If you’re anything like me, you plan out your credit card applications pretty far in the future. With Chase’s 5/24 rule, and other rules to keep churners to a minimum, it makes it difficult not plan out a year or 2 in advance! If you happened to apply for a credit card right before the Coronavirus was in full swing, there’s a good chance that you are stuck with a card, and no way to meet the sign up bonus. This could be for a few different reasons including a loss of income or even that many businesses are now closed.
Luckily, if you happened to apply for an American Express or even a Chase card, you are in luck.
If you happened to sign up for a new credit card between January 1, 2020 and March 31, 2020, you would be eligible for getting an additional 3 months to meet the sign up bonus. There is no action required from your end, this extension is automatically done through Chase. This applies for both personal, and business cards.
I think these sort of developments are great. It would have been very easy for any credit card company to completely dismiss the ability to earn a sign up bonus. After all, a sign up bonus is a loss for the company as a whole. However, good will moves like this sure go a long way, especially at a time like this. I’m sure there are people that are impacted by this that will continue to use their new credit card throughout the process.
It’s even great to hear that this extension is happening for business cards as well. The only question I have here is if Chase is willing to extend the March 31st deadline, or if people are stuck with their 3 month terms if they apply now. Assuming the shutdowns last for a while, I wouldn’t be surprised if it did get extended. We’ll let you know if that is the case.
Did you sign up for any Chase credit card during this time? Will the 3 month extension help you out? Let us know down in the comment section below!