Reader Brian passed along an email announcing that Top Cash Back is offering 2.25% cash back on American Express Business gift cards. This sale is for 24 hours only and since I have no idea when this went live, let’s just assume it’s ending tonight (Note: Reader Trevor says it went live some time around 1 AM PT). If you’re due for an American Express gift card order and have access to an EIN, then you should definitely take advantage of this promotion. The normal payout for Amex gift card purchases is 1.5% and aside from Top Cash Back, there are very few shopping portals still offering payouts on Amex gift cards.
American Express Business gift card orders are limited to $100,000 per 14 days, so I’d buy as many gift cards as you can reasonably unload. For most people, that’s $5,000 – $10,000 via Redbird or Amex for Target prepaid cards. Others might deal with the inconvenience involved in turning Amex gift cards into money orders to liquidate extra gift cards.
On a $10,000 order you will earn $225 cash back. Subtract the $19.75 gift card fees and $5.95 – $8.95 shipping cost and you’ll end up with $199.30 -$196.30 in profit. Keep in mind that only gift cards in denominations of $2,000 or less are eligible for cash back, so you’ll need to buy five $2,000 gift cards to total $10,000.
There are a few options for unloading these Amex gift cards. Target Redbirds are free to load/unload, while Amex for Target incurs about $12.75 in fees per $1,000. The Amex – Visa – money order method will have the added cost of Visa gift cards ($3.95 per $500) and money orders ($0.20 – $0.89 each), however you’ll still come out ahead thanks to the 2.25% Top Cash Back payout.
If you’re going to purchase Amex Business gift cards during this 24 hour promotion, I recommend you take screenshots of the entire transaction in case it isn’t tracked. I have yet to have a problem with Top Cash Back, but plenty of people complain about them so it’s best to be safe and keep records in case you’re not paid for your purchase.
If you don’t currently have an EIN, you can apply and get approved for one immediately online. Since this website is technically a business (though it barely generates income), I got one months ago and the process is quick and easy. It’s definitely worth getting, in case you ever max out the $10,000 limit on Amex personal gift cards and need to rack up extra spend in a short time frame.