maximize large purchase with Chase Ink
 

I'm new to the MS world and have been reading for a couple of months.
I'm making my first large purchase and I just want to run this by you guys. I'm buying a $2500 camera.
This is my plan: Order 12 $200 gift cards via Staples.com using my Chase Ink. The total is $2483.00 after gift card charges. 5% rewards back is $124.15, making it a $62.15 profit. This should then also equate to 12,415 Ultimate Reward Points as well as bring me closer to my minimum spend requirement.
Am I missing anything? Do I get the 5x rewards even when I am still making minimum spend? thanks.
I apologize if this is a little off topic- is it? If so, where should I post?
I should mention, I am buying a camera and plan to bring the gift cards to the camera store.

Why buy GC, Amazon, restaurant cards, and department stores are free, including gas cards, home improvement, best buy, etc...

Why not just do real spend, and save the 6.95

Hi Satman40, thanks for the reply.
I am purchasing through Adorama. I believe the Chase Ink 5x rewards is only through Office Supply Stores, who do not sell the camera I am purchasing. So, instead of 2500 points doing a direct purchase at Adorama, I thought I would purchase with gift cards to maximize the 5x point offer with Chase Ink.

Just so you know there is a limit of 9 $200 VGCs per transaction online and in-store (Staples system is hard coded to deny VGC purchases over $2K including fees). Yeah you don't have to just buy VGCs if you are trying to meet min spend. Unless you have a quick way to drain 12 $200 VGCs, I wouldn't bother with it.

You can buy a variety of gift cards that you can use for every day use like gas, grocery, variety of store GCs that you frequently shop at etc.

Personally, I wouldn't buy a camera (or a tv, or a computer, etc) with a stack of gift cards. While I understand that you want to max out the UR points, keep in mind that when you pay for a big ticket item with gift cards, you lose the buyer's protection offered by a real credit card....which just isn't worth it IMHO.

Also - I doubt if Adorama would even be willing to do 12 swipes for a purchase.

This will work but be careful. Thats an expensive item not to have the Warranty and protection offered through some credit cards.

Fantastic, guys- thanks! New strategy: Buy 4 $500 (or 3 @ $500 and 1 @ $499) no-fee Amazon gift cards at office supply store with Chase Ink and load them onto Amazon account to order from Adorama.
Anything I should be worried about besides a return only resulting in credit?

I second this.

Per Chase website:

Ink Plus® provides complimentary access to world-class purchase protections.

-Purchase Protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.

-Extended Warranty Protection: Extends the time period of the U.S. manufacturer's warranty by an additional year, on eligible warranties of three years or less.

He's not buying the camera with Ink, he's buying gift cards

This.

It's never a good idea to maximize points in this way on any expensive tech product.

Go through a shopping portal and use an Amex.

Thanks, everyone.
I am a pro photog and have equipment insurance that protects against theft and malfunction.
Having said that, is there any reason anyone can think of to not go the Amazon gift card route?

If you are confident in your coverage then i think you are good with the amazon cards.

Just remember to go through a portal too. I think Ebates has a small rebate for Amazon purchases.