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If you are one of the many who spend the majority of each paycheck on restaurants, you’re not alone. In fact, the amount Americans are spending on food and drink is at an all-time high, according to a report released Wednesday by the Commerce Department.
“Sales at food-service and drinking establishments rose 1.3 percent in July to $61.6 billion,” Bloomberg reported, which at a gain of 25.3% over the summer alone is “the fastest pace in figures going back to 1992.”
The increased spend could signify that consumers are feeling more financially stable at the moment, according to economists Kevin Cummins and Michelle Girard at NatWest Markets. On the flip side, restaurants are certainly doing their part to keep dinner tabs high by raising prices to “keep up with higher minimum wages and rent costs.”
Whether a higher number of consumers are dining out more often, or fewer consumers are simply spending more, it’s a win-win for the credit card savvy: Spending in this category can work overtime for you if you know what you’re doing.
The proliferation of dining rewards programs and credit cards that offer double or triple the points on dining means you’ll earn more rewards with every order of steak frites and every bowl of pho that hits your table.
Image courtesy of Michael Berman via Getty Images.
The American Express Platinum card has some of the best perks out there: cardholders enjoy the best domestic lounge access (Delta SkyClubs, Centurion Lounges, and Priority Pass), a $200 annual airline fee credit as well as up to $200 in Uber credits, and mid-tier elite status at SPG, Marriott, and Hilton. Combined with the 60,000 point welcome offer -- worth $1,140 based on TPG's valuations -- this card is a no-brainer for frequent travelers. Here are 5 reasons you should consider this card, as well as how you can figure out if the $550 annual fee makes sense for you.
- Earn 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.
- Enjoy Uber VIP status and free rides in the U.S. up to $15 each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings.
- 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel.
- 5X Membership Rewards points on prepaid hotels booked on amextravel.com.
- Enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
- Receive complimentary benefits with an average total value of $550 with Fine Hotels & Resorts. Learn More.
- $200 Airline Fee Credit, up to $200 per calendar year in baggage fees and more at one qualifying airline.
- Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card®. Enrollment required.
- $550 annual fee.
- Terms Apply.
- See Rates & Fees