite offer that customers are eligible for as long as they meet the minimum deposit criteria. However, as with any of Chase's cashback offers, this can be changed or withdrawn at any time; you will usually get 30 days' notice before any material changes are made.

The table below sums up how the new rules are likely to affect you, depending on whether you're a new or existing Chase customer and when you became a Chase customer.

Chase Bank  - Cashback eligibility rules

	Cashback offer	Monthly cap	Minimum monthly deposit
New customers	1% cashback for the first 12 months	£15	No minimum deposit for the first 12 months
Existing customers who joined before May 9, 2023	1% cashback for the first 12 months	Unlimited for the first 12 months	No minimum deposit for the first 12 months
Existing customers who joined after May 9, 2023	1% cashback for the first 12 months	£15	No minimum deposit for the first 12 months
Existing customers who have had a Chase account for a year or more	1% cashback provided you meet the minimum deposit requirements	£15	£1,500 to qualify for cashback the following month (excludes internal transfers)

So, to sum up, this is how the latest changes at Chase might affect you:

• If you're a new customer, you'll get 1% cashback for 12 months up to £15 a month without having to deposit £1,500 a month.
• If you're an existing customer and your initial 12 month offer hasn't expired, your cashback terms will remain the same.
• If you're an existing customer and need to deposit £500 a month to qualify for cashback, then moving forward, this will go up to £1,500.

You can check what cashback offer you're on via the Chase app. Simply go to the "Rewards" section to browse your current cashback offers.

How to make sure you still get £15 cashback with Chase

Once your introductory offer ends, you'll be moved onto the Everyday Cashback scheme and then you'll need to pay in £1,500 every month to qualify for up to £15 of cashback on eligible spending. Transfers and standing orders from other banks, salary payments, and universal credit payments all count towards this deposit figure.

But if you don't have £1,500 a month to deposit with Chase every month, you can still make use of the feature. The £1,500 doesn't need to be deposited in one go. For example, you could pay in £500 from your main bank account one day, then pay £500 out to your main bank account the following day, and so on, until you've technically "deposited" £1,500.

By the same token, if you do have £1,500 to deposit with Chase but simply don't want to leave it in the account, all you have to do is transfer it in and then transfer as much out as you want to. As long as the money lands in your account in the first place, you'll be eligible for the £15 cashback offer.

Chase cashback alternatives in 2024

Despite the higher deposit requirements, Chase remains a lucrative cashback provider in 2024. Chase offers many other features that make it a popular choice which we highlight in our independent Chase review.

That being said, there are other cashback alternatives on the market. The table below sums up some of the best cashback accounts right now to help you decide whether Chase is right for you.

	Chase	Santander Edge	Santander Edge Up	Halifax Rewards Account
Cashback offer	1%	1%	1%	£5
Monthly cashback cap	£15	£20	£30	£5 (or a cinema ticket or 3 digital magazines)
Monthly account fee	£0	£3	£5	£3 or free if you pay in £1,500
Minimum deposit per month	£1,500 after initial 12 months	£500	£1,500	£1,500
Other criteria	Only on eligible purchases	Must have 2 active direct debits and must pay bills via direct debit	Must have 2 active direct debits and must pay bills via direct debit	Spend £500 with your debit card every month or keep at least £5,000 in your account

If you want to find out more, make sure to check out our round-up of the best bank account switching offers, cashback and incentives on the market right now. We update our list frequently, so it's worth bookmarking for future reference.