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
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?