We’re seeing credit card issuers make some changes to reflect the current environment.
For example, Brex has adjusted rewards to reflect that most businesses are working remotely, Chase is offering a $100 statement credit towards the annual fee for select Sapphire Reserve cardmembers, and Amex is extending the period in which you can complete minimum spending for a welcome bonus.
Chase has just joined Amex in extending the period in which you can complete spending on cards, with some limitations.
Chase extends sign-up bonus spending period by three months
There can still be a lot of value in signing up for the right travel rewards credit card (assuming it doesn’t cause you to spend irresponsibly, or cause you to spend more than you otherwise might). However, a lot of people are struggling to meet the minimum spending requirements that are needed to earn the sign-up bonuses on cards.
As a result, Chase is giving some new card members an extra three months to complete the minimum spending for sign-up bonuses on card accounts. As reported by Miles To Memories (per a Chase spokesperson):
- This is valid for card accounts opened between January 1 and March 31, 2020; so this doesn’t apply to cards being opened now, though personally I wouldn’t be surprised to see this policy extended, given that this situation is ongoing
- Cardmembers don’t need to do anything — the eligible spending period will automatically be extended by three months
- This applies to eligible US consumer and small business cards issued by Chase
Bottom line
It makes perfect sense for card issuers to give new members more time to complete minimum spending on credit cards.
Many individuals and small businesses are spending significantly less than in the past, and may no longer be able to complete minimum spending on a card as fast. Similarly, this could be a good incentive to get people to sign up for cards now.
I wouldn’t be surprised to see other card issuers introduce a similar policy.
Will you benefit from this Chase grace period on completing minimum spending on recently opened cards?
It will definitely help me. However, in the Chase app it normally lets you see the due date and how much you have left. Since my old due date is past, the tracker went away entirely and there’s been no explanation of how this extension is going to be tracked for or by the consumer.
Several of the larger expenses that helped me hit my minimum (CIP opened in Jan) were AirBnBs and other accommodations for a trip planned to Europe in August. I'm thinking there is a decent chance that everything will end up being cancelled, and the charges will be reversed, which would drop me below my MS (original deadline is now passed.) If that happens, but I spend enough on the card in the next 3 months to make up the difference, will I still be in the clear?
I cannot find SUB status tracker using my laptop for my new IHG Premier card, so I used Chase app on iPhone and found this:
"Your new account bonus:
"You're getting there! You have until 05/13/2020 to earn 140,000 bonus rewards. You opened the account on 02/11/2020."
Guess Chase has not extended spending deadline for all cards opened in Q1 just yet.
Opened up a SouthWest Priority card in February but already met the $5k MS. Recently opened up two new Amex cards since they are allowing extended SUBs on new accounts through end of May. Chase made a good move, but Amex is doing it better.
Ditto, JD's question. My wife received the United Business card during the January-March period. Will the spend period be automatically extended? I'm hoping so!
Some it will help for sure. Just wondering for those who just received the United Explorer card which comes with the perk of 2 United Club passes, any news on extending the expiration date of those passes? Or if Chase plans to extend the cards 1st year fee waived past the one year?
Do we know if this also applies to the co branded cards for World of Hyatt and IHG Premier? I would assume so, but no one seems to confirm that at this time.
Heads up: Chase IS NOT offering the $100 credit to all Reserve cardholders. After your article I secure messaged them to ask if that was the case and they told me "unfortunately this offer is not available for your card". Something about first and second wave cardholders, even though I'm 99% sure I signed up for this card the day it became available.
I just called Chase as I was lucky to have a 80,000 bonus for Sapphire Preferred which I opened after March 31 and was told I do have a 3 month extension. Could be on a case by case but I agree with Lucky, I can see Chase changing the date range to longer out.
Oh, this is helpful! I signed up for the UA explorer card earlier this year and am definitely below my spending threshold as I approach 90 days. I was going to call Chase to ask for an extension but this satisfies that question! Thanks for sharing!
I'd like to know about Citi, too. Especially whether or not they have Sapphire Reserve-ish plans to discount the annual fee.
Nothing yet on my card ... opened on Feb 20 ... almost to my goal of $3,000 in 3 months for 60K united miles.
Any idea what Citi (AA Mastercard) might be doing? I have tried to contact them via secure message but their system to do that, in a word, sucks.