In this article, the material properties of chain extended poly(ethylene terephthalate) (PET) by application of the chain extenders, 1,3‐phenylene‐bis‐oxazoline (1,3‐PBO), N,N′‐carbonylbiscaprolactam (CBC), and combinations thereof are investigated aiming at an application during fiber production from postconsumer PET. The chain extension is performed in one step by a reactive extrusion process. The chain extenders are linearly linked to the COOH and/or OH terminal groups of PET. The influence of the chain extension on the properties of PET is analyzed by measurement of the inherent viscosity, size exclusion chromatography, and carboxyl end‐group titration. Furthermore, the impact of the chain extension on the thermal and rheological properties of PET is studied in detail by differential scanning calorimetry and rheology. The results demonstrate that chain extenders have impact on the properties of PET in dependence on their chemical composition and concentration. The improvement of the molecular weight of the obtained compounds is achieved in an effective and economical approach by the addition of small concentrations of chain extenders (0.2 wt% 1,3‐PBO or 0.3 wt% CBC) without significant negative impact on the properties of PET. POLYM. ENG. SCI., 59:284–294, 2019. © 2018 Society of Plastics Engineers