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I received an email from TopCashBack this morning letting me know that for TODAY ONLY, you can purchase American Express gift cards through their online shopping portal and get 2.25% cash back. While this probably is not worthwhile for most of you, it is great for those that have Targets new REDCard. You are able to load those REDCards with an Amex gift card (or any other gift card or credit card) up to $2,500 a day and $5,000 a month.
So let’s say you purchase $5,000, you can make the purchase with your credit card (get 5,000 points) and $112 cash back through TopCashBack.com. You will also be charged $16.85 total for processing and shipping charges. You can then unload the gift card to your REDCard at Target. This will not work to load to Bluebird, and I am not sure about Serve (but looking into it).
Some things to know:
- Do not use a promotion code for no purchase charges or else you will not receive the cash back. You will be charged $3.95 per gift card regardless if you purchase a $25 or $3,000 card.
- Do not use a Citibank credit card, you will most likely get charged a cash advance fee
- You will be charged $8.95 regardless of the number of gift cards you purchase.
- There is a $10,000 limit on Consumer Gift Cards and $100,000 limit on Business Gift Cards per 14 days.
To see a complete guide of purchasing Amex gift cards through a Cash Back portal and some other ideas on how to unload them, make sure to check out Frequent Miler’s complete guide.