-
Looks like it’s official for a Chase credit card. It’s supposedly launching today and they’re accepting 25K people. There’s an FT article about it.
It’s going to be a 0% purchase card with 0% foreign transaction fees, and no annual fees. Honestly, seems pretty weak, so I’ll be more excited for future credits cards that could launch.
Looks like it’s official for a Chase credit card. It’s supposedly launching today and they’re accepting 25K people. There’s an FT article about it.
It’s going to be a 0% purchase card with 0% foreign transaction fees, and no annual fees. Honestly, seems pretty weak, so I’ll be more excited for future credits cards that could launch.
Chase is already under pressure from its shareholders about the loss making UK venture, so I think expecting them to launch some loss leading niche rewards credit card may be a tad optimistic/wishful thinking. They seem to be attracting a lot of affluent customers with a fairly plain vanilla product.
While it makes sense as you say JDB, it’s still disappointing because Amex could use some major competition in the UK.
While it makes sense as you say JDB, it’s still disappointing because Amex could use some major competition in the UK.
You are sort of right that Amex could do with some competition in the rewards space, but in reality the competition in the UK has reduced Amex market share to a fraction of what it was, although it’s still better represented at the higher end. The price Amex has to pay to acquire and retain customers is symptomatic of its struggles.
That leaves very well funded people like Barclays who can run a very good but loss making Avios card inside its much larger and very profitable card businesses.
It’s not obvious who will provide the competition to Amex unless profitability isn’t a consideration. The fintechs may offer some competition with more modern platforms and more relevant rewards but they just aren’t going to be handing out points hand over fist like Amex, Barclays and some older unmentionable names.
The Chase offering is definitely weakening. Once my boost rate expired the saver account became less competitive than other instant access out there. They were also 1st to reduce the saver rate on the back of BoE rate change last week. It’s gone from being pretty good to quite average.
In addition my Lloyds account has now started offering fee free fx on the debit card. Tried both in Istanbul last month and the rates were pretty much the same.
my Lloyds account has now started offering fee free fx on the debit card
Which account is this for? I wasn’t aware it was a thing they’re doing now.
Honestly, I think more of the high street banks will offer 0% FTF, and then Chase, as well as Monzo and Starling, will start to look even more average.
Which account is this for? I wasn’t aware it was a thing they’re doing now.
Honestly, I think more of the high street banks will offer 0% FTF, and then Chase, as well as Monzo and Starling, will start to look even more average.
It’s Lloyds Premier. costs £25/month, but you get worldwide travel insurance (includes up to 90 day trip length), mobile phone insurance and AA cover.
The Lloyds paid accounts have no forex fees
The Lloyds paid accounts have no forex fees
First Direct has free FX on free accounts.
0% interest promo rate for 18 months on spend and FX Free.
It seems that spending on the Debit Card is preferable (1% cashback) unless you want to stooze. Stoozing can already be done elsewhere so I’m struggling to see who this card is aimed at.
I really like Chase. The ability to set up standing orders from the savings account is useful. The lack of fees and 1% cashback (up to £15 a month) makes their debit card the ideal one to use abroad for day to day expenses. I hope they do well.
I will probably apply for their credit card, and use it instead of my Halifax MC when travelling (for things like car hire and hotel deposits where debit cards don’t work well).
I used to have the Chase Manhattan Credit Card many years ago. I hope the new card is here to stay.
Am not sure why people sound like they were expecting Chase to offer a card earning 2 avios per £. If miles earning cards were a good business, the new banks like monzo and starling would be all over it.
Its interesting to note that Chase customer base is more affluent than Monzo or Starling (as FT implies). Perhaps people think the app has the look of an established and stable bank while Monzo and Starling apps look like they are designed for kids and attracts people who jump at the first better offer elsewhere? Jokes aside, its good to see more competition and also that they are in for the long haul.
As JDB says, we probably have to wait for a premier product like Barclays or HSBC which can offset the losses from miles or high fee cards. Cant see them offering Sapphire Reserve anytime soon.
Perhaps people think the app has the look of an established and stable bank while Monzo and Starling apps look like they are designed for kids and attracts people who jump at the first better offer elsewhere?
Starling is a pretty boring functional app with no bells or whistles though, so other than the loss leader 1% cashback, I can’t really see a point of difference. I can see them becoming pretty irrelevant against the competition.
Got the email from them this afternoon. I was hoping for a chase sapphire UK version!
Got the email from them this afternoon. I was hoping for a chase sapphire UK version!
Yeah the exact same way we get the US Amex Plat with all its perks…
I used to have the Chase Manhattan Credit Card many years ago. I hope the new card is here to stay.
I did too, for what it was worth. I primarily got it because I thought it would be easier to use (in the 1980s) if/when I was back in the USA, on account of the name being recognisable, but in the end Chase retreated from the UK before I revisited the USA. IIRC, the accounts were bought by Girobank?
Got the email from them this afternoon. I was hoping for a chase sapphire UK version!
Yeah the exact same way we get the US Amex Plat with all its perks…
I would imagine that most UK business owners are delighted that Chase will not be able to afford to do this!
The chase app might look like it’s from a stable bank but it’s so slow and unstable. I have accounts with pretty much all UK high street banks and IMO it is the worst app out of all of them. For one week this May, it just refused to let me download any statements and nobody could explain why, yet the app is the only way to access anything.
You can only have their app on one device and migrating to another device requires scanning your passport (which I guess is reasonable) yet all my high street banks’ apps are on two devices. Worst of all is their stupid idea of not showing the card number on the physical card while also making the virtual card’s number different.
I’ve never had a problem with Chase app – always very quick to tell me when I’ve used it
Yes the re-verification on getting a new phone was a pain but otherwise its been fineBut the long list of exclusions on the 1% cashback (eg car servicing) is a pain
Same, find it really quick and I like it’s quite simple as well as bank offering – exactly what I need for spending account.
Compare it to let’s say Revolut that has million features and it’s really hard and slow to figure out what’s where.I don’t really see any benefits of this card for myself – I’m afer CC that pays me for having it, not interested in taking “loans” or buying products which I cannot afford now. But this may be the target market, free account, 1% cashback card and now credit card so people can spend more abroad that they could afford.. because hey, it’s really good exchange 😀
This credit card launch was so disappointing. Not going to apply… I want something like their Sapphire card in the US. It would be a dream!
This credit card launch was so disappointing. Not going to apply… I want something like their Sapphire card in the US. It would be a dream!
And it will remain a dream! There isn’t the money in the European card ecosystem to fund these huge benefits, so the only ones who can offer what are super generous benefits by local standards (eg 1 Avios/£1 on a free card or even 1.5 Avios on a paid card) as loss leaders, need to be established players who can subsidise the product inside an overall package of financial products.
It’s difficult to see Chase committing funds to loss leaders when their fairly plain vanilla offering in the UK seems to appeal to a lot of customers and fintechs don’t have the resources.
- You must be logged in to reply to this topic.
