Earlier this month, American Express decided to give new cardholders a three-month extension to hit the minimum spending requirement to earn the bonus on a new credit card. It was among the first signs of how the credit card landscape was changing due to coronavirus.
Now, Chase is following suit. Kind of.
Miles to Memories has reported that Chase was granting some new customers with new cards an additional three months to earn the sign-up bonus – but only upon request. Depending on when you initially signed up for your card, you may be able to get a total of six months to spend the required minimum amount by sending Chase a secure message with a request.
If you opened a new Chase card like the Chase Sapphire Preferred in January, you’d normally have to spend $4,000 by sometime this month in order to earn the 60,000-point bonus. If you request and receive an extension, you’d now have until July to earn that bonus. Who is eligible for an extension and who may not be is unclear – you have to ask Chase.
But apparently, that extension is automatic on new accounts that needed to hit a minimum spend requirement anytime between January and March 31. That would apply to most Chase cards opened between October and December.
“If a cardmember didn’t meet their spend threshold between January and March 31, you’ll automatically be granted an extra three months, no action needed,” Chase said. “We plan to share these details with impacted cardmembers in the next few weeks.”
The automatic extension doesn’t apply to cards with tiered bonus structures, where you earn an initial bonus by spending a set amount within three months and then a second, smaller bonus by spending more over a longer period.
Got all that? Chase isn’t making this easy. While American Express has unilaterally given all new cardmembers more time to earn a bonus due to the financial difficulties wrought by coronavirus, Chase is being much more selective.
This comes just two weeks after Chase announced it would discount the annual fees on the Chase Sapphire Reserve by $100 for existing cardholders.
Got a new Chase card and want to make sure you earn the sign-up bonus? Reach out to Chase via secure message and ask for an extension.