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The COVID-19 pandemic has impacted just about every area of our lives, which means the pandemic has definitely impacted the way we spend (or don’t spend) our money. Travel, dining out, and going to bars and clubs are out. Staying in, ordering delivery, and shopping online is in.
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Perks Added To Credit Cards Due To COVID-19
For many credit card providers that rely on traveling cardholders, these shifts in spending habits could spell disaster. If cardholders aren’t traveling, they don’t need points and miles to spend on redeeming hotel stays or flights. Likewise, if all a card provider is offering in terms of rewards or perks is travel benefits, what’s the use? A cardholder is more likely to not use the card at all or, even worse, cancel their card.
However, major credit card providers have pivoted their offerings and benefits. This credit card perks due to COVID-19 better suit today’s cardholders and their spending habits in the age of the pandemic. Here’s how.
New Ways To Earn
So many credit cards have expanded the ways in which you can now earn bonus points, with many recognizing the increased spending occurring at grocery stores and with food delivery services. Though, as some places begin opening up, we are starting to see more opportunities to earn points on travel.
New Ways To Redeem
But credit card providers aren’t just giving cardholders new ways to earn points or miles this summer when travel isn’t as feasible. They’re also giving you new ways to redeem those points or miles, in case you’re not necessarily looking to book a free hotel stay or flight anytime soon.
One of the newest ways to redeem comes from Chase with its Sapphire benefits. Now, Chase Ultimate Rewards members with either a Chase Sapphire Reserve® or Chase Sapphire Preferred® Card can use the Pay Yourself Back feature when redeemed for statement credits against existing purchases in select, rotating categories with the Chase Pay Yourself Back feature. This is available through March 31, 2022.
While using your Chase Ultimate Rewards points for statement credits is nothing new, this feature allows members to receive more value from each point they redeem, up to $0.015 for each point versus the typical $0.01 for each point.
Cutting You Some Slack
But it’s not just about how credit card providers can reward you this year. Many are also realizing that, rather than giving you anything extra, they might just need to cut you some slack.
Many other credit card issuers are offering waived fees, credit line increases or payment deferral and forbearance, or a mix of all three. Barclays is one popular card issuer offering a mix of all three of these. Most of the popular card issuers are offering at least one of these.
Related: Best Rewards Credit Cards
The Bottom Line?
Credit card providers are, in many cases, doing everything they can to serve their cardholders through the pandemic and into the near future. Credit cards during COVID-19 have been adjusted to help earn more for common purchases. Check out the perks your cards might be offering right now and how you can take advantage of them.
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- Best Credit Cards to Build Your Credit Score
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.