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More retailers offering free 10% gift cards for your Stimulus Check

hot1.pngSince announcing this free gift card deal from Kroger regarding the stimulus checks from the IRS, more supermarkets and retailers have jumped on the bag wagon with their own plans offering an additional free 10% gift card if you turn your entire stimulus check into a gift card.

As you are probably aware, Uncle Sam will begin mailing checks of $600 and $1,200 respectively for individuals and couples with another $300 per child beginning next month. This means you get an extra $60 if you turn your $600 check into that retailer or supermarket’s gift card or $120 if you turn your $1200 into a gift card. Below is the current list of companies that have this promotion. I expect this list to grow as the IRS begins to mail the checks. An updated list will be posted here so check back for more. You may find a deal that interest you.

Current List of Retailers Offering Stimulus Checks for Gift Card Promotion

Kroger
Sears (valid from May 14 to July 19)
Kmart (valid from May 14 to July 19)
Lands’ End (valid from May 14 to July 19)
Fry’s (valid from May 2 to July 31)

Readers, would you trade in your stimulus check for a gift card to your favorite store if they offered you an additional 10%? Post your comments in the comments section below.

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11 Comments

  1. I wouldn’t. I work for a company that manages and tracks gift cards and we commented on this topic a few days ago on savvywallet.com. In my opinion, I believe only the retailers will benefit. Although it may seem like a good deal to get $630 for $600. However, take a look at this statistic: Last year $100B was spent on gift cards, and around $8B was lost or unredeemed. I’m almost certain that there will be cards that will be not be used, thus creating a deeper hole in our economy and our pocket. My advice? Save it, put it towards debt, heck put it towards that HDTV you’ve always wanted. Just don’t put it towards gift cards. Gift cards won’t help you pay down your debt or help you see the sweat rolling off Kobe Bryant’s brow on that 50in plasma that Uncle Sam helped finance.

  2. Sue

    I dont know about you, but i dont think i could even spend $660 at Land’s End. Austin is right, most of the money in gift cards isn’t used… by doing this you are just helping to bail out companies.
    it would make more sense to put the money into savings or pay off debt.

  3. Holly

    I would only do this at a store that I know I would spend this much money at during a normal month. For example, if I shopped at Kroger for my groceries every two weeks, it would make sense to convert my check to a gift card to receive the extra 10% on money that I was going to spend there anyways. However, I do not shop at any of these stores, so unless Walmart, FoodLion or Home Depot jump on this band-wagon, I am going to end up saving my money.

  4. Thanks Sue. Saving it and putting it towards debt is the way to go. Also there are lot of people whose mortgages are adjusting too. $600 could totally help a family out. The retailers just want to cash in on it, they know that billions are going to be spent, they want it back into their company…and then some. Think about it. How often do you go in and spend exactly the amount on the gift card? NEVER

  5. Kwame Kuadey

    But you have to give the retailers some credit for trying. The government wants you to spend the check to stimulate the economy and the retailers are just making it enticing for you to do just that 🙂

  6. True. You’re right. I”m in the business too! I”m a total consumer first though! All in all, there are two sides to any view. It’s all about balance. I’m glad the retailers are being more gracious towards their new gift card measure, so that’s always a bonus.

  7. oldironman

    There is nothing wrong with getting the card for a store where you already spend at least a few hundreds dollars a month – it’s a great idea. If you can save 10% of your normal bill for that time, how can you lose. I have received dozens of gift cards over the years, and have never let a penny go to waste, except for one that was an hour drive away. There is nothing wrong with helping bailing out business, while making a 10% profit. Remember, if you have a 401K, there is a good chance you own stock in that company – so if you help it out, you profit that way also. BUT, as the above folks said, if you have debt that you need to pay off, your IRS check would be wisely spent there.

  8. GiftCardBlogger™

    oldironman, i agree with you. The stimulus checks are meant to help the ailing economy. All the retailers are doing is provide more incentive for people to spend their checks. Yes, there may be other ways to use the money, like savings etc, but spending it at a grocery or retail store will help these businesses survive and also help the economy.

  9. Diane

    I bought a $300 Kroger Stimulus Gift Card. When I try to break down and buy a Kroger $200 gift card with the stimulus gift card, I got refudsed by the store manager. I was told that I can use the Kroger stimulus gift card to buy any other store’s gift cards, such as Kohls, except Kroger’s.
    I thought Kroger wants to promote customers to spend more in Kroger stores. Instead, they want to give “10%” to other business.

  10. GiftCardBlogger™

    Diane, that is odd. I would think they will be hoping that people use the checks to buy more Kroger gift cards?

  11. groovykarma

    I spent my stimulous check on giftcards for the local grocery store. For every $100. I spent I received 10%. They didn’t make me cash the paper check there; you see, I had auto deposit.
    They also did not limit me in the amount I ‘had’ to purchase. So, I pulled money out of my savings where I was earning a mere 1.5% and purchased $1,000. at each of three local stores where I purchase groceries = $3,000. I received $300. in profits. I carry a gift card for each store in my wallet and the rest are locked up at home with the receipts. I stay on budget and each week I put the amount I would usually spend in groceries back in my savings. I have put all the money back in savings that I took out now and I found that I have profited very well and stayed on budget.
    I do understand that 5% of gift cards go unused; but, a grocery store? I hope that they offer the same incentives this year when the stimulous checks go out that Obama is signing in a month.

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