Chase Bank, a major online bank serving customers in Birmingham and across the UK, is set to double its cashback rate on debit and credit card spending from July 1. The current 1% cashback will increase to 2%, but new eligibility criteria will apply.
New Cashback Requirements
From July 1, customers must complete at least 15 card transactions or direct debit payments each month and maintain a minimum balance of £1,000 across one or more Chase savings accounts throughout the entire calendar month to qualify for cashback in the following month. For those holding both a Chase debit and credit card, the 15 transactions can be split between the two cards.
The £1,000 minimum balance must be present in savings accounts every day of the month. Failure to meet either condition will result in no cashback for that period.
Grace Period for New Customers
Money Saving Expert, founded by Martin Lewis, clarified the transition rules. Customers who have been with Chase for more than 12 months can earn 2% cashback in July if they meet the criteria in June. Thereafter, they must meet the conditions monthly to continue earning cashback.
For those within their first year of joining Chase, the 2% cashback will be available in August if they meet the criteria in July. The existing 1% introductory cashback deal with no qualifying criteria will end on June 1, 2026. First-year customers will receive a two-month grace period before the new rules take effect.
Expert Analysis
Money Saving Expert noted: "The cashback rate is doubling, the monthly cap on cashback is rising, and you will be able to earn cashback across more spending categories, so Chase's new cashback scheme clearly offers customers a chance to earn more. But there are now more steps you have to take in order to qualify for the cashback, such as making 15 card transactions or Direct Debits."
This change represents a significant shift in Chase's rewards structure, offering higher returns for customers who are willing to meet the stricter requirements. Customers are advised to review their spending and savings habits to take full advantage of the enhanced cashback opportunity.
