Amex shutdown, relaxing chase 5/24, airline bankruptcies & bailouts, best credit card bonus & more

manufactured spending ban

 

March was truly a month that many of us would remember, but for the wrong reasons. As Covid19 wrecked global markets, the travel industry was first to take the blow. Also, in just a few weeks the conversation shifted from worrying about an Amex shutdown to thinking about loosening of welcome bonus restrictions. Here’s a quick recap of some of the top stories we covered during this month.

Amex Shutdown of customer accounts : Will they ramp up in 2020?

This seems like aeons ago, when I wrote this at the start of the month. Amex is in the midst of making its tech operations even more robust. While this may not be an imminent threat any more, I’d sure not take risks when it comes to Amex and inviting a possible account shutdown.

Book a $4,559 villa for just 40,000 points

Amex Membership Rewards is one of my favorite points currencies. Currently, when you transfer your points to Hilton, you’ll get a 50% bonus. This unlocks some amazing opportunities in order to book luxurious villas at Waldorf Astoria or other top tier Hiltons globally.

Airlines could go bankrupt as early as May 2020

Industry associations were already sounding warnings about the travel industry grinding to a halt. With the stimulus package, we might see a temporary band aid but we’re still not sure what the picture would look like in September.

Airline Bailouts Reignite Income Inequality Debate in America

I wrote about how the bailouts are set to reignite a debate about corporate welfare and workers’ rights. Also, elections are looming, so travel industry bailouts are all set to dominate the discussion.

Social Distancing could sound the death knell for travel

Social distancing is the new normal. Even when the travel industry reopens, people will still be skeptical. I opine that it will take much longer than what many people are predicting in order for travel to bounce back to ‘normal’.

An Open Letter to the Travel Industry

While we all feel for the workers who are suddenly unemployed, this letter aims to address management issues and sets forth a few recommendations for the way forward. The travel industry cannot operate in isolation from the government, regulations, environment or the community. They should be doing more than just making the right marketing noises.

Which Airlines and Hotels will survive Covid19?

While it may be gloomy right now, there’s light at the end of the tunnel. The industry will eventually make a comeback. However, which airlines and hotels will survive this phase and thrive later?

How to get the best possible credit card welcome bonus

Bookmark this for your next credit card application! I outline all the different ways in which you can find the best possible welcome bonus when you apply for a credit card, even when you don’t use my referral link!

As Covid 19 wrecks markets, will Chase relax the 5/24 rule?

I put forth the point whether Chase will relax restrictions on credit card applications or go one step further and remove the 5/24 rule, albeit temporarily.

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4 comments
    1. Hi 2000Y,

      In most cases, you would lose the miles if the airline were to go bankrupt and completely shut down. However, in this case, your miles should be okay as the government has bailed out the airlines.

  1. Why would Chase encourage people to apply for significant amounts of credit by suspending 5/24? Credit standards will almost certainly tighten, not relax.

    1. Hi Greg,

      Thanks for your comment. Yes, you’re correct and a lot would depend on how long the current situation lasts. If we see things ease out by the end of the year, banks will need new customers as people start moving again. As I highlight in the end of the post, I think banks will take a more hybrid approach. Instead of relaxing 5/24, they’ll start lowering minimum spend requirements and send out more targeted offers to customers they want to acquire.

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