I thought it would be interesting to see how many people have opened and used a Chase bank in the UK since their opening. I’d love to know their adoption rate and how many people would switch to them as their primary current account.
Personally, I think Chase 1% cashback and potential additional benefits for an upcoming credit card could have a huge positive impact on the consumer as they seem to offer better benefits than any other credit or current account currently. I’d love to see more banks in response try to add more cashback, more points to their current cards if Chase start taking serious market share similar to how monzo made the major banks create usable and functional banking apps which are now the standard
To be honest, I really don’t see the point of the 1% offer.
They know it costs them £150 to get a new customer, so instead of giving it away like Firest Direct, they run cashback, which will soon be removed because it’s not sustainable.
The 1% cashback for me has added quite a bit of value , 1% is also better than any credit card currently which is so weird when you compare the same card benefits in the US and UK. like the AMEX gold it feels as though in the UK we are getting shafted with the below par perks.
Better cashback than most of credit cards, on a debit card, without having to move any DDs/salary etc over. What’s not to like? It’s money I would be spending anyway and I can still shuffle other accounts around to get new account bonuses at the same time. I don’t really understand why anyone wouldn’t be using them
You can get the same amount or more on First Direct. 1% is just a promo offer they will eventually shut down just to gain an initial user base.
1% is also quite insignificant. You need to spend £20k to get £200 back, when you can go to FD and get £175 instantly.
I love the marketing in the promo because it tricks people in thinking it’s good, but in reality they are saving a ton of money in customer acquisition compared to FD since very little people will get more than £175.
I mean you can have both, in terms of spending value its better than most credit cards which is great for spending and then also have a second burner current account for switching. The only issue with switching is that you can only switch so many times it also does have an impact on credit score not major but combining the two even if it is a promo is great. I can get £175 from FD and 1% after than on chase so even better don’t have to pick
To be fair, the First Direct offer (since you’ve picked up on that one) is a one-off, while with the 1% (even with their new cap) it’s just a matter of time until you will end up earning more.
, 1% is also better than any credit card currently which is so weird when you compare the same card benefits in the US and UK. like the AMEX gold it feels as though in the UK we are getting shafted with the below par perks.