Capital One Giving Big Extensions for Credit Card Bonus Spending
Bank are giving new cardholders more time to complete the spending requirement for welcome bonuses. Chase and Bank of America are already giving an extra three months to every cardholder who applied between January 1 and March 31. American Express is doing the same thing for those approved between December 1, 2019, and May 31, 2020. Now Capital One is the latest issuer to offer an extension, and they are being even more generous, but with a catch.
The information comes from Miles to Memories, who reports of two data points where cardholders were offered an extension. This was about the 200,000 point offer from Capital One for their Spark business card. This offer had a huge spending requirement of $50,000 within the first 6 months to get the full bonus. After calling in, Capital One offered to extend the minimum spend requirement until December 31, 2020. In both cases the spending perdiod was about to expire in a couple of weeks, so that is about a 7-8 month extension.
The catch that I mentioned in the title is that it will take longer for the bonus to be applied to the account. Capital One creates a ticket system for these special cases and will review it on January 2, 2021 to manually add the bonus if spending was completed by December 31, 2020.
That is a big extension that should be really helpful, especially when we are talking about spending $50,000 during these times. These data points are for business credit cards, but it might work for personal cards as well. Let me know if you have been offered a similar extension.