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Credit card companies are seeking creative ways to keep consumers engaged given that credit card companies (i.e. the bank) primarily make money when you are spending money on your card.
Well, Amex just announced that if you are approved (or have been approved) between 12/1/19 and 5/31/20 for a new Amex account for which you’re eligible for a welcome bonus, they are automatically extending the period to make eligible purchases by 3 months.
3 MONTH EXTENSION
Generally, when you receive a new card you have ~90 days to meet the minimum spend to obtain the welcome bonus. In terms of this extension, you would have an additional 90 days for a total of 180 days (or 6 months) to meet the minimum spend.
If you click on “Cards”–>”View all credit cards” on America Express you’ll see the photo above but for those who have trouble reading the screen shot above, here’s the text from the Amex site:
Due to the impact of COVID-19,
for eligible Card accounts approved from December 1, 2019 through May 31, 2020 for which you are eligible for a welcome offer, the period to make eligible purchases to earn your welcome bonus will be extended for an additional 3 months. Eligible Cards are U.S. Consumer and Business Cards issued by American Express National Bank to a Basic Card Member.
It’s amazing that Amex is extending the time to meet the welcome bonuses (and applying it retroactively) as many people may have suddenly found themselves unable to meet the requirements.
That means that if you had 3 months from January 1 to meet the minimum spend, you now have until July 1st to meet your spending requirements.
I would also recommend that you confirm this extension via Amex chat so you have it in writing. Simply, send a secure message to inquire about the date by which you need to complete purchases to earn the welcome bonus and ask for clarification if you receive the normal 90 day response.
Overall, this should definitely make it easier for many folks to meet the spending requirement (if you are in position to make credit card purchases at this time).
What do you make of this development? Are you applying for a new Amex card?