Simon Mall is offering $1 off Visa gift cards through the end of October. Every year, a promotion like this comes around and I miss out on it because they inexplicably don’t advertise it via email. So I have to give a special shoutout to @depplif for letting me know about this promotion on Twitter. Anyway, while $1 off might not seem like much, it adds up substantially on thousands of dollars worth of gift card purchases. I may have semi-retired from heavy manufactured spending, but this promotion is too good to pass up.
Simon Mall $1 off Promo vs. 1.25% Cash Back at Giftcards.com
One of the best ways to off-set manufactured spending fees is to use a cash back portal like Yazing to purchase MasterCard gift cards from giftcards.com. At 1.25% cash back, a ~$2500 gift card order would cost $42.20 and generate $31.25 cash back. Total out of pocket cost comes to $10.95, which is a bargain. So how does it stack up against the Simon Mall offer?
Buying $2500 worth of Visa gift cards from Simon Mall would cost $14.75. That’s obviously more costly than the giftcards.com route. So why would you even bother with Visa gift cards from Simon Mall? Diversifying spending is a crucial part of staying under the banks’ radar. Taking advantage of this Simon Mall promotion not only saves you a bit of cash but it also helps focus spending away from one very conspicuous manufactured spending source.
Simon Mall $1 off Promo vs. 5X Office Supply Store Bonus
Those of us with an Ink Plus card (or any credit card that offers 5x points at office supply stores) periodically buy gift cards at office supply stores to generate low-cost credit card spending. Visa gift cards sell for $8.95 per $300 and generate 1,544.75 points. Earning 1,500 points via Simon Mall’s $1 off promotion would cost $8.85. The office supply store promotion ends up being cheaper.
Churning Simon Mall Visa gift cards is more expensive than some of the other options out there. You’re going to incur higher fees, even with the $1 off. That being said, it can still be a worthwhile way to meet large spending requirements and diversifying spend. If you’re manufacturing spend for cash back, it’s still profitable. On a $9,500 purchase, you’ll save $19 in fees. Charging this purchase to a 2% cash back card would earn you a total of $135.06 in profit. If you’re in Year 1 of the Discover It Miles Card, you can earn a $230.62 profit for every $9,500 Visa gift card purchase.
Of course, you’ll have to contend with Walmart’s new drawn-out electronic reporting process. It has taken me upwards of an hour to liquidate $10,000 worth of Visa gift cards in a single visit. Totally worth $230 (or $135 for that matter), but it does test your patience. I definitely wouldn’t just do it for the miles. 😉
Are you all stocking up on Visa gift cards during Simon Mall’s $1 off promotion?