AMEX gift cards 3% fatcash

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The Premium Shipping $99/year is not available. Best to use the AFL420 for 5,95 discount on shipping.

These gift cards are not considered "cash equivalents", are they? If I use a credit card to purchase them, will I be charged transaction fees and interest?

SleepyNyte said: Blue123 said: Pay with a 2% Cash Back credit card. Then,
3,000 + 90(3% Fat Cash) + 60(2% cb) - 3,005.95 = 144.05.
144.05/3,000 = 4.8%.

This will make the gift card to be 4.8% cb card for everything you purchase.


You can't include the 2% CB from your credit card purchase unless you can fully liquidate the gift card. If you use the gift card for purchases you would have used your 2% card for, then it's a wash.
But, you've already used your 2% card to buy the gift card, which offsets using the gift card to make purchases.

hs said: Glitch99 said: VerbalK said: Am I missing anything?AMEX cards are typically the hardest to liquidate. So you'd have to limit your purchase to an amount you could reasonably spend over a period of time. Its not a quick buy-then-cash-out opportunity.

Well all you have to do is use the $3000 you just received and purchase another $3000
But you arent buying another $3k, you are buying another $3005.95. So when you attempt to complete the purchase, it will be denied because it is for more than the available balance on the funding gift card.

Just called American Express and a CSR was rather confident that a gift card purchase is considered a cash advance. She said that certainly applies if you use your American Express credit card and could not say how other companies would apply it.

FutureDilemma said: Just called American Express and a CSR was rather confident that a gift card purchase is considered a cash advance. She said that certainly applies if you use your American Express credit card and could not say how other companies would apply it.Come on, you should know that you do talk about about abusing a company with the company you intend to abuse. At the very best, any info obtained is going to be as reliable as flipping a coin.


Amex order
Disclaimer
mrdelldude said: The Premium Shipping $99/year is not available. Best to use the AFL420 for 5,95 discount on shipping.
Picture is better than 1000 words - see $9000 order, no fees

You must have went through fatwallet.com 3% instead of the 5% one. Also, I just called and this counts as a cash advance which has a 3% fee. Don't call the AMEX gift card dept..they have no idea. Make sure to call your credit card company. Total waste of time.

Seem to recall purchasing some of these in the past and they were not considered cash advances by AMEX.

For those who think it is not considered a cash advance, please try it out and report it here. If it works, that is great, but remember that if it does get coded as a cash advance, then you have no recourse. Also, the link from eBates directs to the AMEX Business Gift Cards program which explains the higher limits and different shipping charges.

Other site is already back to 2.5% btw.

I'm going to be really upset if it's considered a cash advance!

I ordered 4k worth last night while it was at a 5% rebate. The thought of being charged a cash advance fee never crossed my mind as I have never done one before. But since you guys brought it up, it's a good point. I'll post the results after everything completes. One point i did think of though, the card companies do want to actually sell their gift cards right?? if they are treated as cash advances when purchased, i think they would be very hard to sell as opposed to being treated as a regular purchase. does that make sense???

ChampagneDan said: wiredspider said: I wasn't ever able to use an AMEX gift card online because I did not know the address it was registered to, so when billing tries to auth the card, it fails. I don't know if anyone has found a way against this since then, but something to keep in mind if you are trying to rinse and repeat...

I think this is key. If I can use an AMEX gift card on-line, then this is a pretty good deal: nearly 3% off everything, plus I presumably get my regular points on the gift card purchase.

Has anyone tried registering the gift card? If it's really only for in-person purchases, it will be too difficult for me to liquidate.


You need to log into the AMEX website once you receive the card to register it.

mewannaxbox said:
You need to log into the AMEX website once you receive the card to register it.


I can't find any on-line functionality for these gift cards apart from checking the balance. This is going to be anything but a hot deal if (1.) I don't get points for the purchase or (2.) I can't use my thousands of gift card dollars on-line. Here's how my first purchase appeared on my AMEX Starwood account:

American Express GIFSLC 0 3,005.95


FINANCIAL - SERVICE
Doing Business As : American Express GIF
Merchant Address : ATTN PHIL MORRILL GP
4315 S 2700 W
SALT LAKE CITY
UT
SALT LAKE CITY
UNITED STATES
Reference Number :
Dispute/Inquire about this charge
Category: Business Services - Other Services

SUCKISSTAPLES said: bankdealsrule said: Invest it in gold bullion coin(s) from the few stores that accepts the AM card. You simply pay ~5% above the spot price of gold. so you pay 5% above spot to save 3%? Is 2% above spot a hot deal?

Just open a pizza shop with a sign, "WE BUY GOLD".

You are bound to get some fools sell you gold for a lot less than 5% above spot.

Can these gift cards be used to pay college tuition if the school accepts American Express ?

For those who are trying, check what your cash advance limit is on your credit cards. Why not simply buy a gift card that is above that limit? If it's going to be coded as a cash advance, it would be REJECTED. Otherwise, it's a purchase.

VerbalK said: So buy a $3000 gift card with free shipping for $3003.95... get $90 CashBack (plus maybe some credit card rewards). Am I missing anything?

The gift card fee is $3.95 and shipping is $7.95 (USPS shipping not allowed for orders over $200.)

$90-$11.90=$78.10, the equivalent of a 2.6% (10.4% annualized) return, on top of the rewards from the credit card that you use to buy the gift card.

Lets suppose that the $3000 that you have loaned to AMEX would normally be in a 4% rewards checking account. Lets also suppose that it takes you 3 months to spend $3000. Thats $15 in lost interest. Net gain: $63.10 or 2.1% return (8.4% annualized).

The real danger is that your card or card number gets stolen. When you report it, AMEX will cancel the card and issue you a new one, but in their own words:

NO REFUNDS WILL BE PROVIDED FOR AMOUNTS DEBITED FROM YOUR LOST/STOLEN GIFT CARD BEFORE YOU NOTIFY US.

couponhed said: The real danger is that your card or card number gets stolen. When you report it, AMEX will cancel the card and issue you a new one, but in their own words:

NO REFUNDS WILL BE PROVIDED FOR AMOUNTS DEBITED FROM YOUR LOST/STOLEN GIFT CARD BEFORE YOU NOTIFY US.

In other words, if you are planning to carry it with you everyday for small purchases, then get only the small dollar amount gift cards to limit your loss if it gets lost or stolen. Buy gift cards for larger amounts if you plan to use them online or for a few large purchases, so you don't carry them around much.

Use Caution my friends. Back in the days when 5% (on any purchase) CB cards existed (and my 5% CB promo was ending soon), I thought of buying the Amerx gift cards since by combining with CB offers from sites such as FW and others that would have given me anywhere from 6-8% CB on any purchase I would make in the future with the Amerx gift cards. I even checked many sites where I regularly shop online and they all took Amerx gift cards.

Finally, almost excited to buy the Amerx gift cards, I decided to read issues, complaints and reviews on Amerx gift cards. I read this and some other sites (can't recollect all the sites I had read) and that was enough to discourage me. On one particular site I read several users who had found they had zero balance on their Amerx gift cards and some magically had balances reduced since the cards were fradulenty used online and Amerx left them hanging saying they had no recourse in this matter. If it was a matter of a $100 or a $200 gift card, I may have bit the bullet, but like many of you I was looking into buying thousands of dollars worth of Amerx gift cards and given the ease with which fraud happens, the risk outweighed the savings and I decided not to do it.

The risk I highlight above may be common across any kind of gift card. Almost every retailer gift card has horror stories online. But unlike fraud on a credit card (where we have $0 liability), I don't know how much protection we have on a gift card (probably none, as seen by the answers some consumers got from Amerx customer service)

We of course have the option of turning to our credit card company (with which we bought the Amerx gift cards) if fraud happens on the gift cards. But depending on how happy that card issuer is with you (for abusing their rewards program) or who knows (someone like Citi, Amerx, Chase, <insert any card issuer name here> ) may even have closed your account by then, you may be left with no recourse. Taking all this into consideration I decided against buying the Amerx gift cards.

You should of course make your own decision based on your analysis and risk tolerance. I just thought I should share this with you guys (most may already have been aware of this). Hope this post was helpful.

If the gift cards are considered debit cards you can buy Money Orders at the USPS for $1.50 per $1000 M.O.

Yes it cuts into your profit but immediate liquidation.

I will update the thread after I try

newbietx said: You should of course make your own decision based on your analysis and risk tolerance.
Considering I had a shipment of dollar coins stolen right out of locked postal box I think this deal has far, far less risk.

It's a shame they didn't keep the 5% going...

ColbyS said: If the gift cards are considered debit cards you can buy Money Orders at the USPS for $1.50 per $1000 M.O.

Yes it cuts into your profit but immediate liquidation.

I will update the thread after I try


Please do update on your result. Need to spend some money on a credit card pretty soon.

ChampagneDan said: mewannaxbox said:
You need to log into the AMEX website once you receive the card to register it.


I can't find any on-line functionality for these gift cards apart from checking the balance. This is going to be anything but a hot deal if (1.) I don't get points for the purchase or (2.) I can't use my thousands of gift card dollars on-line. Here's how my first purchase appeared on my AMEX Starwood account:

American Express GIFSLC 0 3,005.95


FINANCIAL - SERVICE
Doing Business As : American Express GIF
Merchant Address : ATTN PHIL MORRILL GP
4315 S 2700 W
SALT LAKE CITY
UT
SALT LAKE CITY
UNITED STATES
Reference Number :
Dispute/Inquire about this charge
Category: Business Services - Other Services


If you cannot register online, call customer service and have them register your address. I bought 1k in AMEX cards awhile back and used them successfully online.

AMEX was also nice enough to cash them out once I found out they could not be used on a particular website (online gambling), they sent me a check for the unused balance.

FWIW I contacted PayPal and they won't take AMEX gift cards for payments and/or sending money. Just a heads up if you were planning on liquidating that way.

ColbyS said: If the gift cards are considered debit cards you can buy Money Orders at the USPS for $1.50 per $1000 M.O.

Yes it cuts into your profit but immediate liquidation.

I will update the thread after I try


AMEX gift cards are not considered debit cards, USPS will not use them to purchase money orders (neither will Western Union or Moneygram).

Well I bought 2K as well. My plan is to reduce potential loss by moving them into costco cash card (200 a piece X 10) and use them up in two months. I assume I should not have any problem using these gift cards to buy costco cash cards. Anyone know for sure?

I have used several of them to buy gift cards at different retailers including Wal-Mart...that is the best way to use them anyway...use a 100 AMEX gift card to buy a 100 store gift card since you dont have to deal with the extra money left on the AMEX card....(I actually think that is part of the profit for the issuers of these things with inevitable 1-2 bucks left on them)...

I have also had limited success using them to pay my phone bill online...

chipmonger said: AMEX gift cards are not considered debit cards, USPS will not use them to purchase money orders (neither will Western Union or Moneygram).
Do you have direct experience or is this hearsay?

ColbyS said: chipmonger said: AMEX gift cards are not considered debit cards, USPS will not use them to purchase money orders (neither will Western Union or Moneygram).
Do you have direct experience or is this hearsay?


Direct experience with Western Union (I've had some success, but ymmv).

From usps.gov - Money Orders can be purchased with cash, debit card, or traveler's check (AMEX gift card is none of these, again ymmv).

From moneygram.com - MoneyGram does not accept American Express or Discover.

The difference between a debit card and credit card transaction is pin vs. signature....These AMEX cards require signature for the transactions....

Hey, I thought you need to have your full-name on the card for them to process your purchase request!?! And, I thought Western Union does not accept Amx? Somewhere mentioned only PIN-based MC/VI debit card for WesternUnion?

Coupon Code SA2009 - waive all GC fees for your order, good until EOY. Might be better than free/cheap shipping if you're ordering several cards and/or have their express shipping plan.

An important note - if you use coupons (promotional codes) etc during ordering - you will lose the 3% deal. I ordered 2 cards - 1 with a promo code which knocked off the $3.95 card fees, and one without (just to confirm) and the order placed with the code did not qualify for the 3% CashBack. AMEX probably does not report transactions where promotional codes are used.

i used the 5.95 off shipping coupon when i purchased my gc's on the 27th, i made two separate transactions. one for a 1k card and a second for a 3k card. i used the 5% site and so far they have credited my account $50 for the 1k transaction, still waiting on the $150 for the 3k card. i used the promo codes and still got one of the rebates so far.

The 5% was the other site - for fatwallet (3%) so far I haven't received the CashBack on the order for which the promo codes were used.

That's strange.

I buy these for my employees all of the time with my mastercard and it's never been treated as a cash advance.

has anybody figured out how to get the cash out of those cards?

Since these aren't debit cards, buying money orders for a small fee won't work.

vishalj77 said: An important note - if you use coupons (promotional codes) etc during ordering - you will lose the 3% deal. I ordered 2 cards - 1 with a promo code which knocked off the $3.95 card fees, and one without (just to confirm) and the order placed with the code did not qualify for the 3% CashBack. AMEX probably does not report transactions where promotional codes are used.

No its not the promo code invalidating the Cash Back, because I placed an order with a discounted shippign code and got the FatCash pending in my FW account.

Perhaps we are limited to only one CashBack earnings transaction? Has anybody placed more than one order and seen CashBack pending on all their orders?

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