This is old news, but I didn’t see it on DOC and I’m sure another blogger may have written about it. If so, ignore. I write about it now because there’s 0% chance it’ll come back and 0% chance Gamestop will be in business in 5 years. On August 20, Gamestop sent out a memo that on August 21, 2019, they were going to hard code against GC to GC conversions. They had hard coded Gamestop GC to Amazon, VGC, gas, and I’m sure a few others a long time ago. However, most of the other 3rd party GCs worked. The most valuable one was Home Depot. If you knew “a guy,” you could sell Home Depot for 93%-95%.
The play was to buy say $1K Gamestop GC’s when it went on sale at 90% and let’s say you used a 3% card. You could then convert to HD and get conservatively get 93% out of it, thus making 6% of margin. Of course you’d also earn I think 2K or 3K Power Up Rewards points (maybe higher if you got in the super tier that they also discontinued,) which was worth let’s say 2%-3%. So you were clearing almost 10% of margin with the play. I know a few guys who got banned by the system and lost all their points; a few got banned from their regional manager. I never hit it that hard just because I was too lazy to drive to the stores.