Chase adds 3% cashback on festive Amazon purchases to lure new customers

JP Morgan’s neobank Chase only launched in the UK in September, but the challenger is already showing its competitive streak.

Today Chase announced a 3 per cent cashback offer for its customers on all Amazon UK purchases until the end of 2021.

The deal is capped at £5,000 of spending, so a total benefit of around £150, and sits alongside Chase’s existing 1 per cent cashback on all debit card purchases.

“We want to help everyone to have an even more rewarding festive season this year, so we’re delighted to be expanding our fuss-free rewards programme so Chase customers earn a little extra back while they spend with Amazon in the run-up to the holiday period,” said Chase’s chief marketing officer Deborah Keay.

Chase is also clearly demonstrating the financial firepower it has in offering a deal like this, which is more lucrative than the offers of many high street banks and credit card companies.

As well as its cashback offers, Chase also lets its customers round up their payments and move these small change sums into a 5 per cent interest account for 12 months.

AltFi took a first look at Chase last month and found the neobank to be “slick and easy to use (if a little barren)” although clearly holding potential for offers and expansion like we’re now seeing.

One final unknown is how Chase will integrate or harness JP Morgan’s in-progress acquisition of UK digital wealth manager Nutmeg, which could help the neobank offer investment options and give it another advantage over its peers.