The Offer
- Simon Mall is offering $1 off Visa gift cards from June 10th until June 30th, 2019. This brings the activation fee down to $2.95 per card
The Fine Print
- Valid from June 10th until June 30th, 2019
Our Verdict
Remember to avoid using American Express cards as you won’t earn points and spend won’t count towards the sign up bonus minimum spend requirement. Fingers crossed this deal is available at all Simon Mall locations.
Hat tip to FM
Can you still use this to buy MO at Walmart?
I’m assuming this deal is really only slightly compelling for people who plan on buying physical Visa gift cards as a gift for someone.
Gift cards are popular gifts for high school grads and summer weddings this time of year.
For most people, this deal is lukewarm at best. Unless you have a CC that gets you >2%, it’s hardly worth it.
So, who wants to do some math??? LOL
2% CC (I’m rounding down ’cause not all CCs round up) = $7.10 gain divided by 5 (to make math easier) = $1.42 per $100 or 1.42%
Considering most of us would probably be paying some sort of bill that usually direct withdraws from a bank, if you kept in in savings, this would be 2%+ depending on bank.
I’m not even calculating the fees that would be incurred (for example, if you paid utilities with a $500 card, they take something like $2.)
Assuming $2 fee per card payment, the above $7.10 gain is now $5.10 … thus effectively lowering the total “earn” to 1.02%
Since an online savings account now earns 2% minimum, it’s not worth it.
Or maybe I’m doing the math wrong. All thoughts appreciated (esp if I messed up on the math or something.)
Savings bonds/bills/etc are more than 2%, too:
https://www.treasurydirect.gov/instit/annceresult/annceresult.htm
how is this not worth it? One card at 503.95 (with fee) with a 2% card earns you $10.06 and minus the fee you get $5.00 profit. Plus a .44 cent fee for 1 money order..but you need to spend .88 at WM for a 1k MO. So profit of 4.12 per card is not worth it.? Only if you can buy in bulk at 1x is it worth it. Buy 20 cards in 1 trip for 88.00 profit. What am I missing? Unfortunately the one Simon Mall near me stopped selling gift cards last year. Of course the certain AMEX cards in groceries at 5% are a better deal, but we need all options.
I forgot to take into account that banks pay out the 2% over a period of a year, not a month. So $1,000 = 20.18 for the year… that’s $1.68/month
Savings bond would be a more applicable apples to apples comparison, but would require active purchases of 4 week bonds/bills.
Issue would still be liquidation for these CCs.
After considering this issue some more, this is worth it if you have *IMMEDIATE* bills to pay AND if you have a Simon malls near you. Otherwise you risk breaking even/losing money (depending on what needs to be paid and how far the Simon Mall is.)
So for $500, at 2% interest rate, you need to spend the money within 9 months (not including gas). Assuming one gallon of gas ($2.50 at the time of this post), you must spend within 6 months.
The whole debit for money order is too risky since I don’t have anything I need to spend that’s in that range (should I not be able to liquidate), so this deal is a non starter for me, all things considered.
Best of luck to anyone that this works for. You are lucky!
the majority of people interested in the Simon cards are getting 10-20% in value for CC sign up bonuses and liquidating the gift cards within 9 hours not 9 months. A $2.50 gallon of gas or $35 in card and money order fees is barely a consideration when looking at an $800-1200 reward. If that scenario is too risky for you, well, to each their own. Those that make it work aren’t necessarily lucky, but they are diligent planners.
Buy 20 cards and you skip the step of 10 trips to Walmart for that $88 profit. That’s what you’re missing.
I was responding to
barrytuneup who said “Buy 20 cards in 1 trip for 88.00 profit. What am I missing?”
Got it, I totally misread. Thanks.
Comparing it to sayings account return is erroneous. If you charge it, and liquidate it to pay back the card, there’s no opportunity cost.
Technically you could even change it, liquidate it to cash and put it in a high titled savings, and wait 3+ week to pay the credit card balance with 0 interest.
If you did this every week – just for the profit – that would be 50% APY compared to the 2% APY. Granted, it takes a lot of time. But you’re comparing apples and cabbage.
Is this good for buying Capital One minimum spend? I know Amex wont allow but not sure about Capital One.
Other than potential security issues, wouldn’t a “casual” gift card buyer (somebody needing a couple thousand dollars worth for a minimum spend) do better buying from Gift Card Mall? There seems to be pretty reliable cashback from that site (like with ebates) at 1%. GCM charges $5.95 for a $500 VGC, no shipping fee. So the net cost is 95 cents for a $500 card, and the card comes to you in the mail. Assuming your credit card isn’t hacked, and your gift card isn’t lost in the mail, any reason NOT to use GCM (if you’re not putting the spend on an AMEX card)?
GCM is better, yes
I think your math works, assuming one is OK with the stated assumptions. Personally, it’s worth $2 per $500 (during Simon promo) for the peace-of-mind that comes with immediate physical possession, etc. Different strokes.
GCM randomly will not work for some people, no matter how big or small the order., And I’m unfortunately one of those people, so I love this.
Not seeing it online. Is this in-mall only or did they run out already?
Do these VGCs work similarly to those purchased from GCM or GCC for bluebird loads?
If I’m NOT hunting a sign-bonus, can I still not use / earn on my Blue for Business Amex?
My local mall just called me to inform me of the offer and “hope that they see me”. After their reach out to FM they really do seem to be targeting the MS crowd. Too bad they can’t put your name on the cards. Would allow much easier unloading.
Write your name with a sharpie. Technically your name is on the card 😉
If you mail order from Simon, you can get your name printed/embossed on card. However, my experience has been that the “your name must be on card” CSRs still object to name-embossed Simon cards because “they’re gift cards,” or “they’re not bank cards,” etc. etc. You can’t win with some people …
Fortunately my local grocery is fine with GC as long as it has my name on it. GCM is cheaper anyways.
Are these still good for MO?