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Back in April I wrote about a new Amex Offer where you could receive a $75 statement credit on a $350 or more purchase from Saks Fifth Avenue. While this is a great offer for those who are actually looking to make a purchase at Saks anyways, it can still be useful for those that are looking into the gift card re-sale game.
Even though this promotion expires today, it is only available for those that already saved the offer to their American Express account. It was quite a popular offer when it appeared and it hit its maximum enrollment quite quickly.
You can actually make some money on this offer…
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.
If you purchase a $350 gift card through the Saks website, it’ll ultimately only cost you $275 as you’ll receive a $75 statement credit. You can then go ahead and sell that $350 gift card for approximately $290. That means a quick $15 profit.
Through Gift Card Granny, it looks like the gift card resell website Kangaroo will pay the most amongst the sites the payout immediately. While you could potentially make more through some other sites, it is not an instant sell and instead requires a buyer to actually purchase the gift card for you to get paid. Keep in mind that the site Kangaroo only accepts physical gift cards, not e-gift cards, and you’ll have 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.
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! As of right now, I haven’t yet purchased the gift card to sell, but that is on my to-do list for later today. I currently have 9 eligible cards registered for this offer, so 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 #1: 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. Although, it seems like there haven’t been any negative reports over the past month and the resale sites are still paying the same amount.
RISK #2: Do not sign into your Saks Fifth Avenue account to make the gift card purchase. Folks have reported that for whatever reason they’ve been signed into other people’s Sak’s account. This will ensure that your information is not saved for someone else to gain access to your account. You can learn more about this from Miles to Memories.
To learn more about these American Express offers, read this Amex Offers series:
- Overview and FAQs for Amex Offers
- Registering for Amex Offers with your AmericanExpress.com Account
- Registering for Amex Offers with Twitter
- Simplify your Life… Register for Twitter Amex Offers with Tweet Deck
- Maximizing Amex Offers by Purchasing Gift Cards
- Eligible Credit Cards to Take Advantage of Amex Offers
Make sure to check out all of the current Amex Offers available on this permanent page on the blog.