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Turn American Express/AMEX Reward Cards into Cash

Bondgamer 195 May 8, 2011 at 08:28 AM
Several rebate processors are now in bed with AMEX in giving out reward cards which are a pain to use and can not simply be deposited at your local bank. The rebate terms said I could bring it to a bank to deposit but that was not even true! If you don't use the cards for 6 months they start charging you $2 a month and you have to know the exact amount every time you use it. These things are designed to discourage their use.

If you want the cash you have to go through an extra step. When you get the card(s) call the phone number on the back (1-800-297-7327). You have to input the card number and security code. From the options, select 5 (more options) and then 0 to speak with someone.

You must say the magic phrase "I got this card from doing a rebate, I would like to request a check be sent to me". If you mention the word cash anywhere you will likely be denied unless the CSR is already familiar with this process. If they say they can't do it, then you need to convince them otherwise because they can. Tell them it said you could do this when you filled out the rebate form.

If you have multiple cards they can all be combined into one check. They will give you a confirmation number you should write down in case the check never arrives. The check will arrive within 20 business days.

103 Comments

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Joined Feb 2012
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#31
How many of those cards can someone get in a week? Usually they are $20-$40 and gone in one grocery shopping trip.
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#32
Quote from Buckyball60 View Post :
How many of those cards can someone get in a week? Usually they are $20-$40 and gone in one grocery shopping trip.
Consider you have a 5% credit card cash back on grocery, it would be a $5 loss out of $100 trip.Cool
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#33
Quote from qwe1234 View Post :
Consider you have a 5% credit card cash back on grocery, it would be a $5 loss out of $100 trip.Cool
I don't care, my time is more worth to waste it for peanuts with some customer service.
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Joined Dec 2012
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#34
Quote from bb182 View Post :
You can also get the refund deposited via ACH in 15 business days rather than waiting 20 days for a check.
Could you tell me how to do this?
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#35
Quote from ericliujian View Post :
Could you tell me how to do this?
Call them up like you were going to request a check and say "I received this card through a rebate and I would like to request a refund via ACH".
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#36
Quote from bb182 View Post :
Call them up like you were going to request a check and say "I received this card through a rebate and I would like to request a refund via ACH".
And then all I need is to tell them my bank account number?
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#37
Quote from ericliujian View Post :
And then all I need is to tell them my bank account number?
In addition to the normal information for a refund (card info, name, address, phone) you'll need bank name, routing number, and account number.

Sometimes the reps don't know about the refund process or that ACH (direct deposit) is an option for these cards. If they seem nice you can ask them to double check, but don't be afraid to say never mind and call again for a different rep.
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Joined Dec 2012
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#38
Quote from bb182 View Post :
In addition to the normal information for a refund (card info, name, address, phone) you'll need bank name, routing number, and account number.

Sometimes the reps don't know about the refund process or that ACH (direct deposit) is an option for these cards. If they seem nice you can ask them to double check, but don't be afraid to say never mind and call again for a different rep.
Ok. Thank you for your help.
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Joined Oct 2010
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#39
While I can see the benefit of cash, unless you are dealing with a huge number or large dollar values, wouldn't it just be easier to buy Amazon e-gift cards with them and deposit it in credit effectively at Amazon.com? No cards to worry about losing this way. Credits are good forever and just about everyone buys stuff from Amazon.
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Joined Oct 2006
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#40
I miss the good old days of getting a physical check. I really don't want to play guessing games with gift cards.
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#41
This thread was very useful. Thanks OP.
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Joined Aug 2011
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#42
as a sder like im surprised fellow sders here resign to using them on purchases and loosing cash back from credit cards, the more you do this the more it adds up to missing out, if you have too many GCS that you will not be able to extract the cash out like with AP then it is understandable, but I would avoid using them for a real purchase whenever I can. I have never tried using them to pay CC bills I wish oyu can though because I have too many gcs that I just cant put the funds to my bank account fast enough.

if anything it makes doing taxes easier too if you don't involve these pesky cards for expenses
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#43
You can also have them refund the amount to your credit card.
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#44
Quote from herethereanywhere View Post :
You can also have them refund the amount to your credit card.
How does that work? Do you just give AMEX any CC number and they issue a credit to it? Does it still take 15 days?
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#45
Quote from bb182 View Post :
How does that work? Do you just give AMEX any CC number and they issue a credit to it? Does it still take 15 days?
The rep said it was a new option. You give the rep your CC number and exp. date and it credits in 15 days.
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