Chase Bank has announce it’s making changes to its cashback offering for customers from next month and Martin Lewis has urged people to ‘find alternatives’ as he called it ‘bad news’ for customers
Money Saving Guru Martin Lewis has sounded the alarm for Chase bank customers, telling them to ‘look elsewhere’ after the bank dropped a bombshell about cutting back on a beloved benefit.
Chase Bank is tightening the reins on what purchases will qualify for 1% cashback starting from 7 April, including scrapping the perk for spending abroad. From that date, clients will only bag 1 per cent cashback on transactions in pounds sterling within the UK, Guernsey, and Jersey.
Despite the shake-up, users can still rake in cashbacks on groceries, transport, and fuel buys – EV charging included – both in shops and online with their Chase card. The revamp only tweaks what counts towards the cash-back tally. Customers can still pocket up to £15 a month in cashback, sticking to the rules laid out on the Chase Bank website.
Following the bank’s announcement, Money Saving Expert Martin Lewis didn’t mince words when he hit X to share his take on the cutbacks, declaring: “Chase customers… bad news.
“It’s just announced it’s slashing its cashback offering from the current 1% on most things worldwide. It will be 1% only on UK groceries, transport and fuel services from 7 April. This will lose its number one status as overseas spending card and cashback card!”
“It’s not quite a ‘ditch it’, but it’s certainly a ‘find alternatives’,” he quipped, teasing that he’ll dive into all the replacement options in his upcoming newsletter set to drop on Tuesday, 11 March.
People were quick to sound off over the shake-up, with plenty saying they’re now on the hunt for new banking and cashback options.
One user expressed disappointment: “I know the savings rate has dropped sector wide, but certainly feels Chase have dropped down the pecking order at a faster rate than the rest of the savers options. The benefits for Chase now VS a year ago is very different which is a shame.”
Another customer chimed in: “Ah gutted. Had a nice little pot from the 1%. Although with the reduced interest and the increased monthly pay in, what was my leisure spend account was becoming less attractive anyway! Be interested to see what the alternatives are.
“That’s their edge gone. Poor savings interest rate and now a rubbish cashback scheme. Just like the rest now,” a third user wrote, while someone else said: “As a current Chase customer it’s starting to lose its appeal, first with the drop in interest rates so I have moved my savings elsewhere but if it’s cashback offer is dropping as well I shall be ditching it completely.”
However, not everyone was as upset about the changes, as one user argued: “It maxes at £15 cash back per month anyway so not too much of a game changer.”