Doctor of Credit (H/T) and Miles to Memories (H/T) have reported that Chase is extending sign-up bonus spending periods for some cardholders. American Express was the first major transferrable points credit card issuer to extend sign-up bonus periods earlier this month. Now Chase is following suit.
However, only certain cardholders are eligible for this opportunity. The major caveat is that you must have been approved between January 1 and March 31, 2020 (assuming a three-month bonus period) to qualify.
What’s Going On?
Chase is giving new cardholders an extra three months to earn the sign-up bonus for their card. No action of any sort is needed as the extra time is given automatically.
Furthermore, those who have cards with multi-part sign-up bonuses are not eligible for extra time. However, Chase is working on a solution for these special cases.
One of the most popular Chase credit cards with a multi-part sign-up bonus is the World of Hyatt Card. Cardholders must spend $3,000 within the first three months to receive 25,000 Hyatt points (Part I). Thereafter, cardholders must spend a total of $6,000 within the first six months to receive another 25,000 points (Part II). That’s a total of 50,000 points for $6,000 over a six-month period.
There are also no other restrictions based on your card type. Both personal and business credit cards whose sign-up period bonuses ended in the first quarter of 2020 are eligible. Plus, there are no restrictions based on sign-up bonus points amounts or minimum spend requirements.
Chase’s sign-up bonus extension is a great way for new cardholders to get a second chance to earn a sign-up bonus. This is especially true because people are spending less because of the COVID-19 pandemic. Having an extra three months to meet minimum spend requirements is nice because it can make hitting a larger requirement easier.
However, this extension does not help existing cardholders in any way. Fortunately, Chase is also helping certain Sapphire Reserve cardholders by giving them a $100 annual fee credit for 2020. By comparison, American Express is currently not doing anything to help their Platinum cardholders.
Update (April 13, 2020): Multiple sources have reported that Chase shared some incorrect information about the sign-up bonus spending periods. This post has been updated to reflect the correct information.