Thank you everyone for the great advice.

I usually buy "up to" $500 gift card purchases each month is probably a more accurate statement. However, a couple of months of the year, I go a little over that amount when they have the best sales (e.g., this Christmas month).

So I was trying to gauge data points for clawbacks and warnings from AMEX if any. Looks like most forum members have not had problems or are just wise and know when to stop. All my purchases are closed-loop gift cards so no Visa/MC etc...

I always buy these gift cards along with other groceries interspersed in there to potentially make things less detectable. And I never buy more than $200 GC in one go.

In any case, some of the advice so far makes me want to be even more cautious.