Part 2: How Renovating Your Home Can Help Pay For The Holidays

American Express Gold Card benefits: Here’s a little follow up post for those you who read my post on: How Renovating Your Home Can Help Pay For The Holidays. To recap, the American Express Gold Card is/was offering a great sign on bonus: if you spend $2,000 within 3 months, you will receive 50,000 membership rewards points. These membership rewards points can be redeemed for gift cards (which is an amazing advantage of these American Express Gold Card benefits points). Well, the results are in:

American Express Gold Card benefits are pretty awesome.

The sign up worked! The 50,000 bonus points are finally here!

Where do we go from here?

Well the plan to either get gift cards or use gift cards for the holidays can now progress. The options are seemingly endless but chances are we will use Amazon because of the plethora of items that you can get on there.

American Express Gold Card benefits are pretty awesome.

After counting through, there were over 105 different gift card options.

Point conversion and gift cards

Not all brands are equal unfortunately. It seems the highest amount that can be achieved with 50,000 membership points is around $500 such as in the example below:

Overall, this isn’t too bad. Most people give gift cards of $25-50 so if you target stores with the highest return on investment (ROI) for your points, this means you can cover up to 20 people at $25 and 10 people at $50. That’s a good way to get some additional mileage from your money for the holidays!

Referrals and points

The other interesting thing about American Express Gold Card is the referral program:

American Express Gold Card benefits are pretty awesome.

Basically you get 10,000 points per referral, which is awesome. If you’d like to check it out and help the blog in the process – here is my personal referral link. Thank you in advance!

Conclusion

I would say the experiment – although a simple one, was a success! I thought personally that the ROI would be higher for the gift cards, such as the 50,000 points converting to around $800 but a $500 value is not that bad. Given the fact that there was minimal effort in my part: sign up for the card, get the card, use a single purchase to meet the spend requirement and get the points. I basically got paid $500 for maybe 30 minutes of work. Truth be told, probably spent more time blogging about it, haha!

Either way, the American Express Gold Card benefits are definitely real and pretty cool. My holiday gift purchases are now mostly paid for!

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10 thoughts on “Part 2: How Renovating Your Home Can Help Pay For The Holidays

  1. Hi Dave and Steph great information in this article and is it possible for me to do this from New Zealand or is it only available to people living in the US of AI would really appreciate your reply on this as I am keen to try this if its going to work from over here and thank you for sharing this awesome info as so many people will get great value from doing this type of thing

  2. This is a great idea! It seems that you made $500 for almost no effort, that is a pretty awesome achievement so thanks for highlighting to us all how it can be done. This is a great way to pay for the holidays I will be sure to check it out and also to start looking for other similar ways to make a bit of money like this

  3. This was such an interesting experiment you provided .I have often wondered if those membership points were worth the effort. I see in the case of  the American Express Gold Card it would be worth the effort. $500 in gift cards is not bad at all ! Are there any other credit cards offering such a deal or incentive?

    1. I’m sure there are plenty of credit cards out there that offer something similar. An advertisement for this came up in my email so I decided to give it a shot. It could be worth a try looking for a better deal but to be honest, I didn’t feel like it.

  4. this sounds great but one question I have on this on the $2000 originally spent within the 3 months – what’s the Apr interest on the outstanding balance? 

    I do like this scheme as it can be versatile, you can actually use gift cards for almost anything you need and I think using them on amazon is a very sensible choice, as you say. What can’t you get on Amazon! 

    1. Haha, well it’s definitely no “scheme” – it’s just using credit card points. In my example, I didn’t pay any interest because I paid the balance in full as soon as it landed on the card. I don’t need interest messing up my return on investment! Thanks for the comment.

  5. This is amazing.  I’m going to have to pay more attention to credit offers I get in the mail.  I have to admit that I haven’t been thinking as creatively as you did with this offer either.  I do tend to be a bit suspicious too.  Can you tell me what your experience has been with other companies?  Are there any situations where it could end up costing the consumer instead of being a windfall like yours?

  6. I know that I could always use some cash back rewards especially when it comes to shopping for Christmas presents for friends and family. 

    Do you think it would make sense to convert the points into the highest gift card amount possible then sell that gift card in exchange for cash if you need it somewhere else?

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