Maximizing Amex Offers: HP

American Express has a targeted offer of $75-off purchases of $350 or more from HP.

This deal is especially favorable to gift card resellers for a few reasons:

  • HP gift cards have a high resale rate in the 79-84% range
  • Amex OPEN will give you another 5% back on Amex Business card purchases from

Here’s how to maximize the offer:

  • Add the offer to your American Express business card
  • Check the shopping portals and take a look at their cash back percentages. I was able to buy one $100 HP gift card and one $250 HP gift card through Ebates for 8% cash back. Ebates is now paying only 2% back. Keep in mind that not all shopping portals pay out for gift card purchases. Consult Frequent Miler’s Laboratory to see if you can find successful data points from others who tried certain portal/merchant combinations, as you may be able to reproduce these transactions successfully.
  • You may want to wait for a potential increase in the cash back percentages at the shopping portals that may occur due to a holiday (Black Friday, Labor Day, Halloween, et cetera)
  • Choose your desired shopping portal, log in to it, and click through the portal’s referral link to
  • Buy one physical $100 HP gift card and one physical $250 HP gift card. Purchases of e-gift cards are more likely to result in your shopping portal denying you a payout.
  • When your physical gift cards arrive, sell your HP gift cards on GiftCardWiki’s Trading Club for ~82% of face value. Another good avenue is ThePlasticMerchant, however, ThePlasticMerchant is currently offering only 79% of face value, and offers no reservation capacity, so GiftCardWiki Trading Club may be your best bet on this one.

The Math

Your final haul will depend greatly on whether your chosen shopping portal pays out on gift cards or not, and if so, what percentage you’re able to lock in when you make your purchase.

Personally, my purchase looks like this:

  1. Gift card purchase (-$350)
  2. Amex Offer Credit (+$75 = -$275)
  3. Amex OPEN Credit (+17.50 = -$257.5)
  4. Ebates Rebate (+$28 = -$229.50
  5. Gift Card Sold to ThePlasticMerchant for 80% of face value (+280 = $50.5)
  6. Profit of $50.50 and 350 SPG points (worth another ~$10 at 2.7cpp)

You could do even better than me if you’re able to get a higher price for your gift card by selling on GiftCardWiki’s Trading Club or by getting a larger shopping portal payout. The goods news is that the Amex Offer’s 21%-off combined with Amex OPEN’s 5%-off means that even if your shopping portal doesn’t pay out on your gift card purchase, you’ll end up ahead on this deal as long as you’re able to sell your HP gift cards for more than 74% of face value, and considering that the market rate on GiftCardWiki’s trading club is much higher, around 82%, you should make a profit from this deal.

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