I agree that the lack of Visa/MC deals is a profitability issue. If someone is fraudulently buying GCs they would keep doing that regardless of whether or not they were getting the points along the way. S&S is getting a kickback from the issuer when they sell the cards, and the issuer was not happy with all those $500 GCs drained to 0 within hours after purchase. Remember, the issuer initiated the crackdown at WM when they first tried to limit transactions to $99.