April 16, 2012
I just received an email from CardPool telling me:
For the next 48 hours, you can get JCPenney Gift Cards for 25% off!
This is a great deal if you’re interested in buying things from JC Penney.
Otherwise, If you’re interested in working off a credit card minimum spend, it looks to me that you can buy and sell these for a fixed 2% loss as follows:
UPDATE: CURRENTLY PLASTIC JUNGLE IS ONLY OFFERING 65% PAYMENT DESPITE THEIR SPREADSHEET CLAIMING 70%. HOLD OFF ON THIS DEAL UNLESS YOU WANT TO USE JC PENNEY GIFT CARDS!
Step 1: TopCashBack
TopCashBack gives 2% back for purchases made at CardPool (up to $1000 in cash back lifetime)
Step 2: Buy at Cardpool
Buy a bunch of discounted JC Penney gift cards. My apologies if you find them sold out by the time you get there!
Note that I tried to use both a visa and an Amex gift card purchased at Office Depot, but neither worked. You may have to use a real credit card here.
Step 3: Wait for gift cards to arrive
Electronic gift cards are usually delivered in a few hours. Expect to wait at least a few days for paper ones.
Step 4: ShopAtHome
ShopAtHome offers 2% cash back on sales to PlasticJungle. Note that this is 2% of the amount PlasticJungle will pay (70% currently), not 2% of face value.
Step 5: Sell at Plastic Jungle
Currently, Plastic Jungle offers 70% of face value for JC Penney cards. One nice thing is that they have an option to sell the gift cards electronically (for select cards, including JC Penney) so that you don’t have to mail anything. You can check Plastic Jungle’s current rates here.
GiftCardGranny.com, if you’re reading this, note that your current listed sell price is incorrect.
Add it up
If I did my math correctly, the total loss from this whole procedure is 2%. If you use a credit card that awards points worth 2% or more (SPG, for example), then you come out even or slightly ahead. If you’re working on meeting minimum spend requirements on a credit card, this could be a good opportunity.