Update on buying gift cards on eBay

Last week I wrote about using live.com's cashback promotion to purchase Buy-It-Now items on eBay. A primary target for this are Costco cash cards, b/c most people can burn through a $500 value card in a few months. The fact that you are saving $70-80 and are actually paying ~$420 is a major bonus. The only catch is you have to wait 60 days for the cashback.

Anyways, I've now sold 2 $500 Costco cash cards, 1 $200 Costco cash cards and probably have made about $10-$15/transaction for a total profit of $30-$40. This includes subtracting eBay fees, paypal fees, shipping fee (a stamp) and adding in the fact that I'm using my Costco AMEX to buy the gift card, thereby getting the 1% cashback on the card, and adding to my 2% for executive membership (see details in this post).

On the buy side, I've purchased a
$100 Bed Bath gift card (paid $110, $27.50 cashback, $82.50 final price)
$100 Costco card (paid $130, $39 cashback, $91 final)
$50 Lettuce Entertain card (paid $45, $11.25 cashback, $33.75 final)
$100 Ruth Chris card (paid $91, $22.75 cashback, $68.25 final).

Take advantage of this while you can! If you want, you can try it by buying one of my Costco cash cards. Someone you can trust to deliver a card, and we both benefit!

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