10% Bonus Gift Cards for SuperValu / Albertson's / Jewel Osco

My first post in a long time. SuperValu (Acme, Albertsons, bigg's, Cub Foods, Farm Fresh, Hornbacher's, Jewel-Osco, Lucky, Shaw's/Star Market, Shop 'n Save and Shoppers Food & Pharmacy) supermarkets is offering a 10% bonus for your "Economic Stimulus" or tax refund checks which are starting to be sent next week. I think excellent opportunity to save up to $120 on groceries.

Link to Article

SUPERVALU INC. today announced a program that enables shoppers to exchange their economic stimulus or tax refund checks for a store gift card loaded with extra money. Customers can redeem their checks for store gift cards in $300 increments, and stores will add an extra $30 to each card. This offer is available May 2 through July 31, 2008, at all SUPERVALU stores, including Acme, Albertsons, bigg's, Cub Foods, Farm Fresh, Hornbacher's, Jewel-Osco, Lucky, Shaw's/Star Market, Shop 'n Save and Shoppers Food & Pharmacy.
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Customers who are interested in growing their refunds should bring their government-issued economic stimulus or tax refund checks, along with government-issued identification, to customer service counters at their local stores between May 2 and July 31, 2008, to purchase store gift cards in $300 increments, not to exceed $1,200 per household. Each gift card will be loaded with an additional $30, to bring each gift card total to $330. Customers will be able to purchase less than the total amount of their check in $300 increments.

Kroger-owned stores nationwide will reportedly be matching the Supervalu offer beginning early next week.

RBA said: If you can use these cards at Albertson's Gas Station, that might make it a hot deal.

At first glance, I thought this would be a good deal. Then I realized it only applies to the paper checks, so the extra 10% comes at the cost of using a rebate CC--which are up to 5% at grocery stores and gas stations. Still a good deal, if you already shop at one of these stores, but maybe not worth changing supermarkets if it means a longer drive to get there for the next month while you burn through the GC, to save $15 on $300.

Then there's the loss of float (several weeks worth of grocery spending locked in a GC + loss of CC float).

The 10% bump is still good, but unless the grocery store that we already go to matches the offer, I wouldn't jump on it. Not that I can anyway, since I will be getting the stimulus payment via direct deposit.

Now if they were to allow someone who got the DD refund to use a CC to purchase these augmented gift cards, that would be a much better deal.