THOSE POINTS JUST GOT A LITTLE HARDER TO CHASE: Chasing The Points just revealed what has apparently been a nice little bit of manufactured spending for those in the know. Quoth CTP:
Another mistake I made was making too many orders too frequently, Office Max’s systems registered this, and did not fulfill. When I called Office Max to rectify the situation, I wound up speaking to someone on their credit analysis team. She explained to me that there is now a limit of 5 SKUs per customer and explicitly told me that there are people buying thousands of dollars worth of gift cards and using their American Express card because of some sort of special. Before releasing my order, she went through all of my orders and asked me if the gift cards were for personal use. My plans, of course, were to resell the cards.
“Some sort of special”, indeed! The Amex OPEN Savings program lets you get savings at various companies with your Amex business card. One of those merchants is Office Max, and you can get 10% off on orders over $250.
So if you can buy something, get the 10% discount plus the points from the credit card purchase and then resell it… you just might have yourself a nice little side business. But what to resell? CTP seems to have figured it out:
Today, I checked Office Max and it seems they pulled the two of the three gift cards that I was buying from them: Home Depot and Nordstrom.
Let’s check GiftCardGranny.com and see how much you can sell those cards for:
So Cardpool is willing to pay you 95.5 cents on the dollar for something you could (until now) get for 90 cents on the dollar, plus credit card rewards. We’re guessing a nice chunk of been change has been transferred from OfficeMax into the hands of savvy credit card users. The OfficeMax OPEN Savings discount has been around for a while, so it’s surprising that this churn has lasted for this long.