Everything has changed. You may have opened a new small business credit card, and your business is temporarily closed under a ‘shelter in place’ order. Or you’re just pending less in light of uncertainty in the economy.
Maybe you’re stuck at home, buying groceries but you had planned for big expenses you’re putting off (like travel!). I’m sure there are many readers wondering how they’re going to meet the minimum spend requirement for those credit card bonuses.
I actually think this is a good question. I’ve heard some complaining about people asking on Twitter, that it’s somehow unimportant, however:
- Our points are a currency, and it’s a great idea to secure your assets as much as possible.
- There’s so much out of our control right now, I think it’s reasonable to focus on the things we can control.
On behalf of a reader looking for advice on spend requirements for a new Capital One card he’d opened I asked Capital One what to expect. Here’s what they offered,
We understand the concern and uncertainty people may be experiencing surrounding the coronavirus (COVID-19) and are committed to being responsive to the needs of our customers and associates as the situation evolves. We also understand that there may be instances where customers find themselves facing certain difficulties. Capital One is here to help, and we encourage customers who may be impacted to reach out, so we can discuss and try to find a solution.
It’s the general ‘we’re here for our customers’ response without a lot of specifics on initial card bonuses, but the advice to call is sound – rather than just let things run their course and potentially miss a bonus.
The reader actually did call, and Capital One didn’t really know what to do with the question at first. He relays,
- He was put on hold, and the agent came back and said there was no policy to address customers spending less at this time and missing an initial bonus.
- He escalated to a supervisor. The supervisor confirmed “the issue had not been addressed” and that the focus has been on making accommodations for customers with challenges making their payments so far.
- The supervisor suggested that as the deadline for meeting minimum spend approached he should call again and “request a special exception extension.”
It’s a novel but important question. I reached out to Chase to see what they were planning to do, and prompted for an update, but they haven’t yet responded with their plan. However I’ve seen at least one data point of a customer reporting that they reached out to Chase and were given an extension of time to meet required spend on a new card.