I've had it since late last year. It's perfect for me, and so it gets more use than anything else I have. The spending limits are a problem for some people.
You can redeem the rewards as a statement credit. You can redeem any amount as long as it's at least $25.
Only problem I have is that the cheaper gas stations out here (Arco) don't take credit cards. I could buy Arco gift cards at a grocery store (groceries get 5%, same as gas is supposed to), but I haven't had much luck finding those cards anywhere either.
guitarlifter wrote:You can buy electronic gift cards from Amazon, get the 5% back, send them to yourself, and buy whatever you want from Amazon. I do this all the time. This will also allow you to build up enough gift cards to your amazon account to buy more than $750 some months if you don't hit that limit each month. For example, if you want a $1,500 TV, you can buy $750 in gift cards this month, then do it next month and then buy the TV.
It's a good idea for getting the rewards, but it kind of scares me to send a $750 gift card through the mail. Those things have no security at all.
I wish web sites that mail gift cards would make some effort to fix that. They could send an unlock code via email. The gift card would be unlocked by entering the email code after the physical card has been received. Entering that code would show that the card is now in the purchaser's possession, and only from that point forward would it need to be treated like cash.
Then whoever you give it to can scratch off the physical activation code and use it, like usual.
The point is that as long as the card hasn't been unlocked using the email code, it would be refundable to the account that purchased it. That way if you don't receive the card, it's not a big deal.
Several months ago I was looking at a web site that does nothing but sell gift cards, and was disappointed to find that even they haven't been bothered to come up with any kind of mail security. They just say "treat it like cash" - well that translates to "don't send it through the mail", which is exactly what they do. I guess they don't want large orders.