Update: It seems Extrabux hasn’t been paying out on Amex gift card purchases, despite what their terms state.
I’ve been getting a lot of comments about my American Express gift card buying habit from readers, who are under the impression that there are no more shopping portals offering cash back on on American Express gift card denominations over $200. There have been so many emails and blog comments, I thought it best to address the topic in a post.
As you all remember, last month the majority of shopping portals began limiting cash back on American Express gift cards to denominations of up to $200. With gift card and shipping fees, this hardly made it worthwhile to keep purchasing them. However, Extrabux continues to pay out cash back on American Express gift cards purchased in denominations of up to $2,000. This means, it’s still worthwhile to incorporate American Express gift cards into your manufactured spending strategy, as it can reduce the cost of acquiring miles significantly.
Not only is Extrabux the only portal still offering 1% cash back on $2,000 Amex gift cards, but for the next two weeks they are also offering two coupon codes:
- FSBUS = Free shipping on business gift cards
- PFWED = 100% off order fee
Using the PFWED coupon code offers the most savings. On a $10,000 order, you will save $19.75 in gift card fees. Liquidating these gift cards via PIN-enabled Visa gift cards will incur the following fees:
- $5.95 – $8.95 American Express gift card shipping fees
- $79 – $119 Visa gift card fees ($3.95 – $5.95 per card)
- $7 Walmart money order fees ($0.70 per $1,000)
Factor in the $100 cash back earned through Extrabux and your total out of pocket cost for 10,000 – 50,000 points will be $34.95 at most, depending on your shipping fees and method of liquidation. Just make sure you do not use a coupon code from a website other than Extrabux. Doing so will disqualify you from earning cash back. Additionally, I recommend taking screenshots throughout the transaction in case it doesn’t get tracked. This way, you can provide proof that you did in fact click through the portal to make your purchase.
If you don’t have an Extrabux account yet, you can earn a $5 reward by using my referral link to join and make a purchase. I will also earn a $5 credit along with 5% of the cash back you earn (which does not come out of your earnings). If you’d like to share your own Extrabux referral links, feel free to do so in the comment section.
Will you incorporate American Express gift cards into your gift card churning strategy while Extrabux continues to offer cash back on large denominations?
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