Miles and points junkies who manufacture spend by using gift
cards recently got some good news (via jk2 at Flyertalk). Thanks to new guidance from the Federal Reserve
(read about it here), consumers can add a PIN to Visa and MasterCard gift cards
purchased after March 31, 2013.
Here’s some helpful info from the FAQ about adding a PIN to a Visa Gift
Card issued by either MetaBank or University National Bank (which I have found
at my supermarket).
Can I obtain a PIN for my gift card?
Yes, you may add an optional
Personal Identification Number (PIN) to your card through the website or by
calling the number on the back of the card. Note the PIN can only be used for
purchases and cannot be used to obtain cash at ATM’s or cash back with a
purchase.
Can I use my PIN to withdraw cash at ATM or merchant
locations?
No, this PIN number is for debit
purchases at merchant locations only.
How do I create my optional 4 digit PIN?
Simply select “SET PIN” from the
menu options on the Home Page and follow the prompts. If you have an existing
Visa Gift cardholder account, for your security, you will be required to log-in
before you are able to “SET PIN”. Retain this PIN in your personal records, as
this PIN will not be stored anywhere in your Cardholder Account. You may change
this PIN at any time, as long as your card is still active.
How is this helpful to manufacturing spend?
Let’s say you have a credit card that gives bonus points (be it 2x, 3x, 5x, etc.) for spending at certain stores (such as office supply or grocery). You use your card to buy a gift card at said store (fees are usually between $3.95-$6.95) depending on the store and amount of the gift card.
Once you have added a PIN to your gift card, take the gift
card to Walmart use it to load your Bluebird card. This is considered a debit
card load and is free at Walmart. Then…well, hopefully you know what to do
with Bluebird from reading my recent post.
You can apparently also purchase money orders (and deposit
them in your bank account or use them to pay bills) with a debit card (i.e.
your PIN-based gift card). I have never done this personally, but it is an
option.
I’ll be posting again soon about how I personally have used
a gift card with PIN to manufacture some spend.
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