Monday, February 3, 2014

American Express No Fee Gift Cards Are Back - 3% Top Cashback with No Fees!

Disclaimer: I receive a referral commission for the following link(s) and I greatly appreciate supporting the site: Top Cashback 

Update 2:  Top Cashback cashback is now at 2%

Update 1: If you don't log in to your AMEX account you will only be able to purchase $200 gift cards which means you will end up with a lot of cards if you get $5,000 worth.  If, however, you log in you can buy a $3,000 gift card and a $2,000 gift card and you will only have 2 cards.
In addition, my cashback already posted as pending from Top Cashback!

American Express Gift Cards can now be bought without any purchase fees.  This saves you $3.95 for every $500 card.  You need to use promo code FPVALAF and pay with an American Express credit card.

You still need to pay $8.95 shipping fee for the entire order, but that is $8.95 even if you order $5,000 of gift cards.

In addition, Top Cashback will give you 3% back for buying the gift cards if you start there first.  This deal should run through 2/15/2013.

Here is the math for what this deal can do for you:

Scenario 1: Fidelity American Express (2% back on every purchase).

Let's say you max it out at $5000 in gift cards.  Your total charges will come to $5008.95.

- $150 will come to you from Top Cashback
- $100 will come to you from Fidelity American Express
- $8.95 fee for buying the cards

Bottom Line - $241.05 net after fees or 4.8% on your purchases with the gift cards.  Not too shabby!

Scenario 2: American Express Starwoods (Let's say you're a miles man)

Same thing: Max out at $5000.  Total charge is $5008.95

- $150 will come to you from Top Cashback
- 5,009 starpoints from American Express Starwoods
- $8.95 fee for buying the cards

Bottom Line - $141.05 net after fees + 5009 starpoints  If you do this 4 times you will have $560 and 20,000 starpoints which can be redeemed for 25,000 miles on many airlines.

More advanced tools so that you don't have to actually spend the money (manufactured spending):
Amazon Payments - You can send up to $1,000 a month to a friend with a credit card, including American Express gift cards.
Buy Vanilla Reloads/Visa Gift Cards - You should be able to use these cards to buy Vanilla Reload cards or Visa gift cards which can be loaded onto Bluebird online for Vanilla Reloads and at Walmart for Visa Gift Cards.  Add 1% in fees for this option.
Google Wallet - if you have a Google Wallet account, you can send money via email with a credit card to anyone and that person can withdraw to a checking account.  The problem is that the fee is a whopping 2.9%, which negates most of your cashback.
That being said, you will still net over $100 with the Fidelity American Express without having to spend any money.  With a points card, you end up getting 5,000 points for just about nothing.

Warning! Don't use a Citibank Credit card as they may code it as a Cash Advance so you will get a fee and no points.  American Express and Chase cards are safe.