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Back in January I posted about a great way to take advantage of the Neiman Marcus Amex Offer. This offer will give you a $50 statement credit on a $200+ purchase online. And the best thing about the offer is that gift cards purchased online trigger the statement credit! While this is a nice opportunity to purchase items at Neiman Marcus at a discount (20%!), it also provides a way to actually make some money by buying a gift card and reselling it online. You can read all about the offer and the money making opportunity here.
Initially, things were going pretty smooth for me. I purchased a $200 gift card on all my registered American Express cards and they arrived in my email about 36 hours later. Neiman Marcus was inundated with gift card purchases (due to this offer), so cards took awhile to arrive. But, if you are looking to purchase them now, they should arrive same day. After they arrived I went to Cardpool.com to resell the gift card. A $200 gift card was (and still is) paying $167. So ultimately, a profit of $17. My gift cards were accepted, but stayed in a pending status for a few days.
Then 3 days after my gift card arrived in my email, I received an email from Neiman Marcus that my gift card purchase was being refunded. I absolutely did NOT request a refund! Related post. After many calls to Neiman Marcus, I was finally able to get a supervisor that knew what she was doing and was able to help. Ultimately, Neiman Marcus saw an influx of gift card purchases (surprise, surprise!) and just went ahead and cancelled a ton of them thinking there was some sort of fraud. They also suspended everyones American Express credit card from making another purchase at the store. The representative that I spoke to was able to get in touch with the department that manually declines orders and get them to release my American Express card to make another order. She even knew of the Amex Offer without me having to tell her. The group that manually declines orders is now aware of it too, so there shouldn’t be anymore issues with Neiman Marcus cancelled future orders!
Once my credit cards were back into good status with Neiman Marcus, I went ahead and placed another $200 order with just one of my Amex cards. I wanted to ensure that it would in fact trigger the Amex Offer since it already showed up in my account as redeemed, but no actual credit received. A day after placing the $200 gift card order, the $50 statement credit appeared in my account! So for those that got their gift cards refunded by Neiman Marcus, you are able to replace the orders and receive the statement credit.
Now, I just need to go ahead and resell the gift cards. There are a few options for reselling:
- Cardpool – They will buy a $200 gift cards for $167. Or, you can opt for an Amazon.com gift card for $177. However, many reports are showing that transactions were declined or that a physical gift card is required. I entered my gift card information and it is asking me to send in the gift card. I have the egift card, so I will just print it out and send it in. I’ll report back with what happens!
- ABC Gift Cards – They are now only giving $146 for a $200 gift card, so you absolutely do not want to sell for cash. Previously, they were at least giving $160. However, if you trade in your gift card for another gift card you can get a slightly higher value. For example, you can trade in your $200 gift card for a $161 Hotels.com gift card. So while you are still ahead $11, you now have it tied up in another gift card. Not wroth the hassle to me, but if you have an immediate need for another gift card, might be worth it for you.
- Gift Card Zen – While people were having great success with this site, unfortunately they are currently not accepting anymore Neiman Marcus gift cards. This could change.
- Raise – You set the price you want for your gift card. This means there needs to be an actual buyer.
Personally, Cardpool is the best way to go, but there is a chance you might face some issues. To reduce my risk and having the gift cards declined, I am going to sell them one at a time.
Also, keep in mind that most shopping portals are clawing back on any payouts, so unfortunately there is no way to double dip. This was an even better offer when there was a chance miles/cash back would be earned, but because of so many transactions, they caught on. I originally went through TopCashBack.com for my purchase a few weeks ago, but received an email from someone at that site letting me know (and my readers) that they would not be paying out cash back for gift card purchases.
So ultimately, with this offer, there is an opportunity to make $17 per American Express credit card you have. Or, if you prefer Amazon.com gift card you can “make” $27. It is up to you on whether or not the effort is worth it.
Feel free to comment below with your experience.