If you have purchased any non store specific gift cards like I have been doing, what could you possibly do with all of it?
- Load the American Express Campus Edition or Target Edition (I have no personal experience with the Target card, but from what I understand it is similar to the Campus Edition except you load at Target)
- Send funds to a trusted individual using Amazon Payments and they give you the cash
- Spend it
I have successfully whittled down to $399, $175, and $200 on three different cards. Once we are in January, they will all be $0 using the first two methods. Because I like ‘double dipping’ I will convert to cash, then use that cash to pay off the credit card statement. The ‘double dipping’ works like this: You use your credit card and buy the gift cards, you make some points. Pay statement. Get cash back from the cards, reuse credit card, take the cash you from the prepaids, and then pay credit card statement.
Unfortunately, using the first bullet point double dipping process, incurs added costs of loading the AMEX card of $3.95 in addition to however much you pay to activate the prepaid card. Amazon Payments you are limited to $1000 a month.
On the third point, often times ‘double dipping’ is not possible, so spending it would be best. I would advise spending it at non bonus category places and non additional warranty on items. Some places that come to mind, Walmart, Sam’s Club, Target, Costco, BJ’s, Family Dollar, Five Below, et al.
Have you tried paydivvy yet for cashing out? Just tried that last night with a $200 GC and it went through, though waiting for verification on my wife’s bank account so she can collect. Not sure if paydivvy would raise eyebrows over doing this repeatedly, though if they’re collecting 3.5% a pop I would hope they’d be okay with it.
Enjoying the blog btw!
Thanks for the suggestion! I never heard of paydivvy before looking into it now.
I actually wound up using Amazon Payments and American Express Campus Edition card to liquidate the gift cards.
What type of gift card did you use? Was it off the rack at a Staples/Office Depot brick and mortar location to load paydivvy?
Correct, off the rack from Staples.
What’s the advantage of liquidating via Amex Campus? I thought it didn’t have billpay or anything?
There’s a Barnes and Nobles campus bookstore that’s a 10 minute walk from where I am. Even though I pay $3.95, it allows me ATM access. AMEX won’t charge a fee for the first ATM withdrawal in a month. I use an ATM in the office that allows me to withdraw $400, could be more but I haven’t tested, for a $1. Once I receive the cash, I deposit into the bank.