Can Annual Pass gift cards be used for Annual Pass renewals?

As mentioned through a few blogs (including most recently DFB [1]), Annual Passes are priced at $260 less than the current price charged by Disney. I’m already an Annual Pass holder and want to know if I purchase the gift card from Sams now, will I be able to apply it when it is time to renew.

[1] http://www.disneyfoodblog.com/2019/06/24/save-over-260-on-your-walt-disney-world-annual-pass-weve-got-a-hot-tip/