AMEX Offer: $10 off $200 American Express Gift Cards (Part 2)

Disclaimer: FPT Gift Box uses affiliate and referral links from Amazon.com, Raise.com, and TopCashback.

American Express Gift Cards (shadow)A few weeks ago, I posted about the AMEX Offer: $10 off $200 American Express Gift Cards (Part 1). For most people, this isn’t a good offer because the $3.95 activation fee and $8.95 shipping fee would have canceled out the $10 credit. However, FPT Gift Box is all about “The FPT (5+2) Model” – that is, finding ways to generate abundance and wealth where most people see nothing. This is the follow up post to demonstrate how I turned this offer into a HUGE money maker!

At the time of the offer, I had 30 American Express credit cards! Yes, that’s right! I manage 4 people’s accounts and each account has several authorized users. It took me about 10 minutes to sync all 30 cards to the AMEX offer and another hour to place 30 orders of the $200 gift cards from the AMEX website. I even timed it just right so that I got 2.25% portal cashback from TopCashback. I also happen to have the AMEX premium shipping plan because I used to order AMEX gift cards all the time, so shipping  was free. (See Frequent Miler’s post to learn how to get a 3-month free trial).

TopCashback American Express Gift Card 2%

In total, I had 30 x $200 = $6,000 worth of AMEX gift cards that I needed to liquidate and turn back into cash.

3 Trips to Safeway

Safeway 3x Gas RewardsI had a simple plan. Safeway had a 20% discount on Gap Brand gift cards and these are super easy to resell on gift card exchange sites. I made three separate trips to Safeway to unload all $6,000 AMEX gift cards. I could have done it in two trips, but I was also trying to meet a $20k challenge with the Chase British Airways cards, so I was buying up all the Gap gift cards on the shelf like crazy!

Anyway, with the 30 x $200 AMEX gift cards, I bought $7,500 worth of Gap gift cards. I listed them on Raise.com and they were all sold in about 3-4 days for a small profit. The money was transferred to my bank account a week later.

A very nice surprise from all the gift card purchases was the 3x Safeway gas reward points I was earning on my Safeway card! The rewards are based on the value of the gift card, so $7,500 worth of GAP gift cards generated 22,500 gas rewards points! That’s 22.5 fill ups at $1/gallon discount, up to 25 gallons!

I don’t live near a Safeway gas station, but happened to pass by one over the weekend. I used the gas points for the first time and paid $1.52/gallon for gas! Wow, the last time gas was under $2/gallon was almost two decades ago!!

Cheap Gas

Breakdown of all the transactions:

Gift Card Purchases
  • AMEX gift cards: 30 x $200 = $6,000
  • Gap gift cards: 30 x $250 x 0.80 = $6,000
Costs Fees:

  • Activation fees: 30 x $3.95 = $118.50
  • Shipping fee: $0

Time:

  • Syncing all 30 cards: 10 minutes
  • Order 30 AMEX gift cards: 1 hour
  • 3 trips to Safeway: 1.5 hours
  • Peeling and scanning the gift cards: 30 minutes
  • Listing on Raise: 10 minutes
Earnings Credit cards:

  • AMEX Offer credit: 30 x $10 = $300
  • Miles and points from 30 AMEX cards:
    • MR Points: 7 x 204 = 1,428
    • SPG points: 13 x 204 = 2,652
    • Cashback (AMEX Blue): 10 x $2.04 = $20.4

Portal cashback:

  • Portal cashback from TopCashback @ 2.25%: $6,000 x 0.0225 = $135
  • Portal cashback from TopCashback for listing gift cards on Raise.com: 30 x $1.50 = $45

Gift cards:

  • Total payout from Raise: $6,311
  • Total profit on the Gap gift cards: $311
  • Safeway gas reward points: $7,500 x 3 = 22,500

Summary:

  • Total cash profit: $300 + $20.4 + $135 + $45 + $311 – $118.50 = $693
  • Total points earned:
    • 1,428 Membership Rewards points (worth about $20 in travel)
    • 2,652 SPG points (worth about $60 in travel)
  • Total gas savings: 22.5 fill ups @ $1/gallon savings, up to 25 gallons = $560!!
  • TOTAL HAUL: Worth over $1,300 in cash, points, and free gas!

DisneylandThis is MUCH more than I was expecting when I wrote Part 1 and thought I’d get about $600 in value out of the offer! Proceeds will go towards FPT Gift Box’s vision of sending kids with severe medical condition/disability to the happiest place on earth (aka Disneyland). The cash profit will help pay for the Disneyland tickets, which I also sell on the FPT Gift Box Store. The miles and points will help pay for the flights/hotels. I’m giving away a number of the Gap gift cards to families with kids who are in need and could use some new outfits this winter. I’ve also been giving away the gas points to help families save on gas.

That’s what “The FPT (5+2) Model is all about – turning limited resources into abundance and blessings!

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3 Comments

  1. What are Raise’s bulk seller rates? I don’t see their 15% cut in your costs.

    • Hi Jesse, the payout I listed is after the Raise commission. I can’t disclose my bulk seller rate but you can probably figure it out. Rates are determined by volume, the more volume the better the rate. These Gap gifts cards were a lot mode profitable when the inventory was lower. Now that many people are getting the discounts, the market is flooded with Gap gift cards.

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