Right now you can purchase a $50 eBay gift card for $40 by using the code CFATHERS10. (The code gives a $10 discount off $50.)
This code may work on other items, but I have confirmed it works for eBay gift codes sold by Paypal Digital Gifts. Generally coupon codes don’t work on eBay gift cards, so I would suggest acting fast if you are interested in purchasing one.
This purchase should earn 5x in Ultimate Rewards points if you pay with a Chase Ink card. There is a limit of one use per account. Generally portals don’t payout for the purchase of eBay gift cards, however some people have had success in the past with Ebates. (My last purchase with Ebates didn’t track.)
Update: I have heard reports that this is working on pretty much all gift cards and merchandise on eBay.
Update 2: The $50 eGift cards are sold out, but 2 x $25 should work.