I participated in the deal that Personal Finance Digest posted the other day at Best Buy’s Yellow Tag event. I did not post it because I did not want to speculate if Amazon Kindle gift cards were included. It turns out it was.

Awhile ago, I also noticed that Amazon sold gift cards on their website, but did not post about it because I wanted to see if I could upgrade an Amazon gift card into any one of the gift cards available.

The combination of Best Buy’s Yellow Tag event and Amazon Kindle gift cards provided an opportunity to test upgrading.

I was thinking that I could earn a little less than $5 per $100 Amazon Kindle gift card purchase from the event from buying Wholefoods Market gift cards from Amazon

The Math:

• $13.50 selling at 90% for the $15 Best Buy card
• $91 back for buying Wholefoods gift cards from Amazon
• $104.50 cash back for selling all the cards
• $4.50 profit

I was really excited when I saw those numbers and I actually wound up doing two transactions, buying $200 worth of Best Buy gift cards.

Bottom line:

It turns out Amazon you can’t use your Amazon gift card balance on gift cards sold by “ACI Gift Cards Inc., an Amazon company.” I haven’t found another vendor that sells gift cards yet, but at least with ACI you can’t use your balance. I now have a $200 balance with Amazon and am very fortunate I did not buy too many Kindle gift cards.