Chipotle Mexican Grill (CMG) - Get Report announced a brief lottery and new loyalty program that launches nationally Tuesday, giving fans two ways to earn money. Both campaigns are in partnership with PayPal's (PYPL) - Get Report Venmo, a digital wallet service that lets people split payments with friends.
First, the restaurateur is giving away a quarter of a million dollars to about 25,000 Chipotle customers per day, between now and March 15, 2019.
For a chance to receive anywhere between $1 and $500, customers have to go to CHIPOTLEREWARDME.COM and submit the phone number associated with their Venmo account. Within 24 hours, a Chipotle pepper emoji will alert customers of the payout amount, which goes into their Venmo account, the company said in a press release.
The company also launched a rewards program Tuesday. To earn free food, diners will need to sign up for Chipotle Rewards on the company's app or website. Enrollees earn 10 points for every $1 spent in the restaurant, online, or in the app. Customers with 1,250 points, or around $125, earn a free entrée, the website said.
There will be extra-points days, to help customers quickly rack up points. As an extra incentive, new members get free chips and guacamole with their first purchase.
Chipotle's prior rewards program, which ran for few months in 2016, was not based on how much customers spent. And the company said this is the first time anyone in the restaurant industry has teamed up with Venmo for similar payouts.
Chipotle shares have a 32-analyst consensus hold rating with a price target of $548.85, according to FactSet. The stock was trading Tuesday at $629.47, up 2.04%. Its 52-week range is $307.70 to $631.73, according to Yahoo! Finance.
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