This is only true when you can get cashback from a Shopping Portal like Top Cashback. If you can get at least 1.5% cashback, you will have very little out of pocket expenses in cashing them out. If the shopping portal is paying 2.25%, like Top Cashback did last week and the week before, you will actually have a slight profit on a 1% card and hit your spending threshold.
It used to be that American Express limited you to $5,000 of personal gift cards per 15 business days. That limit has now been increased to $10,000!
For example, I recently signed up for an American Express Business Gold credit card that gave me 75,000 Membership Rewards points for spending $10,000 in three months. One can then "buy" 85,000 points (75,000 sign up bonus + 10,000 after spending $10,000) for $65 out of pocket expenses when Top Cashback was at 2.25%. I would buy miles at that rate any time.
These points can now be worth 119,000 British Airways Avios points with the current 40% bonus transfer.
Keep in mind that anything over $5,000 requires a signature at the time of delivery.
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