I just received an email from TopCashBack letting me know that for TODAY ONLY, you can purchase American Express Business 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 or like to participate in other manufactured spend opportunities. 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. Remember, this is for Amex Business gift cards, not the Consumer gift cards (the Consumer ones are only giving 1.5% cash back through the site). With this offer, gift cards over $2,000 are NOT eligible for cash back. This is for the Business gift card offer and is typically not the case for the personal gift card offers which I have written about in the past. With that being said, you are able to purchase multiple $2,000 gift cards in one transaction. Although, the Amex site is currently not selling $2,000 gift cards for purchase, so you will have to purchase multiple $1,000 gift cards. The downside with this is that there is a $3.95 fee per gift card regardless if is is for $$100, $1,000, or $2,000 (or any other denomination).
So let’s say you purchase $5,000 with your credit card. That will get you 5,000 points (assuming a credit card where you get 1 point per dollar spent), and (get 5,000 points) and $112.50 cash back through TopCashBack.com. You will also be charged $28.70 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. Also, some folks reported a months or so ago that they were not able to load these cards at their local Target, but that seemed like a case by case basis. As a rule of thumb, these cards should be able to load, but the cashier might not know how to do it. There are also some Targets (i.e., a few in Brooklyn) that are no longer allowing this. Many readers have reported success as well. Just wanted to throw that disclaimer out as some readers have reported issues.
Some things to know:
- Do not use a promotion code 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 $1,000 card.
- Denominations over $2,000 are not eligible for cash back
- Do not use a Citibank credit card, you will most likely get charged a cash advance fee
- eGift Card from American Express® is not eligible for cash back.
- You will be charged a shipping fee of $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 (if you do not have Target REDCard and looking for other alternatives), make sure to check out Frequent Miler’s complete guide.