I just saw this in my Membership Rewards section on the American Express site, looks to be a decent deal if you have any Myer purchases planned.
There doesn't seem to be a limit on the number of gift cards you can purchase, the only restriction is that they must be in $250 denominations.
The Membership Rewards Points cost of 4 x $250 cards is exactly the same as that of 1 x $1000 card.
The only downside (apart from obviously being locked in to Myer) is that it's a physical gift card; it will be mailed out to you within 5 business days.
the deal only refers to membership rewards point redemptions. don’t think this is a discount on purchase