We know the economy and small businesses are hurting. Yes, the government has enacted its own form of aid, however without opening up the economy fully across the board, we are merely putting band-aids on a long term problem. To some degree, people must be wondering what can we, the people, do independent of government aid? I think I have an idea that could help spur a little activity in our local economies.
Here's my idea, petition local and national banks to promote their credit cards with rewards for making restaurant purchases. To list a specific example, Discover gives you 5% cash back (up to $1500) for restaurant purchases from July through September.
I did a little digging to see which big names had a credit cards which rewarded restaurant purchases specifically and these are some cards that I found.
1) Discover It - 5% cash back from July to September (up to $1500)
2) CapitalOne's SavorOne - unlimited 3% cash back
3) Wells Fargo Propel American Express - 3x pts
4) Citi's Costco Anywhere Visa - 3% cash back
5) Bank of America Cash Rewards - 3% on category of choice, which can be restaurants if you choose it
6) AARP Credit Card from Chase - Unlimited 3% cash back
A call to action for everyone reading this is as follows:
Look at who you bank with; do they have credit cards that reward you for dining out? If not, contact them and petition them to make one. If your bank does have such a card, sign up now to get it. If you have a card with a cash back calendar that hasn't announced cash back for restaurants yet (like Chase Freedom), petition them to make the next quarter dedicated to spurring restaurant purchases.
If you're reading this and have accounts with a local bank or credit union, you're no exception. Reach out, inquire, and encourage. It's a win-win for everyone. Credit card companies get an increase in usage of their cards, you, the customer, get rewarded for supporting restaurants, and restaurants get a surge of business for the next quarter.
If you're reading this and you're a restaurant owner, as a long term promotional idea, consider the information in this blog post as something you can present to your customer base to encourage them doing business with you.