The economy is in a definite downturn due to COVID-19, and many people are doing far less traveling and less travel-related spending than normal.
In response, credit card companies are working hard to entice people to keep their credit cards rather than close their accounts.
Many of the big card issuers have proactively issued statement credits or other bonuses, or added temporarily enhanced benefits for all customers of certain cards.
For other card issuers or other credit cards, customers need to call and ask about offers to see what they may be targeted to receive.
Many cards are offering additional bonuses in categories in which those cards historically have not offered bonuses. This is to encourage customers to use the card more. For example, Chase is offering 5 Ultimate Rewards points per dollar on grocery store purchases for the new few months. Similarly, American Express is offering 4 Delta Sky Miles per dollar on grocery store purchases with their Delta co-branded cards.
Another benefit is that the travel credit on certain cards can be triggered for spending that is not travel-related. For example, the Citi Prestige card $250 travel credit can be used at supermarkets and restaurants.
This post is a heads-up, not a comprehensive roundup of all the changes on the major cards.
In light of recent changes, it behooves all of us to check our credit card portfolio and figure out which cards make the most sense for certain types of spending.
Sample articles with more details:
The Points Guy - temporary perks on Amex cards
Marketwatch - annual fee partial rebates on certain cards
Frequent Miler - COVID-related Credit Card Benefit Enhancements - Ultimate Guide
