A number of companies are offering gift cards with 10 percent bonuses if purchased with an economic stimulus rebate check. For example, at Kroger, you will be able to cash in your $300 stimulus check for a $330 gift card, which is an instant 10% rate of return. Not bad, considering the best savings rate I can get on that amount is around 3%. And I would wait a year to get that 3%.
The gift cards will be offered in $300 increments. It's not a bad deal if you shop at Kroger often enough to make the $300 investment in their fine company. It doesn't take long to spend $300 on groceries, as we all know, so this seems like easy money.
If groceries aren't your bag, other companies are also offering deals. So far, Home Depot, Staples, Lands End, Sears and K-Mart have announced similar programs.
Unfortunately, I filed online and elected to have my rebate check deposited directly into my account. I have emailed Kroger and asked what their policy was in that situation, but haven't gotten a response.
I'm guessing there will be other deals like this in the coming weeks. Let me know if you hear of any more.
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