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We often tell you about new offers from American Express. They’re a fantastic way to save on everyday purchases you might already make.
Here’s Million Mile Secrets team member Meghan to show you how she smartly and significantly profited from an AMEX Offer!
Meghan: Thanks Daraius! I used a recent AMEX offer to make ~$1,000 by reselling Xboxes I bought through Dell on eBay and Craigslist. It took some time and effort, but for me, it was worth it!
Reselling Products for Miles and Points
Last month there was an AMEX Offer for $75 off a $300+ purchase at Dell.
Note: When you have nearly any American Express card, you’ll regularly find new AMEX Offers in your online account.
Between me and my family members, I was able to add the deal to 8 different AMEX cards. At the time, I didn’t know if I would take advantage of the offer, but luckily, a great opportunity popped up!
I read on Miles to Memories about how to stack the Dell AMEX Offer with other deals to get an Xbox One S for ~$115.
I’m not a gamer (in fact I’m terrible at it!), but after doing a little research, I realized I could sell these gaming consoles for well over that.
They were selling on eBay for ~$290. And they usually retail for ~$350!
Hey, everyone has their strengths and weaknesses. 😉
I’ve sold products on eBay before, and as a conservative estimate, I always calculate the fees (eBay & PayPal) to be ~12% of the sales price. That varies depending on the type of product you’re selling, but ~12% can be used for a quick estimate.
You also have to factor in shipping, which I do through either the UPS or USPS website. It’s easiest to use a USPS flat rate box if you can.
This takes a little time, but the more familiar you are with the process, the easier it is to evaluate an offer.
Doing the Math
As always, it’s important to do the math first to make sure you’re getting a good deal.
In this particular example, the Xboxes were on sale from Dell for $299.99, so I had to add an inexpensive item to be able to reach the $300+ purchase amount for the AMEX Offer. I found a random computer cord on Dell’s site for ~$5.
Dell was also offering a $100 Dell promo code with each Xbox purchase. And after a quick search on eBay, I knew I could sell those codes for ~$85, after eBay fees.
On top of that, the cash back portal Ebates was offering 10% back on Dell purchases!
So the math looked like this:
- Xbox cost: ~$300
- Cost of computer cord: ~$5
- Value of Dell promo code: ~$85
- AMEX Offer: $75
- Ebates cash back: ~$30
In total, I spent ~$115 per Xbox ($300 + $5 – $85 – $75 – $30).
I bought 8 of them, because I knew I could sell them on eBay for ~$290. Minus fees I’d make ~$255 (~$290 – 12%), and even if shipping was ~$25 per console, I’d STILL make ~$115 per console ($255 after eBay fees – $25 shipping – $115 cost of Xbox).
In the end, I sold 3 of the Xboxes on eBay and 5 on Craigslist, and made ~$995!
The profit from the consoles I sold on Craigslist was a little higher (~$130 per Xbox), because I didn’t have to pay for shipping. That said, Craigslist is usually more of a hassle than eBay, because you have to answer lots of questions and meet with the buyer.
Was It Worth It?
In my opinion, doing a little extra work for extra cash is always worth it. But it does take time! So it might not make sense for everyone.
Once you get the hang of it, it’s easier to assess a deal and your process becomes more efficient.
For example, I keep a couple of flat rate boxes in my office, and save boxes from Amazon. I also keep packing tape on-hand, so I’m not scrambling for shipping supplies when a deal comes up. And I list any eBay items at the same time, so it’s easier to manage the listings and plan for shipping.
For me, reselling is a worthwhile side hustle, but I don’t have the time to make it a full-time gig!
It can also be a great way to meet a new card’s minimum spending requirements or earn more miles & points. And you can check out our post about the best small business credit cards for eBay & Amazon sellers, if you decide to start reselling.
Million Mile Secrets team member Meghan was able to make ~$1,000 by stacking a recent AMEX Offer with other deals, like cash back through Ebates, and buying and reselling Xbox consoles.
It took time and effort, but the reward was well worth it! The deals aren’t always this good, but the savings can definitely add up.
Have you ever resold items to earn cash, miles, or points? Tell me about it in the comments!