Steak n’ Shake is not what most people would call “fine dining,” but when it comes to rewards, few dining establishments can compare. Their menu consists of typical fast-food fare – dozens of burger choices with other sandwiches mixed in, fries, milkshakes, and a few unique offerings (like their “five-way” spaghetti noodles with chili topping). The food is always “good enough” and usually superior to most of their fast-food counterparts. Their real strength is price. Steak n’ Shake offers several burger meals for under four dollars.
The rewards app offers a straightforward $5 redemption after $50 of spending, which works out to a solid 10% back. This is, in and of itself, a solid redemption rate for any restaurant program. The program’s real power, however, is Steak n’ Shake’s partnership with the United MileagePlus X app.
I’ve discussed the United MileagePlus X app in several other articles, and it’s no secret that I consider it one of the most excellent reward-earning apps available. The MileagePlus X app is a gift-card exchange where vendors (like restaurants and retail stores) off a specific amount of United miles for every dollar spent on their brand-specific gift cards through the app. MileagePlus X charges a consumer’s credit card for the specified dollar amount and provides an instant gift-card number. For consumers who hold a United credit card by Chase (United Club card, United Quest card, or United Explorer Card), MileagePlus X gives a 25% bonus on all miles earned, even if you pay with a different card.
In the case of Steak n’ Shake, MileagePlus X offers 5 United miles per dollar spent plus the 25% bonus for United cardholders, equaling 6.25% back on each purchase and adding these miles together with the restaurant reward program and credit card points for dining results in a great return on spending at Steak n’ Shake. In my case, my Citi Prestige Mastercard gives me 5 points per dollar for dining purchases. On a $10 purchase at Steak n’ Shake, my return on spend is as follows:
Steak n’ Shake Rewards: $1.00
62.5 United Miles from MileagePlus X (worth 1.2 cents each) $0.75
50 Citi ThankYou Points (worth 1.8 cents each) $0.90
Total return on a $10 purchase $2.65
Triple-dipping with Steak n’ Shake, my credit card, and MileagePlus X provides a $2.65 return equaling 26.5% back!
As you can see, few restaurants provide this kind of return on spending, making Steak n’ Shake one of the most profitable rewards programs for savvy points and miles consumers.
The Rewards Master 