A little googling and threads on SD and FW seem to corroborate that you could get up to $250 of rewards a month (or 125 purchases). The following is from FW
Please don't crucify me in here as I am a first time poster if I break some etiquette.
I got a promotion in the mail today for the Banana Republic credit card that I have for earning 200 bonus points for every purchase not at the Banana Republic chains of stores (Gap, Old Navy, Athleta... et al) for Nov and Dec of 2012. According the bottom of the advertisement the promotion is called "BR200PTSN12" in their corporate speak.
My immediate thought was is there potential for purchase/point arbitrage here. So, I called BR's customer service line to find out the maximum number of points that can be accrued during this promotion and the minimum dollar amount purchase to qualify. The supervisor told me that minimum purchase is $1 and there is no maximum.
Now, here is the potential for arbitrage (please help or correct me if I am wrong). 200 points roughly correlates to $2 (after you cross the various thresholds that trigger gift cards mailed - usually 2000 or 5000 points). If what the supervisor stated was correct, then I have a printing press of gift cards to their stores by making hundreds or thousands of $1 purchases - as $1 spent (spending no more than $1.00) equates to $2 in rewards.
I read the T&C on BR card website and it appears that they will only issue $250 in rewards per billing cycle. Hence, as I understand it, to game this particular promotion, I ought to make precisely 125 $1.00 purchases during November and 125 $1.00 purchases in December of 2012. Please help me vet this logic to see if it is airtight.
-it looks like the max per paid period (ie. month) is $250. It is not clear as to what happens to amount above that if it rolls over or not
-the promotion goes on for Nov. and Dec. of 2012 - so you could max out at $500 in BR certificates over this time period
-typically these certificates are good for ~6 months