Bad news for gift card churning

5

I’ve reported before that it is possible to increase credit card spend by buying and selling discount gift cards.  You can see more in the post “Gift cards: buy low, sell high, get cash back.”  To make many of these deals work, you need to get extra cash back when buying and selling gift cards.  One of the best options has been to go through TopCashBack to PlasticJungle.  Currently, TopCashBack gives 2% back for gift cards bought at PlasticJungle and 4% back for gift cards sold to PlasticJungle.  Another good option is ShopAtHome which offers a flat 2% cash back rate.  These cash back options often go a long way in bridging the difference between buy and sell prices, so that you can come out even and sometimes ahead by doing this.

Now for the bad news.  I received a tip today from a person who wishes to remain anonymous: As of midnight April 12th (Thursday night) PlasticJungle will lower their payout to cash back sites to 1% across the board.  It will be interesting to see if TopCashBack and ShopAtHome instantly lower their rates as well.  I expect they will.

So, if you have gift cards to sell, you might want to hurry!


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