One of the biggest advantage of keeping American Express Credit Cards is the various offers where it provides a statement credit for purchase at specific merchant (either in-store or online) or for travel related activity such as hotels or airlines purchase. American Express has a dedicated website for information regarding this offers which can be found here. While some of the "deals" would be directly related to you as you might be shopping at that merchant anyways, there will be times where there are offers which you would feel are not useful to you.
In reality some of these non-relevant or non-useful offers might have a potential to make some free money or earn free miles/points if you are willing to put little effort. Let's look at couple of these offers to see how can you walk away with either "free money" or earn miles/points for free using these AMEX offers!
Buca di Beppo - Get a one-time $15 statement credit by using your enrolled Card to make a single purchase of $50 or more in-restaurant at Buca di Beppo by 8/17/2014.
Buca di Beppo is an Italian dining restaurant chain which currently has an offer on Amex for earning $15 statement credit for spend of $50 or more. You could get this offer added by using the Twitter Tag #AmexBucadiBeppo on your Twitter Synced Amex Account. Now lets see how to make money on this offer!
1. Buy a gift card of $50 in the store with your synced amex card. You will get $15 back as statement credit. So, total out of pocket cost is $35
2. Sell this gift card to "cardpool" which pays 75% of the card value ($37.5).
3. Topcashback typically provides 4% cash back for sell transactions at cardpool website (The cash back is limited up to the purchase of $1k in buy/sell gift card). Thus you would earn $37.5 x 0.04 = $1.5 cashback!
Thus looking at above, you would earn a cool profit of $37.5 (from cardpool) + $1.5 (from Topcashback) + $15 (Amex statement credit) - $50 (purchase cost) = $4 profit while earning 50 points/miles for spend on your American Express card. If you have 4 American Express Cards with this offer loaded you could make $16 of profit while earning the points/miles at the same time.
Best Buy - Get a one-time $25 statement credit by using your enrolled Card to spend a total of $250 or more at Best Buy by 9/2/2014 (In store or Online).
Most of the folks would have something to be bought at BestBuy. But buying something of $250 or more might not be something they would have planned. You could get this offer added by using the Twitter Tag #AmexBestBuy on your Twitter Synced Amex Account. It should be noted that most BestBuy stores do sell generic visa gift cards which are pin-enabled in the denomination of $200 and has a purchase fee of $5.95. These Visa gift cards could be used in any other store and thus a potentially lucrative option. Let's see some math here.
1. Buy a $200 visa gift card and $45 BestBuy gift card. Your total cost would be $200 + $5.95 + $45 = $250.95. You will get back the statement credit of $25.
2. Sell the BestBuy gift card to "cardpool" if you do not have any use of it, which sells at 89% of the card value ($40.05).
3. Topcashback will provide 4% cash back for selling BestBuy gift card. $40.05 x 0.04 = $1.6
Doing the final tally we have $200 (visa gift card) + $40.05 (from cardpool) + $1.6 (from Topcashback) + $25 (Amex statement credit) - $250.95 (cost of purchase) = $15.7 profit while earning 250 points/miles on Amex Credit Card Spend.
Hopefully this will help you to look at the American Express offers from a different perspective going forward!
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