If you were approved for ANY Chase card between January 1 and March 31, 2020, Chase has announced that it will extend your requirement to meet the minimum spend from 3 months to 6 months.
While there is nothing published officially about this by Chase, I have confirmed it with a Chase spokesperson. Apparently, they are starting to contact cardholders directly, so let us know if you’ve receive an email or other communication about this extension.
This is good news if you find yourself without a job or short on cash in the short term.
This would cover travel cards like:
- Southwest Rapid Rewards Priority
- Southwest Rapid Rewards Premier
- Southwest Rapid Rewards Plus
- Chase Sapphire Preferred
- Chase Sapphire Reserve
- IHG Rewards Club Traveler
- IHG Rewards Club Premier
And many others. Business cards are included, as well.
But is it a good idea to take 6 months to meet a minimum spend instead of 3 months?
It all depends on how soon we are able to return to traveling.
Generally, you want to meet your minimum spend as soon as possible so you can get your miles or points in hand to begin using them for travel.
This is especially crucial for those working to earn their Southwest Companion Pass. The sooner you have your Companion Pass in hand, the sooner you can start using it and the sooner it can start paying off for you.
For every flight that you can bring someone free, you save an average of $350 (the average cost of a round-trip flight within the US).
Another 3 months might be exactly what we need before travel returns. That would give us April, May and June.
So if you need the extra time, take it. Thanks Chase!