Many Credit Card Issuers are Retooling Their Cards’ Earning Structures to Better Fit the Coronavirus Economy
If you’re a frequent reader of Savings Beagle, you know we promote credit card usage as a way to better your financial situation.
Credit card sign-up bonuses and strategic everyday spend has provided me tens of thousands of dollars of free travel over the years.
While the sign-up bonuses are the cake, the bonus spend categories on many cards are most definitely the icing.
For example, restaurant/dining spend is bonused on many cards.
As are travel-related expenses.
And a number of credit cards provide statement credits of varying amounts for those categories, too.
Well, in normal times, that’s great. These days…not so much.
Which is why many credit card issuers have just announced changes to their credit card lineups’ earnings structures to better fit the coronavirus economy.
Below is a list of credit card issuers/banks, the individual credit cards and the changes that have been announced.
Coronavirus Credit Card Changes
Chase
The grocery bonus category has been added to most consumer credit cards that carry an annual fee.
The grocery store earnings are on up to $1,500 per month, per card.
This bonused spend is good May 1, 2020, through June 30, 2020.
Chase Sapphire Reserve now earns 5x Ultimate Rewards points per dollar
Chase Sapphire Preferred now earns 3x Ultimate Rewards points per dollar
World of Hyatt and the older Hyatt card earn 3x Hyatt points per dollar
IHG Rewards Club Premier and Select card earn 3x IHG points per dollar
Disney Premier earns 3% back in rewards dollars per dollar
United Club Infinite earns 5x United miles per dollar
United Explorer (and older cards) earns 3x United miles per dollar
British Airways / Iberia / Aer Lingus Visas earn 3x miles per dollar
Southwest Rapid Rewards cards (all three) earn 3x points per dollar
Marriott Bonvoy cards (all) earn 6x Marriott points per dollar, May 1 – July 31, 2020. And the bonus spend cap is $5,000 for this extended period rather than the $1,500 per month.
The Chase Freedom card is currently earning 5x Ultimate Rewards points (or 5% cash back) per dollar at grocery stores (as well as on gym memberships and select streaming services) this quarter (April, May and June) with a $1,500 spend cap for that three-month period.
All these other grocery spend bonuses can be used in addition to the Freedom if you have multiple Chase cards, allowing you to earn lots of points/miles/cash back on your grocery purchases during this coronavirus pandemic…or at least for the next few months.
American Express
American Express is providing new perks for many of its cards, including statement credits and increased bonus points earning at grocery stores.
The Platinum Card from American Express
Up to $160 rebate for streaming services ($20/month May-Dec, 2020)
Up to $160 rebate for cell phone service ($20/month May-Dec, 2020)
The Business Platinum Card form American Express
Up to $160 rebate for cell phone service ($20/month May-Dec, 2020)
Up to $160 rebate for shipping services ($20/month May-Dec, 2020)
Up to $200 additional rebate for Dell purchases ($100 May-June and $100 July-Dec) this is in addition to the card’s regular Dell credits of $200 per year.
Hilton Aspire
Weekend night certificates can now be used any night of the week.
New free night awards issued May 1 – December 31, 2020 will be valid for 24 months (was 12 months)
Dining, takeout and delivery qualify for the card’s $250 resort credit (June through August, 2020)
Card now earns 12x Hilton points per dollar at U.S. supermarkets May through July, 2020.
Hilton Surpass
Weekend night certificates can now be used any night of the week.
New free night awards issued May 1 – December 31, 2020 will be valid for 24 months (was 12 months)
Card now earns 12x Hilton points at U.S. supermarkets May through July, 2020.
American Express Green Card
Up to $80 rebate for cell phone service ($10/month May-Dec, 2020)
Marriott Bonvoy Brilliant
Dining, takeout and delivery qualify for $300 statement credit.
Card now earns 6x Marriott points per dollar at U.S. supermarkets on up to $2,500 in eligible purchases May through July, 2020.
Hilton Surpass
Card now earns 12x Hilton points per dollar at U.S. supermarkets May through July, 2020.
Delta SkyMiles Cards
All SkyMiles cards now earn 4x miles per dollar at U.S. supermarkets May through July, 2020.
All American Express consumer cards will provide complimentary access to a one year premium membership with Calm, a sleep and meditation app. You’ll also be able to get half off the following year if you’re not currently a premium subscriber. You can get more info about Calm here.
Citi
The Citi Prestige card will count purchases made at supermarkets and restaurants (including takeout) toward the card’s $250 travel credit benefit.
Travel purchases will continue to count toward the credit as well.
These additions are good May 1 – December 31, 2020.
So, if you’re not traveling, you’ll be able to use the Prestige’s travel credit to offset $250 of spend at grocery stores and restaurants.
Wrap Up
These are the changes of which we’re aware at this point. We’ll add to the list if more issuers or card changes are announced.
It’s nice to see credit card issuers providing relevant bonus earning categories/statement credits to what are primarily travel-focused credit cards at a time few are actually traveling.
Of course, credit card issuers are doing their best to keep you from canceling the cards, altogether.
And, for some cards, that may be the smartest move at this point.
Yes, traveling will come back…the question is how soon.
Personally, my guess is next year for traveling to even come close to what it was just a few months ago.
So the question you need to ask yourself is: do these changes justify keeping cards – some with very high annual fees – when traveling will be a limited expense for quite some time?
