Posted byon May 29, 2013
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At any given time, I have stacks of gift cards purchased on my Blue Cash Preferred® Card from American Express to earn the 6% cash back.
However, I needed something a little bigger with some added functionality. Bluebird has been around for awhile, but because I like to buy my gift cards at the grocery store (since it’s convenient) I avoided it. That is, until the new PIN functionality was added to the grocery store cards, opening up the possibility of using Bluebird to stretch my gift card strategy even further.
The Bluebird account is similar to the Serve card as a reloadable account, but it has an additional feature that opens up a lot of possibilities. It has a checking account. The checking account option opens up the door to pay many bills that don’t otherwise accept a credit card payment.
To get started, you can open a Bluebird account for free on their website. However, in order to open my Bluebird account, I had to close my Serve account first. Another small hurdle was that the signup process also recognized the old Revolution Money Exchange accounts we had and converts them to Serve first. You will also need to cancel any converted Serve accounts to open a Bluebird account.
Once my Bluebird account was finally set up, here’s the strategy that I’m using to pay bills that otherwise don’t accept credit cards (to earn cash back):
Maximum load limits. You can load $1000 per day and $5000 each month to the Bluebird in cash or gift cards.
Meet Spending Requirements. This is also another good way to meet my spending requirements from my last credit card application spree.
Here’s the breakdown on the total cash back earned stacking all the rewards for the month:
Effective Cash Back: 6.9%. The total cash back with this strategy is $344.07 per month or 6.9% cash back paying bills!