Making Money on this Saks Fifth Avenue Amex Offer!

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There are a few new Amex Offers that just appeared, which I’ll write about later today. One of these being Saks Fifth Avenue where you can receive a $75 statement credit on a $350+ purchase. This offer is for online only or in-store, and you can purchase a gift card to trigger the statement credit. If you actually have a use for this offer on a Saks Fifth Avenue purchase, that is great. But, if you have no desire to shop at this extremely expensive overpriced store, you can actually make a profit on this offer!

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As I mentioned above, with this offer you’ll spend $350 and receive a $75 statement credit. That means your actual out of pocket spend once the statement credit comes through (usually within a week after your purchase), you’ll actually be spending $275 for the gift card. Through Gift Card Granny, it looks like you can currently sell that $350 gift card for $290 (through Kangaroo and they will pay you immediately). While you can actually make more through some other sites, it is not an instant sell and instead requires a buyer to actually purchase the gift card, although you can set your own price and potentially make more. Or, you can always opt for a different type of payout from these sites and actually get paid more, i.e., Amazon gift card, Hotels.com gift card, etc. Ultimately, you will make $15 ahead PER registered American Express. Keep in mind that the site Kangaroo only accepts physical gift cards, not e-gift cards, and you’ll give to purchase two separate gift cards to make up the $350 amount as they will not take a gift card more then $300. You can purchase a physical gift card from Saks with no extra charge, so I suggest that then an e-gift card.

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While $15 might not sound like a big deal, if you have a bunch of American Express credit cards eligible for this offer, you can end up making a few hundred dollars! Between my husband and I, we have 9 eligible cards for this offer. That means for probably an hours worth of work at most, I am earning $135. And on top of that, I’ll be getting $275 worth of points per card.

RISK: There was a similar offer a few months ago with Neiman Marcus that didn’t end up going so well. There is risk here with purchasing a gift card and then not being able to re-sell them for the price you think you’ll be able to get. The fact that this is a physical gift card (vs. a e-gift card) makes it easier to sell, but if many people start selling Saks Fifth Avenue gift cards, the payout might reduce significantly. 

To register your Amex card to this promotion:

  • Register your American Express card with Twitter and tweet: #AmexSaks
  • Or, sign into your AmericanExpress.com account and go to the “Amex Offers For You” tab
  • Find the Saks Fifth Avenue offer and make sure to select the “Save Offer” button. Make sure to read the multi-browser trick first!
  • I’d go ahead and save the offer sooner then later as you never know when it will hit maximum enrollment!

To learn more about these American Express offers, read this Amex Offers series:

Make sure to check out all of the current Amex Offers available on this permanent page on the blog.

Comments

  1. Terms say “Excludes restaurants located within the store, Online Bill Pay for Saks Credit and corporate gift cards” – emphasis on the corporate gift cards. Does this include gift cards purchased online? Has anyone tried this yet?

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