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Seems like a completely reasonable policy.
Whether it’s reasonable is one thing—just want to confirm whether my understanding is factually accurate.
That’s pretty standard for any cc signing bonus. You’re already a cardholder, why would they give you free stuff for no benefit?
Pro
Not really. You can get most card bonuses again and again depending on the terms. AA bonuses after 48 months, Sapphire used to be 48 months, Freedoms after 24 months, and on and on. And Inks were the biggest gravy train that has since cooled off.
Even Amex's "lifetime" language is 7 years, not forever, plus there are anyways NLL links floating around.
Pro
With the 48 month rule gone, you're now relying on the Chase algorithm.
It's still possible to get the bonus again your way (various recent data points), but it's also possible that you get a pop up (just like Amex) that says you won't get the bonus.