Gift Cards and Prepaid VISA cards

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5 posts
beckhsrules
Gold Member
Gold Member
 
Posts: 49
Joined: Tue May 13, 2014 10:20 pm
Location: NewJersey

Gift Cards and Prepaid VISA cards

Postby beckhsrules » Thu Aug 07, 2014 10:29 pm

Sorry if this was posted already. Will I be flagged for a FR if i buy gift cards from grocery stores everymonth say for an amount of 200$. The reason behind this is that in my office they do not accept AMEX and I would love to gain points for the money I spend in cafeteria in office. I eat atleast 2 days a week in office. I know many people buy gift cards to accelerate their spending or meet the initial spending requirement. And BTW I would like to get the cards using my PRG so that I get 2X points for the spend in grocery store.
Cards:

Amex Blue Sky 2000 (5/14)
Amex PRG NPSL (8/14)
Bank of America Cash Rewards Visa 2500 (1/14)
BofA Better Balance Rewards 1000 (6/14)
Discover IT 1250 (4/14)


Scores: As of May 25 2014

Experian 714
Equifax 709
TransUnion 714
Discover 694(Aug 31)


yfan
Centurion Member
Centurion Member
 
Posts: 378
Joined: Wed Jul 09, 2014 5:55 pm
Location: San Jose CA

Postby yfan » Thu Aug 07, 2014 10:56 pm

Well, gift cards are a legit purchase, so I don't see why you would be flagged. I'm sure you will be fine.

beckhsrules
Gold Member
Gold Member
 
Posts: 49
Joined: Tue May 13, 2014 10:20 pm
Location: NewJersey

Postby beckhsrules » Thu Aug 07, 2014 11:06 pm

yfan wrote:Well, gift cards are a legit purchase, so I don't see why you would be flagged. I'm sure you will be fine.

Thats some great news to hear. Excited to get 2X points for my day to day activity :)
Cards:



Amex Blue Sky 2000 (5/14)

Amex PRG NPSL (8/14)

Bank of America Cash Rewards Visa 2500 (1/14)

BofA Better Balance Rewards 1000 (6/14)

Discover IT 1250 (4/14)





Scores: As of May 25 2014



Experian 714

Equifax 709

TransUnion 714

Discover 694(Aug 31)

yfan
Centurion Member
Centurion Member
 
Posts: 378
Joined: Wed Jul 09, 2014 5:55 pm
Location: San Jose CA

Postby yfan » Thu Aug 07, 2014 11:24 pm

But be careful though. Branded gift cards often charge a fee to buy it on top of its value, which may end up negating your rewards.

User avatar
onion
Centurion Member
Centurion Member
 
Posts: 262
Joined: Tue Jul 01, 2014 8:59 pm
Location: Jacksonville, FL

Postby onion » Fri Aug 08, 2014 11:20 am

You're going to break even at best if you're just getting 2x points and are buying gift cards. They charge at least $6 to activate that $200 card. If you're not getting at least 3 cents per dollar from those points, I wouldn't bother and would just use a different credit card to pay for lunch. Even if you were getting 3 cents per dollar, its a lot of hassle to break even.

Edit: Just checked your signature. I'd just use that BoA Cash Rewards card and get 1% on the lunches.
FICO TU - 728 - 8/14
FICO EX - 716 - 7/14
FICO EQ - 740 - 7/14

Bank of America Cash Rewards - $2,400
Best Buy - $3,000
American Express Blue Cash Everyday - $8,000
American Express Everyday - $10,000
Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)
American Express Platinum - NPSL
Barclaycard Arrival+ - $3,000
Capital One Yamacard - $11,000



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