Reply
Frequent Contributor
iMacDrew
Posts: 350
Registered: ‎07-13-2012

amex BCP cardholders.

Has anyone ever thought about trying to get 6% cashback on everypurchase by buying one of those visa/mc gift cards from their grocery store and using that for purchases?? I just thought of it I dont think id ever do it but i wonder if Amex catches stuff like that at the register.

Lender pulled 10-10-13
EQ Fico 715 | EX Fico 714 | TU Fico 703
Established Contributor
Koop10010
Posts: 731
Registered: ‎02-15-2012

Re: amex BCP cardholders.

Those gift cards typically have activation fees that would just about nullify any cashback bonus.  You can get store gift cards though that don't have any extra fees.  I don't know if/when Amex would start to care about buying excessive gift cards.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Frequent Contributor
iMacDrew
Posts: 350
Registered: ‎07-13-2012

Re: amex BCP cardholders.

heck you could even get a store gift card for the grocery store you bought it at... but really i think i might get some restaurant gift cards for myself. 

Lender pulled 10-10-13
EQ Fico 715 | EX Fico 714 | TU Fico 703
Established Contributor
Koop10010
Posts: 731
Registered: ‎02-15-2012

Re: amex BCP cardholders.

I don't think there's anything wrong with it, but buying lots of gift cards could get you on Amex's radar.  Especially if Amex sees lots of grocery purchases that are like $50 or $100 even.  Just make sure that you know you'll fully use up the gift card without buying stuff you wouldn't otherwise.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
New Contributor
CreviceTool
Posts: 51
Registered: ‎08-14-2012

Re: amex BCP cardholders.


Koop10010 wrote:

I don't think there's anything wrong with it, but buying lots of gift cards could get you on Amex's radar.


Heh, then I guess I'm on their radar. :smileywink:  I just got my BCP, and bought $700 worth of gift cards just in the past week.  As far as the earlier comment about the activation fees, that's only on the MC/Visa/Amex gift cards.  If you get a gift card for a store, there's no fee.  Kroger has a promotion going on right now where you get 4x the points on gift card purchases.  So buy $500 in gift cards, and that's worth $2 off per gallon of gas, for up to 35 gallons.  My car won't hold that much, so I bring along extra fuel cans.  Maximizes my savings, and makes it so I don't have to go to the station so often.

So, $500 in gift cards = $70 in savings at the pump, plus I get 6% CB at a store where I'd otherwise only get 2%, so that's another $20 savings.  I had a project to do that required a bunch of lumber at Lowes, so getting the gift cards @ Kroger saved 18% vs. using my 2% CB card at Lowes.  :smileyhappy:

Valued Contributor
trumpet-205
Posts: 2,177
Registered: ‎11-11-2010

Re: amex BCP cardholders.

[ Edited ]

If I have BCP what I would do is to buy Chevron GC at my local Safeway store. My local Safeway hands out 10 cents per gallon gas discount for every $100 spending per month. So not only do I get 6% CB on Chevron gas, I also get 10 cents per gallon discount at my local Safeway pump.

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Regular Contributor
HenryJumbo
Posts: 136
Registered: ‎07-21-2012

Re: amex BCP cardholders.

Don't they charge gift cards as cash advances? This pretty much kills any benefit of getting a giftcard to 'work' the system. Also I don't agree with this policy btw, because in most cases gift cards can't be exchanged for cash and they don't earn any type of interest and in the case of store gift cards they are limited to a certain shop.

Starting Score: EX: 736 FAKO | TU: 757 FICO | EQ 730 FICO
Current Score: EX: 736 FAKO | TU: 750 FICO | EQ 730 FICO
Goal Score:     EX: 750 FICO | TU: 750 FICO | EQ: 750 FICO
In my wallet:  $12,500  $8,000
Established Contributor
UFGuy2006
Posts: 712
Registered: ‎08-02-2008

Re: amex BCP cardholders.


HenryJumbo wrote:

Don't they charge gift cards as cash advances? This pretty much kills any benefit of getting a giftcard to 'work' the system. Also I don't agree with this policy btw, because in most cases gift cards can't be exchanged for cash and they don't earn any type of interest and in the case of store gift cards they are limited to a certain shop.


I've purchased gift cards before and they were treated as regular purchases...

FICO: EX: 735 (5/14); TU: 776 (5/14); EQ 711 (5/14)

In My Wallet: Amex X 5 | Barclays X 2 | BOA X 1 | CapOne X 3 | Chase X 3 | Citi X 5 | DCU X 1 | Discover X 1| Fidelity X 1 | Fifth Third X 1 | PenFed X 1 | PSECU X 1 | USAA X 2 | US Bank X 1 | Walmart X 1 | Wells Fargo X 1

Holding off apps for the next 6 months! Last inq 5/27/2014.
Valued Member
Ridbidge
Posts: 47
Registered: ‎08-06-2011

Re: amex BCP cardholders.


HenryJumbo wrote:

Don't they charge gift cards as cash advances? This pretty much kills any benefit of getting a giftcard to 'work' the system. Also I don't agree with this policy btw, because in most cases gift cards can't be exchanged for cash and they don't earn any type of interest and in the case of store gift cards they are limited to a certain shop.


No. I've had my BCP for a good while now and there is no difference between buying regular groceries and gift cards. NONE. 6% back and no negative of any kind. Just don't by Visa/MC/Amex gift cards because many of those have an activation fee.  Store/Retail/Restaurant/Movie cards do not.

 

Amex BCP 02/12 $1200/$14700, Citi Forward 2/12 $4800/$7000, Chase Freedom 2/12 $2200/$7000, GECRB/QVC 03/11 $0/$2700, WFCB/HSN 03/11 $0/$2000, Cap 1 NHCR 04/10 $0/$1500, Cap 1/Kohls 11/10 $0/$1000, Citi Simplicity 08/11 $0/$1000, WFNNB/KingSize 11/10 $116/$900, Citi/Sunoco 04/10 $0/$800, Citi/Home Depot 10/11 $0/$1500, SunTrust Auto Loan 11/10 $39,376/$47,914 RECENTLY CLOSED: HSBC/Orchard 04/09 $0/$700, HSBC/BBRZMC 04/11 $0/$500...

**HAPPILY GOING INTO THE GARDEN NOW FOR YEARS!** EX FICO 773 02/27 Amex Pull/ TU myFICO 798 02/29 / EQ myFico 778 02/29
Valued Contributor
trumpet-205
Posts: 2,177
Registered: ‎11-11-2010

Re: amex BCP cardholders.


HenryJumbo wrote:

Don't they charge gift cards as cash advances? This pretty much kills any benefit of getting a giftcard to 'work' the system. Also I don't agree with this policy btw, because in most cases gift cards can't be exchanged for cash and they don't earn any type of interest and in the case of store gift cards they are limited to a certain shop.


Most GC is charged as purchase.

 

Giftcard CAN be exchanged for cash. Plastic Jungle and Cardpool are just two examples of it.

 

Which is why sometime you can use GC like Walmart to do rapid GC churning with minimal loss (to meet spending requirement). Walmart GC on average sells for 96% of their face value. So $100 Walmart GC gets you $96 of cash.

 

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+