In 2010, American Express created Small Business Saturday as a way to encourage people to shop at small businesses during the holiday season. The event takes place on the Saturday after Thanksgiving, and participating small businesses offer special promotions and discounts to customers. Over the years, the movement has grown in popularity, with millions of consumers and small businesses participating each year.
To promote its made-up holiday, American Express provided statement credits if you made a purchase at a small business on or around Small Business Saturday. For the years 2010-2012, there was a $25 statement credit for $25 in small business spending per AMEX card. In 2013 the offer decreased to a $10 statement credit for $10 spent and in 2014, a $10 statement credit for $10 spent valid 3X per card.
In 2015, American Express (AMEX) discontinued the statement credits for Small Business Saturday as the event had already gained significant traction and didn’t require monetary incentives for promotion. However, the event seemed to lose popularity without the credit incentives. AMEX returned with an alternate reward system of 2X points for purchases made at small businesses. The criteria for qualifying as a small business with AMEX is relatively broad, which allowed points and miles enthusiasts to find ways to maximize the offer. The 2X points reward system hasn’t been reintroduced since.
In 2017, 2018 and 2019, there were no Small Business Saturday offers for AMEX Customers. The reasoning, as per Fortune magazine, was that the credits were a way to create the event and since that had happened, there was no need to continue offering them.
AmEx told Fortune that there will not be a cardholder offer for Small Business Saturday this year. “The statement credit offer started off as a way to help incentivize consumers to shop at local businesses,” a spokeswoman said. “These efforts helped create an annual event and occasion that has taken root in neighborhoods across the U.S.”
In 2020, the global COVID pandemic forced companies to reassess their strategies. With small businesses bearing the brunt of the shutdowns, AMEX decided to revive its Small Business Saturday promotion. In the form of the “Shop Small” initiative, AMEX offered cardholders the opportunity to earn $5 cashback on spending $10 or more at small businesses, for up to 10 purchases. This promotion was worth up to $50, and it helped generate up to $100 in sales for small businesses struggling to stay afloat. A similar offer returned in 2021 for Small Business Saturday which was good until the end of the year.
AMEX once again did away with the statement credits for Small Business Saturday in 2022.
So here we are at 2023. American Express has reintroduced the Small Business Saturday offer this year, which is a pleasant surprise. However, the offer is not as lucrative as in previous years. To qualify for the offer, cardholders need to spend at least $50 to receive $5 cashback. Interestingly, the offer is available on all American Express cards including both business and personal cards. However, registration is limited to one card per person. You can sign up for the Shop Small offer the same way you do for other AMEX Offers – log into your account and search for the offers. It was close to the top for all of our cards.
While limited to $5 back, it’s nice to see American Express putting some money into statement credits for Small Business Saturday. In recent years, they have spent more money advertising the promotion on TikTok than they did providing statement credits to cardholders.
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