We’re slowly 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, and Chase is offering a $100 statement credit towards the annual fee for select Sapphire Reserve cardmembers.
Now we can add another card issuer to the list of those adapting to the current environment.
Amex extends welcome 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 welcome bonuses on cards.
As a result, American Express is giving people three extra months to complete the minimum spending for welcome bonuses on card accounts:
- This is valid for cards approved between December 1, 2019, and May 31, 2020
- The period to make eligible purchases to earn your welcome bonus is being extended by three months over what it normally would be
- Eligible cards are US consumer and small business cards issued by American Express National Bank to a basic card member
If you’ve been considering an American Express card but were worried about completing the minimum spending, this could present a good opportunity.
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 new Amex grace period on completing minimum spending?
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