The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Advertiser disclosure
The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Madison Blancaflor is the managing editor for TPG's content operations team. She focuses on helping TPG's broader editorial team bring news, features and advice to readers. She has nearly six years of experience covering the credit cards and travel industries.
December 30, 2020 • 7 min read
The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don't cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our advertising policy and product review methodology for more information.Editorial disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comments
By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
Related stories
Quick summary
2020 saw significant changes in the credit card industry, including new product launches, benefit updates and tightened approval criteria.
Early in the year, several cards added travel protections but also removed some existing benefits, resulting in a net gain for many cardholders.
The onset of the pandemic led to stricter approval standards, reduced credit limits and some cards being pulled from the market.
Later in the year, issuers introduced temporary perks and limited-time offers to retain customers and adapt to changing travel patterns.
What to consider
Some of the offers and benefits mentioned are no longer available as of the article's publication update.
Eligibility for new cards and bonuses became more challenging during the pandemic due to tightened approval standards.
Temporary benefits and limited-time offers were introduced in response to decreased travel demand but may not be ongoing.
What you'll miss from the article
A detailed timeline of industry changes and a comparison of how various issuers responded to the challenges of 2020.
Generated by AI with support from our editorial team.
Update: Some offers mentioned below are no longer available. View the current offers here.
I think it's safe to say that 2020 was filled with surprises — from new card launches to major refreshes to tightened approval criteria and just about everything in between. With 2021 just around the corner, let's take a look back at the past year and all the credit card shake-ups that defined the industry in 2020.
Of course, this move also came with a couple of benefit removals: travel accident insurance and roadside assistance. However, even with the removals, cardholders came out on top with more coverage across premium Amex credit cards.
New travel protections from Amex can help save you thousands in a bind. (Photo by Maskot/Getty Images)
Chase said 'new year, new CSR'
Chase really did take the phrase "new year, new you" seriously in 2020. In January, a significant update was announced for the Chase Sapphire Reserve. The changes included new Lyft and DoorDash benefits — but also a $100 hike in its annual fee, to $550.
While some people (myself included) were excited about the changes, they were met with some frustration from those who didn't think the new benefits justified the jump in cost.
The partnerships with Lyft and DoorDash did also add new perks for some other Chase credit cards, including increased Lyft earnings through March 2022 and DashPass discounts.
Delta changes take effect
Back in September 2019, Delta and Amex announced an overhaul for their cobranded credit card lineup, but the changes actually took effect Jan. 30, 2020. Every single card had benefits added, and a few had some removed with annual fee changes.
Most notably, the Delta SkyMiles® Platinum American Express Card got enhanced bonus categories and a Global Entry/TSA PreCheck fee credit, while the Delta SkyMiles® Reserve American Express Card got an enhanced earning rate on Delta purchases, more ways to earn Medallion® Qualification Miles to hit elite status, complimentary access to Amex Centurion Lounges (when flying Delta) and more.
These changes also came with a round of limited-time welcome bonuses.
Delta's major update also came with sleek new card designs. (Photo by The Points Guy)
The pandemic pause
Of course, early on in the year, the world was hit with the novel coronavirus pandemic. The pandemic and the government shutdowns that quickly followed meant a rapid economic downturn that changed the trajectory of the credit card industry for the rest of 2020.
The Federal Reserve slashed rates to almost zero, credit card issuers started tightening criteria for credit card approvals, some cards were pulled from the market, credit limits were cut and some unused accounts were shut down.
During most of the spring and into summer, applying for credit cards became much harder.
Battle of the temporary benefits
During the summer, top credit card issuers went head-to-head to add temporary benefits to persuade existing cardholders to hold on to the travel credit cards they were no longer using. Amex and Chase led the charge, offering temporary bonus categories and perks.
Grocery perks became one of the most popular temporary benefits offered during the pandemic. (Photo by d3sign/Getty Images)
Chase makes a comeback
Chase made waves once again in late August by announcing a new credit card and additional bonus categories for the Chase Freedom Unlimited. The Chase Freedom Flex replaced the Chase Freedom in Chase's lineup. Both the new Flex and updated Unlimited now offer 5% back on Chase Ultimate Rewards and 3% back on dining and at drugstores. The Unlimited kept its 1.5% back on other purchases and the Flex kept the Freedom's 5% quarterly rotating categories (on the first $1,500 in purchases each quarter you activate).
Then Chase dropped more news in September with a new limited-time sign-up bonus offer on the Chase Sapphire Preferred Card: 80,000 points after spending $4,000 on purchases in the first three months of account opening. That offer is worth a lucrative $1,600 according to TPG valuations. This offer is currently available.
Speaking of limited-time offers ...
As we headed into fall, issuers started to see the light at the end of the tunnel. That meant a season filled with pumpkin spice lattes and limited-time sign-up bonuses.
Among the standouts were the Capital One Venture Rewards Credit Card, with its 100,000-mile sign-up bonus (this offer is currently available offering new cardholders 100,000 bonus miles after spending $12,000 on purchases in the first 12 months of account opening, United bringing back the United Club Infinite Card's 100,000-mile offer from its launch earlier in the year, multiple limited-time offers across Marriott's cobranded credit cards, and most recently an updated Amex Platinum offer that includes 75,000 bonus Membership Rewards points and temporary bonus categories for groceries and gas.These offers are no longer available.
One of the limited-time offers going on right now includes a solid welcome bonus and enhanced earning categories on the Amex Platinum. (Photo by Isabelle Raphael/The Points Guy)
Bottom line
This year has been such a roller coaster, and the cards industry certainly wasn't immune. The year started out strong with new card launches and updates before heading into that midyear "pandemic pause" that was marked with fewer credit card approvals and cut credit limits. But as fall hit, we've seen many more limited-time offers that will hopefully continue to roll out into 2021.
It's been real, 2020. But at TPG we're all pretty excited to see what 2021 brings.
Comments
By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
