Martin Lewis: Chase customer? Bad news – it's slashing its 1% cashback offering

We give you the top lines on what's changing below. For our full analysis, including alternatives, look out for our next weekly email on Tuesday 11 March (sign up so you don't miss it).

Martin Lewis: 'This is bad news for Chase customers'

As the news was announced, Martin took to X (formerly Twitter) to share his thoughts on the change:

The key change: you'll now only earn cashback on certain UK purchases

As part of its 'Everyday Cashback' offer, Chase currently allows new and existing customers to earn 1% cashback on most debit card spending worldwide, plus it offers fee-free spending abroad, making it a top card for both travel spending and rewards.

But from Monday 7 April, new and existing customers will only be able to earn 1% cashback on certain grocery, transport and fuel purchases made in pounds sterling in the UK, Guernsey and Jersey (so you'll no longer earn cashback on overseas or non-sterling transactions).

Here's what will count for cashback:

• Groceries. Including food bought at supermarkets, grocery stores, convenience stores and specialty food stores. For example, Costcutter, Londis, Sainsbury's, Spar, Tesco and Waitrose, but excluding food delivery services, such as Deliveroo and alcohol merchants, such as Majestic Wines.

• Public transport. Including buses, trains and ferries. For example, Arriva, Eurostar, Great Western, Transport for London, National Express, National Rail, Stagecoach, and Stena Line. But excluding flights and taxis.

• Fuel and electric vehicle (EV) charging. Including at fuel stations, automated fuel dispensers and EV charging points. For example, BP, Esso, Gridserve, Shell and major supermarket petrol stations. But excluding home charging points.

Both in-store and online purchases will count, provided they fall within the categories above.

Not changing: you'll still be able to earn up to £15 a month in cashback

This shake-up is only about which purchases are eligible for cashback. Chase says the following terms will remain the same:

• You can still earn up to £15 a month (£180 a year) in cashback.

• You can continue to earn cashback without needing to pay-in a minimum amount into your account within the first 12 months of opening a Chase account.

• Once you've had the account for a year, you'll still need to pay at least £1,500 a month into your current or savings account(s) to qualify for the cashback. This minimum pay-in rose from £500 a month in February 2024 – though there are ways around it, as we detailed at the time.

• You'll still need to make payments using your debit card to qualify (not by Direct Debit or bank transfer) and Apple Pay, Google Pay and PayPal digital wallets will still be supported.

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.