If you have an American Express card, now is your time to earn $50 as American Express has vowed to support small businesses hurt by the coronavirus pandemic.
They will be awarding $50 for Amex Card users who purchase goods in small shops or any small business.
American Express said it would give $200 million to a stimulus-style initiative. This initiative will give cardholders $5 back every time they spend at least $10 with a small business.
The program is part of Amex’s Shop Small campaign. Cardholders who are qualified for the program can get $5 cashback up to 10 times when they shop online or in a physical location.
It began Monday and will continue over the next three months.
According to financial institutions online, American Express credit cards are nearly one-quarter of all US credit card spending.
Amex has built an indispensable reputation for strong customer service and attractive rewards.
American Express is also among the very few card companies that offer charge cards.
American Express Worldwide
American Express said their programs have already been initiated in Australia, Canada, and the UK.
According to the company, they will also launch it in Japan and Mexico.
Aside from this program that is already in place, American Express said it would commit $10 million specifically to help Black-owned small businesses.
This will happen in the form of grants and other programs that they will announce soon.
According to Amex, the $10 million funds will be distributed over the next four years through grant-providing business organizations that support Black small business owners.
The announcements come in time as small and midsize businesses around the country and around the globe struggle to operate.
Termed as another great recession, all businesses worldwide struggle to stay afloat during COVID-19.
Some businesses have closed down while many businesses, such as internationally renowned hotels Hilton and Waldorf, have laid-off employees to keep their hospitality business still going.
American Express said its own research has shown that stimulus-type programs like to induce customers to spend money. According to their research, 62 percent of small-business owners indicated that they would have to shut down if consumer spending doesn’t stabilize by the end of the year.
American Express has always helped small businesses thrive during times of hardship. During the Great Recession, the company also launched a program called “Small Business Saturday.”
The company created small businesses and dedicated Saturday as a day dedicated to supporting Small Businesses during the recession in 2010. The said day is celebrated every year on the Saturday after Thanksgiving.
After its success in 2010, the US Senate unanimously passed a resolution in support of the day. All Senators on 50 States participated and were positive about the resolution.
Aside from the support it got from lawmakers, small merchants all over the US have supported the day and formed a coalition that is now known as the Small Business Saturday Coalition.
The coalition supports programs for small merchants and the endeavors of individuals starting up a new small-scaled business
Amex cardholders can enroll and check their eligibility for the current cashback program by visiting the Shop Small website.
Learn more about Amex programs here:
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