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Chase to raise minimum pay-in for cashback to £1,500 a month – here's what to do if you won't spend that much

If you're a Chase customer, you'll soon need to pay in at least £1,500 a month to qualify for its 1% debit card cashback offer. But depending on when you signed up, this change won't take effect immediately – and you can work around it if you'll spend less than £1,500 each month.

The change comes as part of Chase's new 'Everyday Cashback' offer, which launched today (Wednesday 28 February) and will run on an ongoing basis. This new offer works mostly the same as Chase's existing offer – meaning you get the same 1% cashback up to a maximum of £15 a month (£180 a year).

However, once you're rolled onto the new offer (more on this below), you'll need to pay in £1,500 a month to your Chase current or savings account(s) to qualify. This is up from £500 a month previously.

Won't spend £1,500 each month? Here's what to try

If you aren't planning to spend £1,500 a month, or don't have this much to deposit, don't worry – you should still be able to qualify for the 1% cashback on your debit card spending.

For example, if you only spend £500 each month, you could pay in the £1,500 and then set up a standing order to transfer the remaining £1,000 back out the next day. Alternatively, you could keep it in your linked Chase saver to earn interest (though bear in mind you can get a better rate elsewhere). 

If you have less to deposit in the first place, there's a workaround: say you have £750 – you can pay this in, move it to another bank, then pay it back in to meet the £1,500 threshold. Chase has confirmed to us that this would meet its criteria.

Chase's terms and conditions list the following as examples of 'eligible payments' which count towards the monthly deposit requirement: transfers and standing orders from other banks, salary payments from your employer and Universal Credit payments. Transfers between your own Chase accounts or any refunds to your card WON'T count.

When the change kicks in depends on when you joined Chase

You'll only have to meet the new, higher minimum pay-in once your existing cashback offer ends – when this happens depends on how long you've had your Chase account:

  • If you've had Chase for more than a year, your existing offer is set to expire in the coming months. You'll then need to meet the criteria of the new offer to keep getting your cashback.

  • If you've had Chase for less than a year, you'll remain on your current offer until the 12 months is up. After that, you'll be rolled onto the new system above.

  • If you sign up to Chase from today (Wednesday 28 February), you'll get an introductory offer for 12 months. This gives you the same level of cashback but with no monthly deposit required. After a year, you'll also be rolled onto the new system.

How to check which offer you're on

You can check the details of your current offer, and its expiry date, by scrolling to the bottom of the 'Home' tab in the app and tapping on the 'Rewards' section.

Chase remains one of our top picks for cashback – though its savings rates can be beaten

Despite the change, the Chase account is still one of the easiest and most lucrative ways to get money back on your everyday spending – especially as it can be paired with other bank accounts offering up to £200 free cash for switching or 1% cashback on household bills paid by direct debit

However, Chase's savings interest rates – which aren't changing right now – can be beaten elsewhere. For example, Chase's linked saver currently pays a decent 4.1% – but you can get 5.12% with the top easy-access account offering unlimited withdrawals. See our constantly-updated Top savings accounts guide for more info and to compare your options.

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