Cashback on debit card spending is not a new idea.
Halifax offered a moneyback Current Account way back in 2005
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I mean… 2005 so nearly 2 decades ago… £1,000 a month minimum (£1,600 or so now)… capped at £10k (admittedly practically unlimited).
I stand by that 1% is unheard of generally for a debit card.
Also the cashback was paid after a whole year and only if the account wasn’t closed and this £1,000 was in each month:
I think it’s smarter than just giving someone £100 too. I have no idea how it works out financially whether giving away £100 would be more of less expensive in the long run, but making people use your app, they are more likely to stay at the end of the year.
If you get a switch bonus, you open the account, move some direct debits, maybe put your salary into it if that’s a requirement and just move it back out. You don’t interact with the bank.
TSB had cash back much more recently
It was worth up to £5pm (5% on contactless payments).
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They still do spend and save don’t they?
They do. It’s a different sort of scheme, though. £5pm for 30 card transactions. So if you make 29 transactions, you get nothing, make 5,000 transactions, you get £5.
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Ah I did consider that but to me that’s more like the “have X direct debits and we’ll give you £5” more than a cashback on spending.
The old one (2016) was 5% cashback. Only on the first £100pm of contactless spending.
Chase is doing the Revolut thing of attaching ‘CHASE’ as the reference when you don’t specify one. I’ve raised this with them. If there’s no reference, then don’t attach one.
Oh I didn’t see that one. I guess they changed it.
I suppose for me I still get more from Chase. My phone bill and Apple Watch repayments are netting me £1.60 cashback alone and I also pay things like gym with it so I’m getting more than £5 a month.
On another note they have now been confirming on Twitter that direct debits go live tomorrow.
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I must have missed this but I presume you’re not getting 1% on direct debits right?
Yes - that’s right. They’ve confirmed it’s 1% on card transactions only although as with every suggestion or request they’re getting on twitter they also have a standard ‘but please keep following our social media posts as we develop the product in case that changes!’
On CASS…
So, just got the email from Chase announcing Direct Debits (and given a handy guide on what they are in the first place cos I’m sure there might be someone somewhere in the UK who doesn’t know?)
But the interesting bit is snuck in at the end about CASS
“The Current Account Switch Service (CASS), which can automatically transfers Direct Debits, isn’t available for Chase customers just yet, but we’re working on it”
So, I think that’s the first time we’ve seen anything official from Chase that it’s on it’s way.
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That finally changes things up.
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Anyone set up any direct debits yet from an additional account they have created? Is that possible?
Yes you can. I’ve created an account for my direct debits.
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Oh fantastic, that’ll help me organise a pot just dedicated for direct debits. That’ll help my spending.
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The day Direct Debits went live with Chase, I set one up for Cancer Research UK, but still haven’t had confirmation that it’s been successfully set up. The first payment isn’t due to come out until the 19th, so maybe it will be confirmed nearer that date? 
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It will be interesting to see if you get a push notification too like Monzo
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