American Express is offering card members up to $50 for money spent on small businesses in an effort to help mom-and-pop shops devastated by the coronavirus pandemic.
The financial services giant came up with the deal — which gives card members $5 for every $10 spent — after its own research revealed 62 percent of small businesses are desperate to boost revenue to survive the COVID-19 crisis.
The deal, first reported by Bloomberg on Monday, is good for ten purchases. It will cost American Express $200 million.
Deepak Grover, a Brooklyn small business owner, called the offer “pretty amazing.”
“We do have a lot of customers pay by card,” Grover, proprietor of Big Apple Ride car service, told The Post. “The coronavirus has been very hard on my business.”
“Yeah, it will help,” said an employee at the Health Nuts store on Second Avenue in Midtown, who declined to give his name. “Business is down more than 50 percent.”
News of the new “shop small” program appeared to encourage Wall Street investors, who pushed American Express shares up 1.7 percent, to $94.96, in early afternoon trading.
“I can start using it myself,” added Grover, who said he often pays for his own purchases via his American Express card.