American Express CEO Kenneth Chenault and New York City Mayor Michael Bloomberg recently announced the creation of Small Business Saturday, the credit card lender announced. The event will begin on November 27, and the financial institution is prepared to reward small companies and consumers alike for participating.
The first 10,000 small business owners who sign up with American Express will receive $100 in free Facebook advertising, while the first 100,000 cardholders who pledge to make a purchase at these companies on November 27 will receive a credit for $25 that can be put toward their credit card debt.
Small Business Saturday will run the day after Black Friday, when consumers tend to be more willing to take on credit card debt.
However, many consumers have told various pollsters they are less likely to take on credit card debt this holiday season, and will instead rely on cash to make payments.