Posted byon April 16, 2015
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Every so often I load up on American Express gift cards to earn credit card cash back. They are a good way to meet spending requirements on new sign up bonuses. However, since there are fees involved and usually a cost to liquidate the cards, I only buy them when there is a decent cash back offer.
Today, Simply Best Coupons is offering 2% cash back on the gift cards! It’s time to buy since we haven’t seen much above 1.5% in awhile.
In addition, since I haven’t used Simply Best Coupons before, we can pick up a $5 sign up bonus!
Thanks Doctor of Credit for the heads up. He also added a good reminder, denominations over $2,000 will not earn cash back.
Earning Credit Card Rewards. I’m working on meeting a new set of spending bonuses on new cards (I’ll write about my new app spree soon!) Otherwise my spending would probably go on an Everyday Cash Rewards card to earn at least 2%. Don’t use Citibank though, as they are rumored to charge cash advances. You can set your cash advance limit to zero if you are concerned.
Cashing Out. You can request payments for Paypal and Amazon.com gift cards at $15 and a check or Western Union at $20.
Referrals. You can earn a 5% referral bonus on your friends cash back, up to $50 for each referral. I had my husband refer me, so that he could earn an extra 0.1% on my gift card purchases (5% of my 2%). This is how to stretch the 2% to 2.1% cash back!
Liquidating Gift Cards. Earlier this week I mentioned I was Paying Taxes with a Credit Card to Earn a Profit. One of the ways to liquidate gift cards is to Pay Your Taxes, or estimated tax payments now that the tax deadline has passed. This is how I plan to liquidate these cards.