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COVID-19 has caused a lot of uncertainty in our lives — from health to finances to travel and just about everything in between. We at TPG have received a lot of questions about what card issuers, travel providers and other companies are doing to help customers cope with the uncertainties. One of the more common questions has been about credit card sign-up bonuses. Many new cardholders who have applied for cards within the past couple of months have been concerned about hitting spending requirements since we've all been holding off on traveling and trying to save money.
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Most major card companies have issued statements that they are dedicated to helping cardholders with their financial situations whenever possible, but there aren't many specific policies regarding benefits like sign-up bonuses. If you don't think you'll make the cutoff for hitting a bonus on your new card, will issuers extend your deadline?
Unfortunately, there isn't a single answer for this. We reached out to TPG Lounge members on Facebook and to our staff to see how issuers have been responding to requests and concerns, and it's been a mixed bag of responses thus far.
Requesting an extension via customer service
Some people have been able to call their card's customer service line or use the chat feature in the app to request an extension. But it doesn't always work, especially if you have more than a month left to hit your bonus.
For example, one TPG Lounger was told by Capital One that an extension couldn't currently be granted but was told to ask again for reconsideration when they were within two weeks of the end of the promo period. Other readers were simply told no, or were also advised to try again closer to their deadline. It seems like Chase might be slightly more lenient. One Lounger requested an extension for her new Marriott Bonvoy Bold Credit Card through Chase's secure messaging system and was approved for an extension of about a month. TPG Social Media Producer Caroline's spouse was also approved when they called Chase to request an extension for the Ink Business Preferred Credit Card‘s bonus requirements.
The information for the Ink Business Preferred card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
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Based on the available data points, it's hit or miss on whether you'll be granted an extension — but it never hurts to ask. It looks like your best bet is to wait until you are within two to four weeks of your sign-up bonus to reach out via phone or your issuer's chat feature.
American Express automatically extends welcome bonus deadlines
The only exception to the recommendation above is American Express. Amex announced on Thursday, April 2, 2020, that all new cardholders who applied or will apply for a card between Dec. 31, 2019, and May 31, 2020, will have a three-month extension to earn any welcome bonus on Amex-issued consumer or business credit cards, including The Platinum Card® from American Express. This is the first major issuer to grant automatic extensions across the board.
If you have applied for an eligible Amex card this year, you don't have to call or request the extension; it should be automatically granted. Considering how strict Amex is with earning welcome bonuses (you can only get one bonus per card per lifetime), it's not entirely surprising that they are being the most proactive about helping cardholders who are worried they won't be able to capitalize on earning the bonus because of COVID-19.
Related reading: Ways to meet credit card bonus minimum spending requirements
For anyone eyeing an American Express credit card, now is a great time to apply. From now through the end of May, you'll get extra time to hit your welcome bonus on eligible cards. And by the time you do hit that bonus, we'll hopefully be on our way back to normalcy when it comes to booking travel and taking trips.
Bottom line
One of the reasons why we add new credit cards to our wallets is to earn the awesome sign-up bonuses. You can get more than $1,000 out of some card bonuses, which can help you cover upcoming purchases or help you score a great travel redemption in the future.
If you're concerned about missing out on a bonus, your best option if you have a non-Amex credit card is to request an extension when you're within a month of your spending requirement deadline. It always helps to explain the reason you are requesting the extension too. (“I haven't been spending as much as usual due to stay-at-home orders,” for example.)
Just remember to be kind and courteous when interacting with customer service agents, even if the call or request doesn't go your way. Agents have been working nonstop to field a ton of requests and questions from cardholders, while juggling the same stressors in their own lives.
Featured image by Poike / Getty Images.