The Chase credit card is the first ever UK credit card from the US bank. Successful applicants can get a 0% purchase period of up to 15 months and free foreign spending. You will need to open a Chase current account to apply and it is joining a crowded market of 0% purchase options and travel credit cards – so how well does it stack up against the competition?
Key facts about the Chase credit card
- Best for: Spreading the cost of a foreign transaction
- Introductory offer: Interest-free on purchases for up to 15 months
- Sign up bonus: None
- Representative APR: 24.9% APR (variable)
- Fees: No annual fee
- Rewards: None
How to apply for the Chase credit card
Once you have opened a Chase current account, you will be able to check your eligibility and apply for the Chase credit card through the app.
How to manage your payments on the Chase credit card
Repayments on your Chase credit card balance can only come from your Chase current account and need to be set up through the app. There are no physical Chase branches in the UK.
How does the Chase credit card compare to other credit cards?
The main selling points for the new Chase credit card are the 15-month 0% purchase period and the free spending abroad. In both these areas, there are better alternative options available. The very best 0% purchase credit cards offer more than 20 months interest free, while the top foreign spending cards also offer valuable perks like cashback. Most of these top options do not require a linked current account to apply for the credit card.
However, one scenario in which the Chase card would be useful is if you plan to make a significant purchase or purchases in a foreign currency, as then you would be able to combine the two perks and spread the cost over 15 months.
There is also some convenience in having your primary current account and credit card with the same provider and accessible through the same app, which could make the Chase credit card appealing to existing Chase current account customers.
How to find out which credit card is best for you
Money to the Masses has partnered with Creditec* to help find the best credit card for you. By entering a few basic details, you will be able to see a tailored list of the best credit cards based on your individual circumstances. You can sort your results by the feature that interests you most, such as by card type, total fees or cashback offered. On top of this, the credit cards that have been pre-approved for you will be highlighted, meaning you can be more confident that you will be accepted if you apply. (Pre-approval does not guarantee acceptance and is still subject to additional lender checks). Your details will be used to conduct a soft credit search often referred to as an eligibility check, which means your credit score will not be affected. Click on this link to get started*.
Pros of the Chase credit card
- 0% interest on purchases for up to 15 months, including foreign transactions
- No foreign exchange fees, including for cash withdrawals abroad
- Section 75 protection
- No annual fee
- The Chase app can tell you your credit score and sends instant notifications on purchases
- You can check your eligibility before you apply
Cons of the Chase credit card
- 0% purchase period is much lower than the top competition
- Not all successful applicants will get the full 15 months
- You must have a Chase current account to apply and can only make repayments through that account
- No cashback on spending, unlike with the Chase debit card
- Entirely app-based
- £12 late payment fee
Our verdict on the Chase credit card
If you already have a Chase current account and you want a credit card that does not charge foreign transaction fees, the Chase credit card is likely to be a good option. The app gives instant notifications on purchases, which is particularly useful for foreign spending, and you can choose to spread the cost of what you buy over the 15-month 0% period.
The combination of the 0% purchase period and the free foreign spending may be enough for some new customers to go through with opening a Chase current account and applying for the Chase credit card. However, if you just want a credit card that doesn't charge foreign transaction fees and plan to pay off the balance in full every month, you could benefit more from the Barclaycard Rewards Credit Card, which offers cashback on your spending.
Anyone not planning on spending money in a foreign currency can get better 0% purchase deals elsewhere. The best option at the time of writing is offers an up to 26-month interest free period for purchases.
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