Even though the payments haven’t quite made it to taxpayers yet, several companies are already jockeying to make sure that you spend the money with them. Several companies have already announced plans to allow customers to cash their stimulus check at their stores in exchange for discounted gift cards. Sears, KMart, Albertson’s, and Radio Shack have already announced their promotions.
But what if you are among those who will have your stimulus payment direct deposited? Remember that if you have your regular income tax refund direct deposited, your stimulus payment probably will be as well. Thankfully Kroger has taken this into account with their stimulus payment promotion. As clarified in an email from Kroger Corporate Communications posted at Suburban Mom’s Daily Dollar Diary, customers who had their payment sent via direct deposit may purchase discounted gift cards in $300 increments using cash, check, or credit card. So using whatever form of payment you’d like, you can pay $300 and get a $330 Kroger gift card, with a limit of 4 discounted gift cards per household. Add to this 10% discount rewards on a 5% rewards credit card, and you have an instant 15% discount!
$1320 in gift cards to Kroger may sound like a lot, but remember that the cards never expire. Many Kroger stores also have gas stations which take the gift cards as payment, and you may be able to purchase other stores’ gift cards with your gift card as well. Even if you purchase only groceries, $1320 would only last you a year if you were to spend $110 a month, which is very low by most standards.