Is the way to a consumer’s wallet through his stomach? American Express AXP, +1.11% is betting that the answer is yes.
Half of Gold Card members who enrolled for the dining credit used a portion of their allotment on a monthly basis since the Gold Card was revamped last year. Travel-based rewards programs can be lucrative for consumers — but they’ve proven to be expensive for banks. Many consumers have learned how to game the system, namely by putting lots of money on cards to earn sign-up bonuses before paying off the balance and closing the card.
The Capital One Savor Rewards Card COF, +0.51% offers 4% cash back on dining and entertainment, with an annual fee of $95 that is waived in the first year. The Uber Visa Card V, +0.93% similarly offers 4% back on dining, including UberEATS UBER, -0.18% , but doesn’t carry an annual fee. There’s another reason why credit-card issuers may be looking to capitalize on people’s eating habits. “Most card holders only use one card rather than juggling multiple cards to maximize rewards,” said Greg McBride, chief financial analyst at personal-finance website Bankrate.
“American Express isn’t accepted as commonly outside of the U.S., especially at international small businesses, which can cut into your overall point-earning potential with this card,” Rathner said.
Source: News Formal (newsformal.com)
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