Martin Lewis issues warning as bank makes major change to cashback deal

01 March 2024 , 11:18

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Martin Lewis shared the warning on his X - formerly Twitter - account this week (Image: Ken McKay/ITV/REX/Shutterstock)

Martin Lewis has issued a warning to Chase customers after the bank announced a major change to one of its current accounts.

The MoneySavingExpert.com (MSE) founder shared that Chase bank customers would now need to pay more to get its 1% cashback reward. Writing on X, formerly known as Twitter, Martin Lewis said: "Chase is changing its terms - existing customers will need to pay in more to get the 1% cashback."

The finance journalist linked to an article from MSE which explained all the changes. Since its launch, Chase Bank has offered new account holders 1% cashback for 12 months, which is activated when you open the account - now the offer will be indefinite as part of its new "Everyday Cashback" offer which launched on February 28.

The MSE team say the new offer works "mostly" the same as its existing offer. The offer gives you 1% cashback up to a maximum of £15 a month or £180 a year. However, to get the cashback deal, customers now need to pay in £1,500 per month, up from £500 before, for the cashback to be paid. As part of the new offer, customers will now also be able to pay the cash into their Chase saver account to qualify for the cashback.

Under its terms and conditions, "eligible" payments which count include transfers and standing orders from other banks, salary payments from your employer and Universal Credit payments. However, transfers between your own Chase accounts or any refunds to your card will not qualify.

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You'll only have to meet the new, higher minimum pay-in once your existing cashback offer ends and this depends on how long you've had your Chase account. If you have had a Chase account for more than a year, your existing offer will be coming to an end soon and you'll need to meet the new criteria to get the cashback.

If you've had a Chase account for less than a year, you'll remain on the current offer until the 12 month period is over. If you sign up now, you'll get an introductory offer for 12 months which gives you the same level of cashback but with no monthly deposit required - you'll then be moved onto the new criteria after a year.

You can check the details of your current offer - including its expiry date - by scrolling to the bottom of the "Home" tab in the Chase banking app and clicking the "Rewards section. Even with the changes, the MSE team say Chase Bank remains one of its "top picks" for cashback with it being the most "easiest and lucrative ways" to get money back on your everyday spending. However, its savings rate of 4.1% can be beaten elsewhere.

Ruby Flanagan