I did something similar last winter. One of my credit cards was offering a $20 gift/credit card if I spent $200 at the local mall. The mall includes a Target store. I used my credit card to by gift cards at Target for the winter holiday. I bought some extra Target gift cards for myself to round up to the next $200 level. I also bought gift cards at some of the other stores in the mall. I ended up spending $600 on gift cards as gifts for other people and earned $60 in 'free' gift/credit cards for myself.
Yes, I payed the $600 balance in full when the bill arrived.
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