Martin Lewis has recently labeled changes to Chase Bank's 1% cashback offer as "bad news," advising customers to review their accounts as the perk becomes restricted to specific UK categories (groceries, transport, fuel) from 7 April 2025, losing its top status for overseas spending. While the 1% cashback on select spending and high-interest savings options were previously top picks, Martin Lewis on MoneySavingExpert.com now suggests finding alternatives due to reduced benefits and higher, £1,500 monthly pay-in requirements for cashback.
Martin Lewis: 'This is bad news for Chase customers'
Chase customers... bad news. It's just announced it's slashing its cashback offering from the current 1% on most things worldwide.
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People protest Chase Bank primarily over its massive financing of fossil fuel projects, leading to environmental concerns and demands for divestment, but recent protests also involve allegations of political "debanking" and discrimination, particularly from figures like Donald Trump suing the bank for allegedly blacklisting him and his associates. Activists want Chase to stop funding fossil fuels, while political figures claim unfair denial of services due to conservative viewpoints, highlighting tensions between finance, politics, and social issues.
While Bank of America often leads in total complaint volume to the CFPB, Wells Fargo frequently ranks high for its poor reputation and scandals (like fake accounts) alongside JPMorgan Chase, but some analyses show smaller banks like Capital One, Discover, or TCF National Bank (now part of Huntington) having higher complaint rates relative to deposits, indicating worse customer experience per dollar held.
The Chase 2/30 Rule is an unofficial guideline stating you can be approved for a maximum of two new Chase credit cards within a 30-day period, or risk automatic denial, though this isn't a hard-and-fast policy and depends on your overall profile. It's a key rule for credit card enthusiasts, alongside the famous Chase 5/24 rule (not being approved for more than five new cards from any bank in 24 months). Following these guidelines helps maximize your chances of approval for Chase's popular rewards cards.
Chase experienced a data breach involving missing documents containing personal information such as names, addresses, and account numbers. While no misuse has been reported, Chase is offering guidance and recommendations to protect affected individuals.
You generally won't find 7% on standard savings accounts, but can find it on Regular Saver Accounts (like First Direct or Co-operative Bank in the UK) or with specific Credit Unions (like Community Financial Credit Union in Michigan for up to $1,000 balance). For kids, some accounts like WECU offer 7% on small balances, while some high-yield checking accounts or accounts in other countries (like India's IDFC Bank) might hit 7% with strict conditions or large deposits.
Traditional savings accounts preserve your balance but rarely outpace inflation, eroding your money's value. Balances left dormant for too long may be handed over to the state. It's smart to put your savings somewhere it can earn a high return.
My quick list
INVESTMENT AND INSURANCE PRODUCTS ARE:
To check if your info is compromised, use sites like Have I Been Pwned for email breaches and monitor credit reports via AnnualCreditReport.com for new accounts; watch for signs like unexpected emails (password resets, spam), unrecognized logins/charges, or bills for things you didn't buy, then change passwords and enable 2FA immediately.
The four-year rule for Chase Sapphire Reserve® used to prevent you from getting another initial bonus from any Chase Sapphire card if you've received one within the past 48 months. Chase Sapphire Reserve's initial bonus is 125,000 points for spending $6,000 in the first 3 months. However, this rule no longer applies.
The 7 Worst Banks in America:
For top-tier fraud protection, Chase stands out with its Zero Liability, 24/7 monitoring, virtual card numbers, quick cash reimbursements, and robust digital tools, while Bank of America (BofA) is recognized for its advanced security with IBM's Trusteer Rapport and leading cyber trust scores. Many major banks, including Wells Fargo, offer strong baseline protection like Zero Liability and card locking, but Chase and BofA often lead in advanced features and customer-centric responses to fraud.