The Offer
Starting Sunday, Office Depot is offering a discount on Amex gift cards. Looks like Office Max will have the same deal as well.
- Buy $150 in Amex gift cards and get an instant $10 discount
The Fine Print
- Valid 6/19 – 6/25, starts this coming Sunday
- Limit 2 offers per household/business
Our Verdict
Variable-load Amex gift cards can not be purchased with a credit card, but fixed-value cards can. Use a card that earns bonus points at office supply stores like the Chase INK card.
At this time last year Office Depot/Max had the same deal but they excluded the $200 denomination and limited us to just 1 per customer. This time, they allow two per customer, and I don’t see any exclusion on the $200 cards. You should be able to buy $400 in one shot and pay $413.90 – $20 = $393.90. Or you can buy one $200 and one $100 for $312.95 – $20 = $292.95.
You do have to spend down the Amex gift cards, but the $6-$7 profit almost offsets the opportunity cost of spending down the Amex gift cards, and the 5x will be netted as a total gain. Of course, the hassle is still there.
The limit is two per household/business so you may be able to convince them to let you checkout two for your personal use and another two in a separate transaction for your business. You also should be able to get back another day and get another two if they let.
It really depends on what you are going after: Cash back only or cash back and points value. If I buy 2x$200, I receive $6.10 cash back. However if I’m using an Ink card with 5x per $, I’m getting 2,000 points. I value CUR points at 1.7 cents per point. That means I’ve earned $34 in points and $6.10 in cash for a total of $40.10 (cash and point value). If I buy 1x$100 and 1x$200, I receive $7.10 cash, BUT only 1,500 points or $25.50 in CUR point value for a total of $32.60 (cash and point value). I’ll take $40.10 over $32.60!!
I bought $200 + 100. Paid 292.90 (20 dollars off applied). Super! Thank you guys for posting this.
$312.95 should say $312.90 (assuming the fees are $6.95 and $5.95).
Tried buying three $200 cards in a single transaction so see if the limit is hardcoded. It is. Only $20 came off.
That sucks I was hoping to get them in multiples of 600
Yep, that’s why the rest of them I got 2x at a time. Nice thing about these is it’s a hassle to liquidate so most casual MSers won’t be camping outside the OM/OD stores and the shelves are full. I will visit my local stores every day this week.
Just an FYI. Buying 2 Amex at $200 saves you 4.83% with the discount, but I think the deal works out better buying 3 $100 Amex cards. $105.95 x 3 = $317.85 , terms say $10 off $150 limit 2 transactions , so minus $10 twice, net purchase of $297.85 for savings of 6.29%.
Your math/reasoning is off in there. (2)$200 cards nets you ~1.5%(6.1/400). (3)$100 cards nets you ~.7%(2.15/300)
Lower fees are better right? Again, the deal still works out better if we use your math. Fee of .7% on 3x $100 is lower than fees of 1.5% at 2x $200.
When you you have a bargain that is straight dollar amount off, you always want to spend the least dollars to maximize the return on investment.
If the bargain is a straight percentage off, you always want to spend higher dollars to maximize the return on investment
Chuck spoon fed the math showing 2×200 saves more (1.5%), and you still want to argue?!?!
Wyle, I was simply pointing out in Chuck’s math the percentages are fees. In the case of fees, smaller number is better. Unless neither of you know how to count , .7 is a smaller number than 1.5… It’s math , doesn’t matter how you do it, I stake my life on it, 3x $300 will net you more cash, but will give a greater ROI than 2x $200
Wouldn’t then one $200 and one $100 be best to maximize the discount?
Eh, good point @calwatch. That should work. Let me update the post.
“net” 0.7% or 1.5% means the profit you make, not the fee you pay.
Your math was wrong. But as calwatch pointed out, part of your idea made sense; buying $300 via $200 + $100 ($312.90 after fees, $292.90) gives you $7.10 profit, which is 2.4% (7.1/300).
But then rick’s point is that when you also consider credit card rewards and the hassle of going to the store (maybe multiple times if they enforce the limit of 2), some people may want to buy higher value cards even if the profit percentage is lower.
To not waste time driving around just for $300-400, it makes sense to buy as many as the store will allow (usually up to $2k with fees) in as few split transactions as possible. 2x$200 four times and 3x$200 or another 2x$200 make the most sense even if fees are slightly higher.
$400 in AMEX GC for $393.90. Add on 2.5% Plastiq fee to liquidate ~$10. So total cost is just under $404. Get about 2000 UR with Ink. Not a bad deal, but probably not worth driving to Staples for.
You are right. Driving to Staples would be a bad idea.
🙂
Where is this extra $13.90 coming from ? Fine print picture is unreadable.
6.10 / 393.10 is only 1.5%, less than you can get back on many credit cards.
What’s the point of this ?
The 1.5% is in addition to any cb or points from your cc.
Julien, the $13.90 is from the activation fees.
Yes, it may only be 1.5%, but you’re getting back 5x on INK so it will be worthwhile for some people.
Does PayPal allow using Amex GC’s to send money? If that is the case, I could pay rent next month using them instead of drawing from my bank account. $392 after purchase discount for 2 x$200. PP fee would be $12 to drain both so 32nd up losing $4, but profit almost 2k UR’s on spend I would otherwise just use bank acct for. Make sense?
can I use amex gift card to buy money order at post office?
no. amex card do not have PINs
Do they have to be purchased in-store?
Yes